Thursday, June 20, 2013

Yes, He Was Fired; And The Business Press Is Not Asking The Most Important Question

The talking heads on CNBC pretty much agree: he was fired.

Some have said it outright: he was fired.

Others have said it more delicately.

All agree that President O'Bama telegraphed the firing publicly and was less than considerate in his remarks.

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For background, go back to this post, posted before the Fed's announcement yesterday.

This is what I find absolutely amazing: the press is not asking the most important question.

From BloombergBusinessweek:
Stopping bond purchases isn’t the same as putting on the brakes, Bernanke said, it’s “akin to letting up a bit on the gas pedal.” Putting on the monetary brakes would entail selling bonds out of the Fed’s portfolio, and that’s not happening any time soon, Bernanke said. The Fed is also far away from raising the federal funds rate, which is the short-term interest rate that the Fed controls, the chairman said. He said that 14 of 19 participants in the FOMC’s deliberations expect the funds rate to start rising in 2015—and one thinks it won’t happen until 2016.
We all know that Ben has been fired.

It's pretty certain Janet Yellen will be the next Fed chairwoman.

Janet Yellen is somewhere between Ben and Paul on stimulus (hopefully, she's not as crazy as Paul).

So, the question is this: was Janet among the 14 or was she among the 5? 

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