Ep. 185 David Stockman Joins Us to Shred Economist’s Love Letter to the Fed

23 April 2019     |     Tom Woods     |     3

Greg Mankiw, a professor of economics at Harvard, wrote an article for the New York Times urging America to preserve the Federal Reserve he loves. And what is that? A nonpolitical, nonpartisan, scientific economic management agency staffed by selfless advocates for the public good. David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins us to dismantle it.

Mankiw Column

Keep the Federal Reserve I Love Alive” (April 11, 2019)

Contra Column

Wrong for the Fed,” by David R. Henderson

Guest’s Recent Book

Peak Trump: The Undrainable Swamp and the Fantasy of MAGA

Guest’s Website


Krugman on the Contra Cruise

Link to his Twitter Status

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Audio Production by:
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  • DavidRHenderson

    Good episode, especially the part about my article. I particularly liked Bob’s question with words to the effect, “If this is success, what would have to happen for you (Mankiw) to say that the Fed failed?” By the way, when Stockman talks about dates, he is off by 1800 years. He talks about 203 instead of 2003, for example.

  • DavidRHenderson

    I don’t think that Stockman is up on monetary policy. Specifically, he doesn’t recognize the importance for inflation of the Fed’s decision to pay interest on reserves. Also, he’s confident that there’s a bubble. This is much harder to figure than he thinks. I wonder if he puts his money where his mouth is.

  • gripstraw