October 9, 2008

Hamilton’s Vision Fulfilled?

For what it may be worth, the proposal to have the Federal Reserve buy vast amounts of short-term business debt would get the Fed closer to direct lending to business and would get us much closer to the sort of super bank envisioned by Alexander Hamilton. There has been debate as to what sort of economic system we are tending toward, but one thing is certain: Hamilton must be dancing in his grave.

Lew E. Jeppson

North Salt Lake

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