Quote of the Year: "The Fed is a Firefighter, Not an Arsonist"
You can't make it up.
Bullard: Fed is a firefighter, not an arsonist (STLToday.com):
James Bullard, president of the St. Louis Federal Reserve Bank, thinks the attacks on the Fed are a part of general public displeasure with the state of the economy. He told me in an interview on Friday:
The debate took an unsettling turn in the second half of 2009 when the Fed went from being a heroic firefighter in the economy, which is my view, to being somehow the scapegoat for everything that has happened.
We’re used to it (criticism); we have thick skins. But to talkabout wholesale restructuring of an institution that has served the nation very well makes me nervous, and it should make anybody who’s worrried about the future of the economy nervous.
Bullard estimated that the Federal Reserve already spends 425,000 hours a year on internal and external audits (full disclosure here: I’m married to one of those internal auditors) and makes minutes of the Federal Open Market Committee public after a three-week lag.
A) reporters are not held to the same standards of independence (in appearance, in this instance) as CPAs so I'll let that "disclosure" go
B) cry me a fucking river, the Fed as scapegoat. That's hilarious. What happened to "we saved you pathetic bastards"?