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| John, do you really think they, for the most part, think of themselves as playing a shell game? Or are they doing it 'for the people'? It would be much more sinister if there was a real target of ruining the currency for further consolidation of power (however that works), but does the Bernanke think this way or is he just doing things because it will help no matter what happens tomorrow since that's somebody else's problem? Seems like previous fed chairs had real goals in mind and to an extent stuck to their guns - Volker determined that inflation was bad and that he would personally fix it regardless of political cost (seems to work better when a demo is president btw - because it's the right thing to do). Greenspan certainly was out spoken about 'over exuberant markets' during the dot com days - more or less suggesting 'you guys know you are buying nothing and will have just that when it's over'. The bernanke doesn't seem to be nearly as focused on the big picture in the same way as the last guys (or at least not in the press). Does that mean his big picture isn't so politically palitable or is he just plugging holes in the bottom of the boat with one hand and shooting more holes with the other?
Yes I asked the same question 4 different ways or was the four different ways..... maybe it's all the manure hauling. | |
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How the Fed works
