Monday, November 20, 2006

Greenspan the "DBCB" - Double Bubble Central Banker

That line is from Caroline Baum of Bloomberg. She and the Cato Institute, no less, seem to agree with me that the Fed is responsible for our current bubbles. (See the Bloomberg article here; Cato hasn't yet released the summary of their 24th monetary conference entitled "Federal Reserve Policy in the Face of Crises," but she cites passages that agree.)

Double Bubble GumBall machine
[Thanks to for the image.]

In other words, the Fed can release all the "research" to the contrary that it would like, but they're just not credible. (See their feeble attempt to defend themselves in my previous post.)


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