Saturday, August 18, 2007

Novak Is Leaking Again

He must be the official liaison with the public for all government and semi-government leakers.

robert novak as munchkin mayor
[Thanks to wonkette.com for the image.]

This time, he tells us in this article at Townhall.com that:

"Prior to the recent global financial crisis, the Federal Reserve Board under Chairman Ben S. Bernanke was ready to take a subtle step toward easier money in order to stave off U.S. recession fears. Ready for approval in the immediate future was a new Federal Open Market Committee (FOMC) statement taking the central bank off neutrality and putting it on a bias for an interest rate cut. But international credit scares changed all that.... [T]he central bankers do not disclose and try not to leak future plans. However, according to Capitol Hill sources, they had secretly decided to issue a statement soon changing the Fed's bias toward easing...."

Then this:

"Even the chairman's critics commend his handling of the first major crisis in 18 months on the job. They say the departed 'Maestro,' Alan Greenspan, would have acted identically -- with a single exception, in the opinion of one Fed watcher. He feels Greenspan would have leaked plans for an interest rate cut in the future to show his overriding concern about the U.S. economy."

Now, does Novak believe that Bernanke didn't actually want this leak to leak? Hmmmm....

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