Rick Perry Owes Ben Bernanke A Beer

This post appropriately notes just how much Rick Perry owes Ben Bernanke:

The Dallas Fed economists, David Luttrell and Harvey Rosenblum, observe that the Fed’s monetary stimulus appears to have packed a bigger wallop in Texas than in other regions of the country. But why should that be? One theory is that Texas’ banking system was in better shape because of regulations put in place after the savings and loan crisis in the 1980s. Regulations on mortgage finance and lack of zoning restrictions also meant Texas didn’t really suffer through a housing bubble.

...The authors also note that the Fed’s moves to weaken the dollar disproportionately benefited Texas. “A weaker dollar spurs exports, and Texas is the country’s largest exporter, comprising almost one-sixth of the nation’s total by origin of movement,” they wrote.