You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Is Chairmen Bernake Incompetent?
- Thread starter mahram
- Start date
I doubt it. It's the market job to determine value, not the Fed Chairman job to argue with them and admit the lapse later. He has other instruments to move the markets.Quote from AAAintheBeltway:
Of course, another possible interpretation of this affair is that Bernanke is not a fool but understood perfectly well what would happen. It was his way of telling dollar and government debt shorts, fool with me and I'll hurt you.
Quote from Bitstream:
prob is that he shud be able to take a path based on da big picture, not by data only, i mean if hes makin' decisions based on cpi/ppi his role if plain useless, w.o.p.r. can do a better job, ror...that's why we need a fed chairman, and some1 able to see past data and reach his own conclusions, not a guy peerin' at fedsfund futs and make decisions based on yields innit...by all means i understand that he's fresh and inexperienced but he's miles away from inspirin' confidence as greenspan. greeny was able to reassure mkt even when numbers were pointin' at inflation scares and has almost always proven to be correct in his assessments.
I find the fact that you and many others wants government officials to be more than rule following agents kind of scary. If the fed is data driven to keep inflation steady at least it canât do as much harm as it otherwise could if it should use its judgments based on the big picture.
Quote from Voodoo-king:
I find the fact that you and many others wants government officials to be more than rule following agents kind of scary. If the fed is data driven to keep inflation steady at least it canât do as much harm as it otherwise could if it should use its judgments based on the big picture.
listen, whats the point in havin' a fed chairman if there's no need to look at the big picture, sure data is important but not the most relevant thing in the decision makin' process. there are so many variables that have to be kept into consideration it is just silly and useless to reiterate what numbers have already revealed when they change every week, and that's what bernie has done since he took over; as i said why not build a new W.O.P.R. and sleep peacefully. greenie was capable of seein' right trough mkt and gettin' to his own conclusions about rates...he's sure done a pretty good job in the last couple of yrs, nobody can deny that, even includin' the handlin' of the housin' bubble. bernie has proven to every1 hes got no authority imo.
Quote from Bitstream:
listen, whats the point in havin' a fed chairman if there's no need to look at the big picture, sure data is important but not the most relevant thing in the decision makin' process. there are so many variables that have to be kept into consideration it is just silly and useless to reiterate what numbers have already revealed when they change every week, and that's what bernie has done since he took over; as i said why not build a new W.O.P.R. and sleep peacefully. greenie was capable of seein' right trough mkt and gettin' to his own conclusions about rates...he's sure done a pretty good job in the last couple of yrs, nobody can deny that, even includin' the handlin' of the housin' bubble. bernie has proven to every1 hes got no authority imo.
Iâm really not sure how much point there is in having a fed chairman, but how can any person constantly have better judgment about the economy than the market? The market judgment is based on those who have proved to have good judgment and have voting power according to their past success.
I say cancel all the Fed Governor's cryptic speeches, where they go across the country, one by one, and drop subtle hints about this or that. In the course of a few weeks, you can oscillate between one member discussing no more rate hikes needed to another talking hawkish as if there is no end to the rate hikes. It's bad enough having a clandestine system with so much control and authority over the money supply, lending standards, credit growth, restriction. At the very least stop all this bs intra-day "Fed Governor so and so thinks the rate hikes are over".
Fed being more data-driven sounds ok, but what about the data?
Like they leave out Energy and Food and call it "core" inflation. Why - because it's volatile? So what - it's not like none of us use them. Volatile or not it still hits your wallet...
Maybe data can help make small course adjustments, but since it's always post-facto, that could be like a small correction for the Titanic.
As far as Bernanke, next time they should seat him next to Anna Nicole Smith. She could get him to spill the beans... (and he WAS warned by a Senator during his confirmation hearings that his every word uttered anywhere would be scrutinized).
Like they leave out Energy and Food and call it "core" inflation. Why - because it's volatile? So what - it's not like none of us use them. Volatile or not it still hits your wallet...
Maybe data can help make small course adjustments, but since it's always post-facto, that could be like a small correction for the Titanic.
As far as Bernanke, next time they should seat him next to Anna Nicole Smith. She could get him to spill the beans... (and he WAS warned by a Senator during his confirmation hearings that his every word uttered anywhere would be scrutinized).