Last night on The O'Reilly Factor, Bill asked me skeptically about Ron Paul's wanting to "do away with the Fed."

I replied that I agreed that it was a fatal conceit to think that a committee of twelve men should have so much power. I also said that a recession that began in 1920 ended quickly, and there was "no Fed " at the time. I was wrong! The Federal Reserve was actually created seven years before. Also, it's called the "depression' of 1920-21... continue reading »