Friday, March 12, 2010

"Bernanke in a Skirt"

A banker friend emails to say:
Janet Yellen is Bernanke in a skirt. She seems oblivious to the Fed’s role, as ultimate creator, of the whole crisis. The Fed, in her mind, has saved the world from Satan.
As proof he provides this snippet from June 2009Yellen speech:
I will be the first to say that it is always difficult to get monetary policy just right. But the Fed’s analytical prowess is top-notch and our forecasting record is second to none.
Maybe she isn't aware that the Fed's top economists missed the housing bubble. In fact, not only did they miss, they put out a research paper denying the bubble while we were in it.

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