Let's Hope The Fed Keeps the Jerking Off To a Minimum
What a coincidence, I am on vacation at the same time as the Jackson Holers. Except unlike some of the Dirty Fed operatives used to attending each year, I already got my invite for a getaway. Losers.
Some Federal Reserve officials accustomed to an automatic invitation to the central bank’s annual mountainside symposium in Jackson Hole, Wyoming, are finding themselves empty handed this year.
The Kansas City Fed bank in recent years has welcomed the president and research director from each of the 11 other regional banks. For this year’s Aug. 26-28 conference, a regional bank may only send one of the two officials. Also, unlike in previous years, the New York Fed’s markets chief, currently Brian Sack, isn’t invited.
The change helps to foster debate and include more non-Fed attendees such as central bankers from abroad, said Diane Raley, a Kansas City Fed spokeswoman. Robert Eisenbeis, a former Atlanta Fed research director, said it deprives many research officials, who serve as their presidents’ top policy advisers and attend Fed interest-rate meetings, the chance to make important global contacts.
“Making those contacts personally with people from the international community is especially valuable,” said Eisenbeis, who has attended the event in past years and is now chief monetary economist with Cumberland Advisors of Sarasota, Florida. “It’s one of the few chances that a lot of the people have to do that. I always thought it was a very valuable meeting to attend.”
If my new favorite Fedhead decides not to attend he's welcome to join me in DC next week but only for a quick drink, a girl has business to tend to...
If you recall, last year Bernanke was caught jerking off in front of attendees over a job well done, going so far as to drop the word "good" when referring to the performance of the economy that he single-handedly saved. Hahahahaha, so can we safely assume there will be no jerking off in Jackson Hole this year then?
No comment on whether or not that's on my own personal vacation itinerary next week, I have absolutely no knowledge of anything remotely like what you just described.
Anyway, here were some of his comments last year in case you've forgotten (via MarketWatch):
Past financial panics have exacted an "enormous toll in both human and economic terms," Bernanke said. "In this episode, by contrast, policymakers in the United States and around the globe responded with speed and force to arrest a rapidly deteriorating and dangerous situation."
The policy response "averted the imminent collapse of the global financial system, an outcome that seemed all too possible to the finance ministers and central bankers."
Mission accomplished, right?!