Best Santelli Rant in a while..

[Martinghoul]

Quote from Tsing Tao:
You want me to give you a probability estimate of what percentage the economy might not get better, using a hypothetical model where I was the Fed head, and got everything I want, without Congress fighting me, etc?

LOL...what is my acceptable margin of error?

Why don't you just get to your next question instead of making me come up with some arbitrary number? Slim chance. Maybe 2-5%, if that matters to you.

If all was done right and bankrupt institutions were allowed to be bankrupt, and the free market took care of everything, we'd certainly be better of at this point than we are now - having fixed nothing.

No more questions, your Honor...

I was just trying to get to the point where I can explain how I think of these things, if you care.

 

[Ricter]

The proof is in the pudding. Human societies have found the use of central banks to be useful. For a lot of reasons.

List of central banks:
http://en.wikipedia.org/wiki/List_of_central_banks
Not too many (lol) countries without one.

History of central banks:
https://en.wikipedia.org/wiki/Central_bank#History

All this preponderance, both in number and longevity, does not necessarily mean that we wouldn't be better off without a central bank, but that is the way to bet.

 

[Tsing Tao]

Quote from Martinghoul:

No more questions, your Honor...

I was just trying to get to the point where I can explain how I think of these things, if you care.

Sure, I care. I just can't answer questions that are "make a guess based on a hypothesis supported by a theory."

 

[Tsing Tao]

Quote from Ricter:

The proof is in the pudding. Human societies have found the use of central banks to be useful. For a lot of reasons.

List of central banks:
http://en.wikipedia.org/wiki/List_of_central_banks
Not too many (lol) countries without one.

History of central banks:
https://en.wikipedia.org/wiki/Central_bank#History

All this preponderance, both in number and longevity, does not necessarily mean that we wouldn't be better off without a central bank, but that is the way to bet.

And how many of those have a dual mandate, Ricter?

 

[Ricter]

Quote from Tsing Tao:

And how many of those have a dual mandate, Ricter?

Do you care about that? You said the Fed should be "done away with".

 

[Tsing Tao]

Quote from Ricter:

Do you care about that? You said the Fed should be "done away with".

Ole'! The answer is: The Fed and only the Fed.

Of course I care about it. If the central bank were more concerned with it's inflation mandate, I might see more value in it.

 

[Ricter]

Quote from Tsing Tao:

Ole'! The answer is: The Fed and only the Fed.

Of course I care about it. If the central bank were more concerned with it's inflation mandate, I might see more value in it.

Santelli is backpedaling, claiming he formerly meant soaring "volatility", not inflation, which is an implicit admission that inflation is not high presently. Your beef with the Fed, then, is that under current conditions (employment) their inflation target is too low? I agree. ; )

 

[Tsing Tao]

Quote from Ricter:

Santelli is backpedaling, claiming he formerly meant soaring "volatility", not inflation, which is an implicit admission that inflation is not high presently. Your beef with the Fed, then, is that under current conditions (employment) their inflation target is too low? I agree. ; )

Back to trolling, ok. Carry on.

 

[Ricter]

Quote from Tsing Tao:

Back to trolling, ok. Carry on.

No, I have you backed into a corner. Is inflation high today, or not?

 

[pspr]

Quote from Ricter:

No, I have you backed into a corner.

You haven't backed anybody into a corner since you tried to force that circus midget to give you a blow job. :eek: