In the light of my article about government spending yesterday, and all those I've done about the Fed and the economy in recent months, investor Marc Faber summed things up nicely this morning for CNBC.
"The Federal Reserve—all of them—could be sitting on a barrel of dynamite, and then pouring gasoline on top of it, and then light a cigar with matches, throw the match into the gasoline, and then not notice that there is any danger ... That is the state of mind of the professors at the Fed, who never worked a single [day] in business."
Word.
Peter
2 comments:
If any of the Fed had worked in the business they would be corrupted by relationships they would have made. Since they haven't been in the business they are clueless? What difference does it make. Either way the people have to deal with the results of their mismanagement.
Dan
As with any government-created monopoly (but I repeat myself), there is no feedback mechanism. They pay no penalty for being (sometimes spectacularly) wrong.
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