Confirmed: the Fed is a Crack Addict
As a person who has quit smoking some 156 umpteen times, I can totes relate to this statement by NY Fed President William Dudley, who I still feel is a total hack douche. But that's irrelevant.
Leading up to an attempt to stop smoking, I naturally smoke my ass off. Once, in my first winter in DC, our power went out while my nicotine patches were wearing off and of course freezing my ass off in the dark with my cat, the first thing I thought was "FUCK, I NEED TO GET TO 7-11 AND GET SOME FUCKING CAMELS" so that was exactly what I did because 7-11 had power and DAMNIT I needed a cigarette.
Anyway, his remarks about exceptional Fed "accommodations" is pretty much like a straight up dope fiend shooting as much dope as they can the night before they check into rehab. If you don't understand that comparison, hit up Charlie Sheen and he can help you.
The Federal Reserve must for now continue to push hard against threats to the U.S. recovery, but should still be able to reduce its support for the economy later this year, an influential central bank policymaker said on Monday.LOL. I'll gladly pay you Tuesday for a hamburger today. Why is the Fed so involved if everything is totally fucking rosy?!
"We must push against these headwinds forcefully to best achieve our objectives," Dudley, a consistent policy dove and a permanent voting member of the central bank's monetary policy committee, said at Fordham University.Dude, are you really that stupid? Even I get it and I'm far from an economist (of course, maybe that's why I get it). Headwinds? Try monsoon, you moron.
Dudley said on Monday that framework "is still very much intact." He noted that, back in June, Bernanke did not specify the first reduction to QE would come in September, and that it would be dependent on economic data.
Any reduction in QE must be based on the most recent measures of economic health, Dudley said, arguing that two requirements have not yet been met: evidence the labor market has improved and confidence that those gains will continue.
"I'd like to see economic news that makes me more confident that we will see continued improvement in the labor market," Dudley said. "Then I would feel comfortable that the time had come to cut the pace of asset purchases."
Give me a break. Admit it, already, there is no way out. Accepting you have a problem is the first step, after all, you fucking monetary dope fiend.