Wednesday, Apr 30, 2008
"worst policy mistake in a generation," a former top Fed staffer said.
Wall Street Journal: Fed's Bailout Is Questioned by Ex-Staffer
"The episode will be seen as comparable to "the great contraction" of the 1930s and "the great inflation" of the 1970s, Vincent Reinhart said Monday at a panel organized by the American Enterprise Institute, a conservative-leaning think tank where he is now a scholar. Until mid-2007, Mr. Reinhart was director of monetary affairs at the Fed and secretary of its policy-making panel, the most senior position on the Fed's Washington-based staff."
Posted by sold 2 rent 1 @ 10:48 AM (668 views) Add Comment
10 Comments
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1. sold 2 rent 1 said...
Martin Armstrong's PI cycle said we would have a turning point in mid-late March.
Is the new bailout policy just buying us time (like another year) before the great collapse?
2. whiteknight said...
Worse policy mistake because it was too obvious according to his assessment?
He happily considers the same kind of exchange that our BofE has done - which is no different.
3. japanese uncle said...
Here comes the chorus of 'incompetence defence'!
4. icarus said...
For all I know it could be that JP Morgan = Rothschild = The Fed and that Bear was targeted because it didn't play ball in the 1998 bail-out of LTCM. But that would be just a stupid conspiracy theory like "9/11 was an inside job".
5. whiteknight said...
@4 icarus. that is precisely correct.
6. whiteknight said...
sorry - meant @3 JU - precisely correct.
7. icarus said...
whitenight - Yep, agree with you @ 6
8. sold 2 rent 1 said...
icarus,
"For all I know it could be that JP Morgan = Rothschild = The Fed and that Bear was targeted because it didn't play ball in the 1998 bail-out of LTCM. But that would be just a stupid conspiracy theory like "9/11 was an inside job"."
Only absolute nutters would ever believe that????
9. icarus said...
s2r @ 8 - You're right. I said it was a stupid conspiracy theory.
10. harold said...
icarus, yep impossible - people would just never be that corrupt, surely.