The Folly of the High and Mighty has now been revealed in the release of FOMC minutes of 2006 after a standard five-year delay:
Friday, January 13 - The Scan Article - American Banker: "Clueless: For all their power, pedigrees and Wall Street connections, senior Federal Reserve officials were as out to lunch about the state of the economy and housing market in 2006 as a roomful of polyester-clad Miami Beach condo flippers. That's the takeaway from Thursday's release, five years after the fact, of meeting transcripts from the Federal Open Market Committee. . . . "
New York Times:
. . . The transcripts of the 2006 meetings, released after a standard five-year delay, clearly show some of the nation’s pre-eminent economic minds did not fully understand the basic mechanics of the economy that they were charged with shepherding. The problem was not a lack of information; it was a lack of comprehension, born in part of their deep confidence in economic forecasting models that turned out to be broken. . . .
Doesn't give one much confidence that any of the so-called experts have any real understanding of the economy--or as the American Banker said: "and John C. Bogle, Vanguard Group's founder. . . for one, would give them an earful about what a fool's mission they're on trying to out-guess the economy and markets and how the truly enlightened focus instead on preparing to ride out their inevitably unknowable gyrations."
Read more here: American Banker, New York Times, Washington Post, Wall Street Journal
Tweet Follow @johnmpoole
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
Craig Newmark - craigconnects
- ► 2015 (131)
- ► 2014 (368)
- ► 2013 (380)
- Home prices continue to drop - turnaround in 2015?...
- Is Newt Gingrich Clueless?
- Only Romney beats Obama in Swing States
- Abolish all Public Pensions and Lower College Tuit...
- Joe Scarborough on Newt Gingrich
- A question Mitt Romney would never ask nor need to...
- The Eurozone's problem in one sentence
- State of the Union and entitlement reform
- Like All Demagogues, Gingrich needs the zeal of a ...
- Newt Gingrich Tax Cheat - Forbes
- Jobs: We don't talk enough about solutions
- Ann Coulter: ‘With Newt Gingrich you throw out the...
- Obama Team Dream: GOP Nominee Newt Gingrich
- GOP: It's starting to look like 1964
- European Banks: Caveat Emptor
- Housing in the US: still on taxpayer life support
- Going from Bad to Worse: Rick Perry Dropping Out; ...
- Random Notes for a January Wednesday
- You think we have a progressive income tax system?...
- Romney at Bain Capital: Impressive
- Eurozone: Portugal's borrowing costs soar
- Eurozone: austerity equals contraction
- The Fed: Clueless
- Aon: US tax system causing move from Chicago
- SOPA and PIPA: take action now
- Daley - no major role in Obama Campaign
- Reason Enough To Not Vote for Obama
- Here's the real election story of the day
- You think the December jobs report is good news?
- Rick Santorum: serial hypocrite and record of betr...
- Everything you need to know about Washington in on...
- NDAA 2012--one more reason to NOT vote for Obama
- The Contagion of Denial
- Iowa: good news for Republicans and Romney
- College Football: Paying the Players is an Issue t...
- Eurozone 2012: Greece, Italy, France
- ▼ January (36)