John B. Taylor: “The whole idea of bailouts is that people get advantage and that it creates huge risk-taking and huge moral hazard.”

I have always believed, along with he and a large number of other economists, that it is right for elected officials to set the goals, and it is wrong for elected officials to interfere with the instruments.

Simply stated, systems monitored by its own department members, no matter the claims of independent watchdog status, do not and will not work.

Central-bank independence is very important, but it doesn't seem to have been enough to prevent these swings towards more interventionist discretionary policy compared to a rules-based policy.

You don't increase taxes.