Ridiculous isn't it?
In Ron there is a man who 5 years ago pointed out that artificially low interest rates and too high government borrowing (with a variety of other distortions of the market associated) would lead to a boom in housing. And it did - essentially a form of mal-investment. So how does the Fed respond? Why - do exactly the same thing.
In fact 10, 20, 30 years ago Ron was warning that a central bank, subject to political pressure and wishing to help their friends in banking (all allied to a political system that pretended it could "tame" the market), would lead to rising costs of living, wages staying low for the majority and calls for more government interventionism to "stimulate the economy" etc. And look what happened.
I still feel amazed that although Ron has been proved right in the biggest possible fashion on the subjects of economics and foreign policy they still wish to knock him down. It's very sad because if they do "succeed" by injecting this easy money and keep the boom going it's only going to mean the pain is worse later.
But what do Ron's areas of specialism matter when Obama can dance and Huckabee can play guitar? (Not to mention when McCain will lead a 100 year crusade in Iraq?)
Those interested in economics might find this short article a good read:
http://www.mises.org/story/2840
Useful ammo when confronted by those - alas in both parties - who believe that, if they're more careful this time/use a bigger computer/get their sums right, the government can solve all the problems while pretending that those problems were caused by "greed" etc. The world needs Ron desperately.