Friday, October 15, 2010

Quote of the Day

This sentence, from Daniel Indiviglio's article on the Fed's plans to combat unemployment, jumped out at me and punched me in the face:
[Bernanke] also mentions the possibility of the Fed providing additional communication on its plans to influence expectations.
OK, let me get this straight: The Fed Chair mentions that it is possible the Fed might provide some communication on what it is planning to do to influence events? No, that would be too direct! The plan that it is possible they might provide some communication about would only be to influence people's expectations about events.

How many steps removed from actually doing anything is this? Look, I understand that the Fed must be somewhat ambiguous in its statements because so much hangs on their decisions. But this is getting ridiculous.

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