Strong Medicine for the Economy

This Op-Ed was turned down by the New York Times, Wall Street Journal, and Washington Post, so we are publishing here

This week, congress passed a nearly $2 trillion rescue/stimulus package that will make for good headlines but which history shows won’t have much effect. Fiscal stimulus in 2008 and 2009 had very little effect on the economy, while monetary policy has been shown to be a far more effective tool. While the Fed recently announced a “do whatever it takes” approach to asset purchases, it…