That's my new term to describe the boys over at the FED. See... today the talking heads have gotten to me. If I hear one more "economist" kneel and bob for Alan "Big Spender" Greenspan, I'm gonna strap a diaper on my head with a serpentine belt and shoot up an Amtrac with an AK-47.
These idiots are so impressed with Greenspan and the way he's handled this recession. How about we take a look at shall we?
Lets start off by looking at 1929.
The most accepted explanation of the woe and misery in the 1930s' is that Fed personnel screwed up when they raised rates from 5% to 6% in August, 1929 and then were not aggressive enough in lowering them afterward.
Today, the talking heads laud Greenspan for his aggressive approach. Post-2000, the drop amounted to 475 basis points, which the establishment considers as an "emergency" decline, which is little different to the 450 bps post-1929.
So... 450 points wasn't enough after the crash in 1929, but 475 was enough after 2000.
Alan Greenspan wrote essays in 1966 condemning the Fed's reckless ease in the 1920s in expanding that bubble, which expanded the consequent woe and misery. Tell me, what is the job of a reporter if it's not to ask questions like: Mr Greenspan, can you explain why you critized the FED's 1929 rate drop as to drastic, then oversaw an even greater drop in 2000?
These are the people who are attempting to run our economy.
This is why central planning doesn't work. No one has a clue what they are doing, or why they are doing it.
This is why we're going to live through the nastiest depression since England in '73.... 1873... The one that moved the financial center of the world from London, to New York.