Robert P. Murphy, author of The Politically Incorrect Guide to Capitalism and the blog Free Advice, discusses the evil David Frum’s faulty recollections of monetary policy in the Reagan administration and concern that the Austrian School of economics is rapidly gaining favor over the Chicago School, how the Fed’s war on recessions prevents the market from self-healing by redistributing resources where needed, and the right-wingers who supported bailouts under Bush but oppose them under Obama.