Hi Shack. I'm just reading and listening to Grannie.
Obtuse and vague. This SOB could probably say hello in a way that would make one wonder if he really meant goodbye.
From his written testimony-
A recent survey of purchasing managers suggests that the wave of new on-line business-to-business activities is far from cresting. Corporate managers more generally, rightly or wrongly, appear to remain remarkably sanguine about the potential for innovations to continue to enhance productivity and profits. At least this is what is gleaned from the projections of equity analysts, who, one must presume, obtain most of their insights from corporate managers.
According to one prominent survey, the three- to five-year average earnings projections of more than a thousand analysts, though exhibiting some signs of diminishing in recent months, have generally held at a very high level. Such expectations, should they persist, bode well for continued strength in capital accumulation and sustained elevated growth of structural productivity over the longer term.
I find this really scary.
As I understand this statement, the Federal Reserve is basing policy on interpreting the projections of analysts.
Could it be that analysts (who represent investment banks in many cases) have a vested interest in making things look less bad than they are?
Duh ... ya think?
As I see it, Grannie refuses to acknowledge the harm he and his cronies did to the economy.
In decades to come, they may refer to someone implementing poor monetary policy, as someone doing a Greenspan.
More uncertainty is good news for those who are shorting this market.
As I see it, anyway.
Cush |
