Minneapolis Fed Chief: Look How Far We’ve Come

Picture 164.pngMinneapolis Fed President is taking a stab at those would like to see the Fed stripped of its bank oversight powers, saying that while the Fed made “significant mistakes,” just go ahead with your plan, and it’ll be the Great Recession 2.0. Sure, they didn’t see the crisis coming, but hey, “the Romans used to cut up birds to make their economic forecasts” and the Fed’s methods have improved “somewhat.” So stop bitching people.
In a speech yesterday, Narayana Kocherlakota (pictured) reiterated that Congress and Washington need to put their shit together to address financial regulation – a sentiment that seems to be rampant these days, what with the outbursts of Volcker and Bayh to name a few. “These proposals have generated a great deal of uncertainty, for the capricious winds of politics seem to change them on a near-daily basis.”

He also addressed the CRE problem (catastrophe?) that could trigger massive bank failures, which in turn, would trigger decreased lending. The job situation is not looking too good either and looking “at data on job flows is even more disturbing.”
Great. So back to his first point, the situation is bleak but t improvements in the economic situation are “attributable in large part to actions taken by the Fed as it was able to undertake these actions because of expertise and information that it had acquired as a supervisor of the nation’s banks.”

My conclusion is that stripping the Federal Reserve of its supervisory role would needlessly put a Great Depression on the menu of possibilities for our country.

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9 Responses to “Minneapolis Fed Chief: Look How Far We’ve Come”

  1. guest says:

    that bitch needs a shave

  2. guest says:

    That looks like Volcker’s hand reaching up and choking him.

  3. HAM05 says:

    stubble makes the neckfat sexy

  4. guest says:

    Who cares? The only thing weaker than the Minneapolis Fed is the DB server. Zing!
    – impatient DB fan

  5. guest says:

    Well will Joe the Plumber be finished working on the DB servers?
    Sarah P.

  6. guest says:

    Well will Joe the Plumber be finished working on the DB servers?
    Sarah P.

  7. guest says:

    Aside from cutting up birds to make their economic forecasts, what have the Romans ever done for us?

  8. Raymond Babbit says:

    I shood be dun wit duh server-thingys any time nao.
    I’m an excellent driver.