Dean Baker - A Heaping Helping of Ridicule for the Fed, Please
January 23, 2012 In keeping with its policy of releasing transcripts with a five-year lag, the Federal Reserve Board just released the transcripts from its 2006 Open Market Committee (FOMC) meetings. There is much there to cause pain and amusement.
In the latter category, there is probably nothing that can beat Treasury Secretary Timothy Geithner (then the president of the New York Federal Reserve Bank) telling outgoing Fed Chairman Alan Greenspan:
“I’d like the record to show that I think you’re pretty terrific, too. And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative.”
But there is more than obsequiousness on display here. There is also profound ignorance of the economy among the nation’s top economic policymakers.
Read More:
http://www.nationofchange.org/heaping-helping-ridicule-fed-please-1326984713
