Vincent Reinhart on Bear Stearns Bailout: "the worst policy mistake in a generation"

Vincent Reinhart, a scholar at the American Enterprise Institute, who retired from Fed last fall called the Bear Stearns "the worst policy mistake in a generation."

The action is comparable to "the great contraction" of the 1930s and "the great inflation" of the 1970s, said Vincent Reinhart, a scholar at the American Enterprise Institute, who retired from the Fed last fall.

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