The Root of Many U.S. Economic Problems Lie In Stanley Fischer's East Asian Bailout

Morning Edition engaged in ritualistic praise of Stanley Fischer, in discussing his prospects for approval as President Obama's pick to be vice-chair of the Federal Reserve Board. It accurately reported that economists on both the left and right of the political mainstream respect Fischer and see him as central to shaping the current state of macroeconomics.

The small point left out of this discussion is that this macroeconomics led us into the worst economic downturn since the Great Depressi...