One of the experts that the Washington Post quoted in an article on the Fed's expanded role in providing credit was former Federal Reserve Board governor Fredrick Mishkin. The Post neglected to mention that one of Mr. Mishkin's greatest claim to fame is having authored a report in 2006 proclaiming Iceland's economy a great success story, in spite of a current account deficit equal to 15 percent of GDP. Unlike dishwashers and custodians and workers in most other occupations, the professional standing of economists is not affected by their past failings. Therefore, reporters should try to inform readers of the track record of their sources.
--Dean Baker
