The big guy said yesterday, among a whole lot of other things, that he was going to keep the interest rate low for a long time. Yes, the guy is actually quite adamant that he would rather continue to sack the savers (trammel the old folks -- and hock to the hilt our future generations) than to cause the Street people (of all ilks) any grief in their daily gaming of the money system.
I have wondered motivation, truthfully, but learning that he's into index funds sort of answered the why. Not entirely, though.
Ben, you're the man. Obama could have removed , but did not remove, you when there was a chance. Are you not ever going to talk ethics to these people?
Of course, how would things have been different with someone else? We'll never know.
As as aside, being an oracle must be some type of existential peak, with most (of certain types) hanging off of the words of those who play the part, such as Big Ben and King Alan.
Nor will we have learned the lessons of taking the nationalization step when it was possible. Rather, those who feed at the money trough just got fatter. In essence, Big Ben carried on with the put that was so important to King Alan.
No doubt, there'll be some big money job awaiting Big Ben after he leaves the FED. My question to him is, will he have left the position with any improvement over the errors of the past?
Some talk about the ballooning FED balance sheet. That move has not helped the savers at all.
What is so important about the savers? Seems that the intellectuals have forgotten. It has to do with the problem of not consuming beyond some sustainable threshold. There are many ways to characterize this, however my explanation will start from the necessity of simple living.
Of course, I'll have lost the interest of the fat cats immediately, since their whole world view is based upon taking (by definition, divinely ordained), luxuriating upon the backs of the many, and much more.
I know that these are age-old problems. Also, Big Ben is on the hot seat. And, he has to worry about the reaction when he leaves the position (King Alan was perturbed that his name was taken in vain, for instance) where he will then be exposed to serious ex post facto scrutiny.
However, too, how can we get away from funny money that is so easily aerated?
12/13/2012 -- Don't know how long this page will be there, Daily Ticker. But, when I looked, 69% had said 'no' (hurt rather than helped) as to whether Ben has helped.
10/24/2012 -- Ben is sticking to his guns. Lucy people like myself will continue to pay through the nose. Thanks, big guy.
04/03/2012 -- Response 1.
03/23/2012 -- Ben is doing a series of four lectures on his, and the FED's, role.
01/27/2012 -- Ben will continue to sack the savers; he must love the ca-pital-sino.
12/05/2011 -- Now, he's giving money to Europe, on the backs of our savers.
08/03/2011 -- Today, the DOW is at 11.7K (hey, let it go to 8K) at mid-morning. Ah, whatirrationality lurks? Yet, Big Ben wants to continue to sack the savers while being ultra-charitable to bankers (like Jamie).
05/09/2011 -- Savers are suckers?
05/05/2011 -- Roosevelt Institute.
04/30/2011 -- FT take on the talk.