From the Cunning Realist, that is.
couldn't believe the Fed would be so breathtakingly reckless as to deliver a big rate cut with the dollar at an all-time low, gold at a quarter-century high, oil at an all-time high, and the stock indices near multi-year and all-time highs.
The Fed is bailing out Wall Street, but that's producing loads of problems for the rest of us. And as far as how this fits into the broader scope of history, you might want to check out this earlier post of his.
Posted by armand at October 4, 2007 12:23 PM | TrackBack | Posted to EconomicsThe Fed's rationale depends entirely on pretending that inflation doesn't exist. Which, as anyone who buys food knows, is a silly thing to be doing at the moment.
Posted by: jacflash at October 4, 2007 01:22 PM | PERMALINK