Monday, October 24, 2005

The Booby Prize in Economics goes to.....

So, the winner of the booby prize in economics goes to Ben Bernanke. What booby prize?, you ask. Why the chance to follow in Greenspan's wake, who, having put off the need to tighten for years can now pass on the accumulated nastys to the next guy. Talk about passing the buck.

Fear not, however, Greenspan has no doubt that he will be a credit to the nation as Chairman of the Federal Reserve Board. Not a doubt in your mind, eh Al? not even a small one? Oh right, gotta keep those "animal spirits" up.

Mr. Bernanke is already out there stressing continuity, if I am confirmed to this position, my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years. How he might go about achieving this continuity is a puzzler to me in light of ex Fed Vice Chairman Alan Blinder's view that the secret to Greenspan's success is still a secret.

I wonder how long it will be before we get a deflation scare that gets those helicopter's flying.

Good Luck, Ben, I think you're going to need it.

4 comments:

Ken said...

You've got a great site here. Keep it up, you now have a regular.

Dude said...

Thanks.

diogenes said...

Dave,

Took me a while to find you. I had to ask Steve(FXA). Looking forward to your future comments.

John(UBS)

Dude said...

Welcome back, John. Hopefully I can keep providing reasonable food for thought.