Earlier today, PIMCO managing director Paul McCulley took to the company blog to offer a word of congratulations to Ben Bernanke. “Bravo, Ben,” McCulley, a fan of QE2, wrote. How has the mustachioed investor come to the conclusion that the Fed’s program is the right move for the economy? It passed his litmus test when it was panned in equal measure by both smart, savvy individuals and Sarah Palin. Sayeth McCulley:
It brings me great angst to observe professional critics – many of them acquaintances and friends of mine – rhetorically beating Fed Chairman Ben Bernanke about the head and shoulders for launching QE2. At the same time, the fact that Sarah Palin has joined the chorus brings me great joy. If what Ben is doing offends both the learned and the unlearned, then he is clearly acting unconventionally relative to orthodoxy. And this is good, very good.
So just, you know, get on board. And if you can’t get on board, just shut the hell up and take it. This is happening, so buckle up.
The Fed makes policy consistent with its legislative mandate handed down by the democratically-elected government of the United States. And that’s what the Fed is pursuing: mandate-consistent levels for inflation and the unemployment rate. This is as it should be.
The rest of the world should simply accept this outcome as reality, and adjust – or not adjust – their own domestically-oriented objectives and policies accordingly. Is there room for multi-lateral dialogue, perhaps even some degree of coordination, as various jurisdictions grapple with heterogeneous economic and financial exigencies? Absolutely. But that does not imply that the Fed should abdicate its responsibilities to pursue the mandate given to it by the American people. Pursuing that mandate is precisely what the Bernanke-led FOMC is doing.
Bravo, Ben: Illegitimi non carborundum.
A Kind Word For Ben [PIMCO via BI]
I am in your financial markets, pursuing my mandates
So he doesn’t like Sarah Palin. Does he have an opinion on George Soros?
It looks like he’s suggesting Sarah Palin is unlearned, but she attended three different schools to get her bachelor’s degree. I think six years of college constitutes more than enough time to be considered learned.
Bravo Ben you have an illegitimate carborator? Not sure where Paul is going with this one.
Legislative mandate?
R. Paul
Ben Bernanke’s new reality tv series on TLC
naughty hawk…
It’s all so clear now, Pimco believes that QE2 is:
1. “a Ponzi scheme signaling the end of the 30yr bull in bonds” B. Gross
2. “a blunderbuss likely to backfire” Muhammad El Erian
3. “Bravo Ben” McCulley
growing a mustache is NKI
My decision to start a cooking show was opposed by both tha’ learned, and tha’ unlearned people. It must be the right decision.
- C. Gasparino
What’s this, then? “Romanes eunt domus”? People called Romanes, they go, the house?
Please punch back in at BNY Asset Servicing. You have gone over your lunch hour.
Whether you agree or not, the guy’s got great hair.
-Charlie “Hightower” Gasparino
The mustache says ‘Who wants a mustache ride?’ but the the arched eyebrow says ‘Who wants a mustache ride?”
celebrating Movember year-round
I agree. I think we could do business together.
Rand or Ron?
In Soviet Russia, Fed audit you!
Ru
Will you take a look at that cookie duster…People always seem to give you a firmer hand shake with a stache like that
I believe “acting unconventionally relative to orthodoxy” is redundant.
This guy is no LvP.
Tua mater bonam capitam dat.
Bravo Ben – I need a bid from someone for all the Govy Paper I’m trying to get off my books.
– Paulie from the California Shore
Semper ubi sub ubi
Unfortunately, that gem of wisdom (and/or clicking around in Wikipedia) will be lost on most of the DB commentariat
Nice work you remember witty barbs written on your desk from Sophomore year of HS.
Is her unlearnedness a matter of opinion?
Gay dog whistle financial moment, beard on bottom, mustache on top.