Tuesday, October 09, 2007

Jon Stewart v. Al Greenspan: "Easy Al" Tells All

When and if the MSM/Finance guys catch up with this, it ought to cause some reaction.

Here's the short version, from The Big Picture:

Easy Al admits to Jon Stewart:

1) Excess money causes inflation.

2) Fed easy credit favors stock market operators at the expense of savers.
3) The Fed believes that the market trades more on perception of what the Fed is or will do instead of the actual policies.
4) The Fed must make the market perceive that the system is sound.
5) The presence of the Fed guarantees there is no ‘free market’.
6) He still can’t forecast the economy or whether there is a bubble or too much exuberance.

So Al, how's M3 these days?

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