Allan Meltzer has written the history of the Federal Reserve. The little known central bank in Washington has done more than any other institution to save the economic system. But after 2008, it went off the rails, says Meltzer, and he sees high inflation, similar to what happened in the 1970s, ahead. And despite the fact the Federal Reserve is supposed to be apolitical, it has increasingly come under the sway of political opinion and the market. Meltzer is also quite blunt in saying that the foreclosure crisis was caused by bad banks and the government that let them get away with those bad loans. But once that happened, there was little that could be done to fix the problem.
Allan Meltzer, professor of economics, Carnegie-Mellon University