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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: jimsioi who wrote (26400)	2/14/2005 3:43:23 AM
From: Elroy Jetson	of 110194

I had an economics professor at U.C. Berkeley who had worked at the Fed as a consultant some ten years prior. He said that he could no longer be certain what was happening at the Fed as new programs with misleading names had come into use and even the categories accounts were segregated into had changed. If an expert consultant to the Fed separated by ten years could no longer fully understand what operations the Fed was engaging in, what hope do you or I have. He advised us the purpose of public Fed reports is not to inform, but to hide and misdirect - otherwise they cannot be effective in their operations. When we are certain we know what a particular Fed report means, we have to remain open to the real possibility that our chosen interpretation is incorrect. It's far easier to determine what really happened by examining the results than it is looking at most Fed reports or determining which words are missing or have been added to the Fed's previous statements. In a very real sense that's little more than carnival conjuring. .

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