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| Apples to Apples
February 15, 2006
Bernanke-speak, v 2.0
Newly crowned Fed chairman Ben S. Bernanke speaking to Congress:
"Nevertheless the risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately — in the absence of countervailing monetary policy action — to further upward pressure on inflation."
Sound familiar? Here's what I wish he had said:
"Dudes, chill. Yes, the Fed took up rates 14 consecutive times. But we're still at a federal funds rate of 4.50% -- two whole points less than where we were before your friendly central bank slashed rates 13 times (8 of which were in generous half-point increments, no less). So, in the absence of countervailing monetary policy action, and in light of how aggregate output could potentially, conceivably and allegedly place certain upward pressures on inflation, how about you quit whining and get off my case?"
"Oh, one more thing: I'm really digging large-cap growth these days."
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