Paul McCulley: The Fed Prevented Disaster
This week on Masters in Business we speak with Paul McCulley, former chief economist at Pacific Investment Management Co.
McCulley, who worked closely with former Pimco chief Bill Gross for many years, said those who claimed the Federal Reserve's extraordinary monetary policies were going to cause inflation and debase the dollar were wrong. Had the Fed followed the advice of the so-called Austerians and let the financial crisis run its course the U.S. would have found itself in the next Great Depression. Those doomsayers, he said, owe an apology to former Fed Chairman Ben Bernanke.
Next week, we speak with Harry Shearer of "The Simpsons," "This Is Spinal Tap" and "Saturday Night Live."
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