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Re: Inside the Fed...

By: oldCADuser in FFFT | Recommend this post (0)
Fri, 13 Jan 12 9:39 PM | 57 view(s)
Boardmark this board | Food For Further Thought
Msg. 38043 of 65535
(This msg. is a reply to 38036 by weco)

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Not sure how this relates to the comment about the "nation’s pre-eminent economic minds" but didn't Herman Cain once serve as chairman of one the Federal Reserve member banks?




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The above is a reply to the following message:
Inside the Fed...
By: weco
in FFFT
Fri, 13 Jan 12 8:17 PM
Msg. 38036 of 65535

Release of notes after a five year delay as is customary.

http://www.nytimes.com/2012/01/13/business/transcripts-show-an-unfazed-fed-in-2006.html?_r=3&hp=&pagewanted=all

"The transcripts of the 2006 meetings, released after a standard five-year delay, clearly show some of the nation’s pre-eminent economic minds did not fully understand the basic mechanics of the economy that they were charged with shepherding. The problem was not a lack of information; it was a lack of comprehension, born in part of their deep confidence in economic forecasting models that turned out to be broken."


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