Friday, March 29, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor

Will the Federal Reserve Board,
Please SHUT UP?

NOVEMBER 28, 2007 --

LPR recently read a glum forecast on the economy attributed to the Fed.  Why? What purpose? What good can be served?  Unless it is to promote the notion, already holding too strong, that the stock values are a function of matters far moved from corporate performance.  And, duh, the stock market fell on word of the Fed's forecast.

And if we are to get economic forecasts, where is the president's Council of Economic Advisers?  LPR  thinks the chairman is a Mr. Lazear. LPR is not clear if the places of the council's other two members are filled.

(LPR will relent a bit on calling for a ban on economic forecasts from the Fed -- provided the media gives equal attention to forecasts from a panel consisting of cabdrivers, barbers and bartenders, and hotel door-persons.)

 

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