Does the Fed Do It's Job?

Milton Friedman was my monetarist hero. I still have his seminal, Nobel winning work, A Monetary History of the United States, somewhere in my book collection. (And, I will admit that I did not read it cover-to-cover but I have skimmed through it.)

The late great Milton would agree with the contention of this commentator that the Federal Reserve does not, in fact, provide financial stability.

By law, the Fed has two goals, financial stability and maximum employment. Yet the long look at history says it has not achieved at least the first of these goals.