Shorter Matt Yglesias: “Yes, the Fed is a central planner, but it just made a mistake. Ron Paul is nuts!”
Shorter Washington Examiner: “Here, have yet more proof the Fed is hard-drive-in-a-clothes-dryer-full-of-nails corrupt”
The latter cites as a source the Federal Reserve audit co-signed in the Senate by noted right-wing whackjob Bernie Sanders. Matt’s institutional analysis (if you can call it that. Can you?) seems limited to either Benevolent Planner Does Good or Benevolent Planner Commits an Error. The idea that an institution can be inherently self-serving contrary to its stated purpose — that is, Planner Is Not Benevolent & Mercilessly Screws You For Their Benefit — is just nowhere. Stick to sports.