Commentary from Greg Ip at Real Time Economics on the similarities and differences between Bernanke's intermeeting 75bps cut this Tuesday and Alan Greenspan's policy response in the face of a deteriorating stock market and economy in 2001. An excerpt:
Cutting as it did a week before a meeting was “not real pretty,” observed Peter Hooper, chief economist at Deutsche Bank Securities, calling it a clear sign the Fed felt it had “some catching up to the markets” to do.
Hooper, of course, is a "good friend" of MII, having participated in the MII/MES Michigan Economic Forum in March of 2007. Perhaps the Forum was a spark in he and co-panelist Charles Evans' careers, as Evans moved on to become the President of the Federal Reserve Bank of Chicago...
Also, the link has a video from the always insightful David Wessel of the WSJ which is worth watching.
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3 comments:
MII made Hooper. Hooper made Evans. MII MADE EVANS.
QE is a bad idea.
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