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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Real Man who wrote (76332)12/21/2006 1:47:25 PM
From: Rarebird  Read Replies (1) of 110194
 
>>Their main goal is....to avoid the outcome of bursting bubbles at any cost, which could and will lead to more printing. They sure created a monster of a bubble-driven economy in the process. <<

Why do you blame the central bankers for letting valuations get out of hand when the real reasons are ones which are actually factors which central bankers are not directly responsible for? First of all, central bankers are not tasked with a goal of preventing bubbles. Their usual mandate is to maintain stability of the general price level (low inflation), a low unemployment rate and/or a stable currency exchange value. Recognizing and pricking bubbles does not fall within their mandate unless the bubble threatens one of their primary goals directly. Recognizing a future danger and reacting to it, in fact, often leads to severe criticism by politicians and the general public, who do not perceive future threats as important to act against in a pre-emptive way.
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