Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.–Will Rogers
Place: Ritz-Carlton Buckhead, Atlanta Georgia
Fed governors have been going back and forth over the last week opining on the possibility of QE3. Some said it it would be a horrible notion and some thought that because of the dismal, pathetic job numbers and other horrific data that includes housing and ISM, that it clears the way for “The Bernank” to shove some more QE down our throat.
Greenspan couldn’t stop easing until he blew us up, it was only then that he put down the crack pipe. The Bernanke has been quiet, does some occasional speeches, but has been going prime time with his thoughts. Remember 60 Minutes? Even more mind boggling is that Ben didn’t learn a damn thing from his predecessor Greenspan.
I gave up the notion a long time ago about politicians (and those that become politicians strait out of the Halls of Academia) that are in it for the “greater good”. They all see their own end game and that is getting the hell out of what they are doing now. Why? Their future becomes so bright they have to wear shades. Greenspan has made a fortune in the private sector with books, consulting gigs, speaking engagements and board seats. Hey, they are already making movies about The Bernank.
Ben smells the $ 3 million advance for the book deal, the consulting gigs, the speeches, the board seats and maybe a no show job at a prominent K Street law firm. It’s all a fandango with happy hats and pointy shoes. We get to suffer the consequences. And we will.