Here is an interesting and somewhat more pessimistic view of today's closed-door Fed meeting...
bloomberg.com
excerpt:
Bernanke may still be reluctant to ease monetary policy further with unconventional steps in the near term, former Fed Vice Chairman Alan Blinder said. “He is not on the verge of doing anything,” said Blinder, who now teaches at Princeton. “I thought he was relatively pessimistic about the efficacy of the actions.”
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Why wouldn't he be pessimistic? Their approach is pure smoke and mirrors.
Print money...Issue debt...Buy it back
Or is it:
Issue debt...Print money...Buy it back
This reminds me of an old Hanna-Barbera cartoon called "Hokey Wolf". Remember that one from the days when cartoons were actually amusing and fun to watch?
There was an episode where Hokey Wolf and his sidekick, Ding-a-Ling, realized they could turn themselves in to the park ranger and collect a 100-dollar wolf bounty. Then, using the bounty money, they proceeded to bail themselves out for only 50 dollars.
Of course, sly ol' Hokey saw the profitable flaw in the ridiculous arrangement, so he and Ding repeatedly turned themselves in, collected the bounty, got a free meal in jail, and then bailed themselves out.
I wish the fed and gov bastards were amusing cartoon characters, instead of the real-life-threatening thieves and organized mobsters that they are. -ng- |
