Thoma Shows Will Wassup

Mark Thoma (channeled via Brad DeLong) shows George Will wassup. Seriously, though - it's almost like Will really has no idea why we even have a Federal Reserve. I suppose it doesn't help me to be impartial that I teach macro from Bernanke's own textbook, in which I learn that the Great Depression was caused by an inept Federal Reserve (and of course, Bernanke's basing that on Friedman and Scwartz). But Will seems completely oblivious of traditional theories of the business cycle, and of monetary and fiscal policy, when he makes points like these.