James Grant: “The Fed has created a high-yield bond market without the yield.”

Everybody I know, and I’m not just talking about 10 or 20 people, nobody could believe we even got this far. The laws are bad.

I would keep the mandate even simpler than one. I would say that the Fed ought to be in business to support an objective definition of the value of the dollar.

I didn’t want to do deadly force.

I believe that the Fed ought to be doing much less than what it is doing, and it could do with many fewer economists.