Thursday, February 05, 2015

The Fed's hubris...

quote of the day from Dallas Fed president Fisher in this article:

Fisher said lawmakers are looking to shift blame, having proven “unable to get together with their own colleagues on a working fiscal policy or construct a regulatory regime that incentivizes investment and job creation.”
“So they simply find it convenient to create a boogeyman out of an entity that does its job efficiently — the Federal Reserve,” Fisher said. “To some outsiders the Fed appears to be some kind of combination of Hogwarts, the Death Star, and Ebenezer Scrooge — especially to those who don’t take the time to read the copious amounts of reports and speeches and explanations we emit.
What arrogance.   One need only imagine an agent had taken the time to read every report and listen to every speech...would such an agent have a full understanding of what, precisely, the Fed is doing?  This is akin to the kind of recondite confusion by quantity practiced by political interests across the globe.  Only those closest to the Deity of Monetary Policy truly understand it.  All others are mere sophists who cannot possibly fathom the secrets contained and assidously guarded by The Modern Eunuch Class.

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