FOMC In The Superbowl --- A Diversion

cumulus | Feb 3, 2013 | 1,266 posts since 2010

Deposit account member lou's quotes from Chairman of the Federal Open

Market Committee (FOMC) this past week --- comment #14 on Ken's "Fed

Stays the Course..." article --- got me to thinking what position the

FOMC might play in today's Superbowl.

No doubt Bernanke would place himself at quarterback to exhibit

skilled leadership qualities leading FOMC to a victory. Not.

I'm more inclined to line them up as defensive backs; seems no

matter how many mistakes they make, they remain in the game.

Better yet, assign them the role of football; several kicks might

redirect their efforts toward better results.

So what position in the game would you put the FOMC at?

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Answers

lou | Feb 4, 2013 | 1,004 posts since 2010

Hey cumulus, maybe the referee who didn't call the pass interference on the last play of the game.

In case you didn't get your fill of prophetic quotes by our Fed Svengali (Bernanke), here are a few more:

(January 18, 2008) "[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself."

(November 15, 2005) "With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."

(January 10, 2008) "The Federal Reserve is not currently forecasting a recession." (Unbeknownst to our Fed genius, we were already in a recession)

"The GSEs are adequately capitalized. They are in no danger of failing." (Two months before Fannie Mae and Freddie Mac collapsed and were nationalized)

cumulus | Feb 4, 2013 | 1,266 posts since 2010

Undisputed winner = lou with his positioning of FOMC as (asleep)
referee.

Let those visionary Bernanke quotes serve as a lesson in pilot error.

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