NY Fed's Dudley Guesses They are About Halfway Done Fixing the Economy
This window is also halfway fixed
Get off the Fed's back! They have an entire financial system to prop up, Treasurys to buy, mortgage-backed securities to pimp, a crap portfolio to maintain, money to print, a market to keep afloat and America all up their asses wanting to know what they're doing with our future economic health and well-being.
It's warm and fuzzy, trust me, the Fed is just about done fixing things if you ask NY Fed's Bill Dudley:
He is pushing 18 internal projects aimed at addressing causes of the crisis, from getting more transparency in Wall Street derivatives trading, to more stability in the "repo" funding markets where big banks get short-term loans, to getting banks to develop "living wills" to map out how to respond if they fail.
He also wants staffers to speak out more. His mantra is "best idea wins," though some people close to the staff say there was more consultation and internal ferment under Mr. Geithner in the heat of the crisis.
"We're basically halfway done," Mr. Dudley says of efforts to repair the financial system. "We've gotten through the worst part of the crisis. Our financial institutions are in better condition, in part as a result of actions we made them take. But there is still a lot to do to make our financial system more resilient and robust, and we are working urgently on all these fronts."
WSJ gives him one hell of a rub, which I would normally be against but totally support because it makes his predecessor Tim Geithner look 10 times worse than he is and Geithner didn't even come from Goldman Sachs.