Fed study says Bush and the banks didn’t cause the Great Recession. The Fed did | AEIdeas

Fed study says Bush and the banks didn’t cause the Great Recession. The Fed did | AEIdeas: "The irony here, of course, is that Federal Reserve Chairman Ben Bernanke is a much-noted student of the Great Depression and of the work of the late Milton Friedman whose landmark book, A Monetary History of the United States, pinned the blame for the Great Depression on a too tight Fed. As Bernanke told Friedman and his co-author, Anna Schwartz, on the economist’s 90th birthday a decade ago, ”You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”"

And as the comic skit, The Frog and Peach [http://youtu.be/7fY-M41FGzI],  by Peter Cook (PC) and Dudley Moore (DM) reminds us:

DM: Do you feel you've learnt by your mistakes here?

PC: I think I have, yes, and I think I can probably repeat them almost  perfectly.  I know my   mistakes inside out.

DM: I'm sure you will repeat them.  Well, thank you very much, Sir Arthur.