One of these days I will outgrow my susceptibility to analogies. Until then I will be charmed by quotes like this, coming from Chris Whalen: The idea of the Greenspan Put was that lower interest rates would cure the market’s woes. Unfortunately, the FOMC has since fallen into a pattern whereby longer periods of low or even zero interest rates are used to address yesterday’s errors, but this action also leads us into tomorrow’s financial excess. As one observer on Twitter noted in an exchange with Minneapolis Fed President Neel Kashkari: “Central Bankers are much like the US Forest Service of old. Always trying to manage ‘nature’ and put out the little brush fires of the capitalist system, while they seem incapable of recognizing they are the root cause of major conflagrations as a result.” A traveler in the western states gets to experience a real forest fire every now and then.
Early retirement, mainstream-media-free, bicycling, classic books & history, RV camping, and dogs.