My Federal Reserve Moment

Murray Sabrin emails:

I just saw Santelli's exchange with the Wall Street Journal reporter.   Let me tell you about my exchange with a New York Fed official a couple years ago at a conference of academics at the New York Fed.

Toward the end of the conference I asked a question by quoting Fleckenstein's statement in his book, Greenspan's Bubbles, "central bankers are like central planners, they pick an interest rate to two decimal points and shove it down the throat of the market."

You would think I just asked them if that they are pedophiles or  some other deviant person. I forgot who responded to my question, but the tirade he made defending the Fed as the great provider of liquidity was something to behold.

I wish I had a video camera at the time it would been a priceless moment to put on YouTube and other Internet sites.