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Did somebody throw up?
Tuesday, December 11, 2007
Wow, it looks like today's FOMC meeting went over pretty well. Apparently Ben Bernanke and crew aren't buying into the "Financial Armageddon at the doorstep" idea.
Not having plowed through all the commentary it is unclear how this will impact the "Bernanke Cycle" as currently modeled. For now, the obligatory side-by-side comparison:
1. “Hey Wall Street: We’re not your Bitch anymore.”
Ben grows a spine. For how long? We'll see.
4 comments:
"Ben grows a spine."
Hate to break this to you but 'a member of the FOMC committee who wishes not to be identified' called Steve Liesman at CNBC and said the fed is about to deploy new 'tools' to address the liquidity crisis. Liesman said his deep throat would not reveal the 'tool' to be used and did not explain why those 'tools' have not been used already.
In other words, Ben was disappointed at the market reaction and is already reaching out to reporters. Sadly, the Fed seems to be using all their ammo to defend the stock market and when the real crisis arrives, the Fed may be powerless to help because they used all their 'tools' defending equity markets (which they shouldn't be doing)
Bernanke has on spine.
errr.. "no" spine
He's had a spine since he took office. People were calling for rate cuts back in summer 2006 and Bernanke stuck them with rate hikes. I know because I profited by betting with Bernanke and ignoring the futures markets that predicted 90% plus chance of cuts.
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