Monday, October 15, 2012

The spigot needs a new coupling...

...right on the heels of one of my posts that cites the WWI trench warfare tactics depicted in the movie "Paths of Glory", comes this gem of Keynsian ideology, so deeply ingrained in Fed thinking as to be gospel:

William C. Dudley, president of the Federal Reserve Bank of New York, made that point explicit in a Monday speech .
"Monetary policy, while highly accommodative by historic standards, may still not have been sufficiently accommodative given the economic circumstances," Mr. Dudley said.
He underscored the point later, saying, "With the benefit of hindsight, monetary policy needed to be still more aggressive."

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