Kansas City Fed's Hoenig: No New Stimulus!
There are days when I read through Fed news and feel as though we are infinitely doomed and unfortunately those days far outnumber the ones where I feel a glimmer of hope knowing that not every Dirty Fed operative is functioning blind and dumb with his or her head shoved so far up his or her ass that he or she couldn't see rampant inflation if they swallowed it.
Piggybacking on Dallas Fed President Richard Fisher's comments earlier today, these thoughts from Kansas City Fed President Thomas Hoenig make today one of those infrequent times when I feel just a tiny bit of optimism when it comes to the collective thought process of the Filthy Fed. Instead of being 99.5% doomed, today I feel we are approximately 97% doomed. It's a start.
The economy doesn't need further stimulus from the Federal Reserve and instead needs a modest tightening of monetary policy, a veteran central bank official said Thursday.
Countering the increasingly popular view that the Fed may again buy long-term assets to help spur growth, Federal Reserve Bank of Kansas City President Thomas Hoenig said, "I don't think we should go that way at all."
The official repeated his previous call that the fed funds rate should be raised off its de facto zero-percent level, saying, "I don't want high interest rates" and "I want non-zero interest rates." He also said the current stance of rate policy was "highly accommodative."
Hoenig was speaking to a local group in Norfolk, Neb. In his comments, he also countered those who see little good in the economy right now.
While he agreed labor markets are not doing very well, he argued that observers need to look at the longer term, saying "we continue to grow modestly" and there remains the strong chance the expansion will continue on that path.
DO YOU HEAR THAT, YOU FUCKTARDS? One of your own is telling you you need to look at the longer term and stop thinking in terms of a quick fix that A) doesn't fix shit and B) will end up screwing things up far worse in the long run. It's called projection and I know the Dirty Fed isn't exactly skilled in art of looking beyond the horizon but for fuck's sake this is serious.
It's one thing to get bitched out by angry bloggers, it's an entirely different thing to get bitched out by one of your own who recognizes the stupidity just as well as we angry bloggers do. Just sayin.