Former Insider Nails Confused FOMC: “At The Moment, The Best Description For The Fed Is Schizophrenic”
by Tyler Durden
ZeroHedge.com
Aug 17, 2016
“We have come to the point where psychological terms best describe the Federal Reserve’s communications policy,” said Danielle DiMartino Booth, who runs the research consultancy Money Strong. Before that, though, she worked in the Dallas Fed as then-president Richard Fisher‘s top lieutenant, so she has a better feeling than most for what’s going on inside the Eccles Building.
WSJ asks – What is the term she uses to describe the Fed right now?
“At the moment,” she said, “the best term is ‘schizophrenic.’ ”
Authored by Danielle DiMartino Booth,
In the blink of an eye. In a heartbeat. In a New York minute. Life can and does change in these thinnest slices of time. And yet for Don Henley’s anthem to the swiftness of change, and just how quickly those sharing our lives’ most precious moments can be lost, he ran against the norm for 6.22 minutes of endless pain and sorrow.
New York Minute, recorded in 1989 for Henley’s best-selling solo album, The End of Innocence, proved to not only have staying power, but to also be “the album’s most unique and interesting tract.” The iconic title already in mind, he turned to songwriter Danny Kortchman for help with the lyrics. His stated aim: capture the atmosphere of a late 1980’s New York City, a gritty scene of come-hither lights, drugs and overt excess all fueled and well-greased by the golden glitter of greed.
That the song opens with an obviously lost, maybe even suicidal, Wall Street refugee is telling. Tom Wolfe’s Bonfire of the Vanities, his bestselling novel, was sweeping the globe on its way to becoming what the Guardian dubbed, “the quintessential novel of the 80s.” Chronicling the downfall of a Wall Street “Master of the Universe,” Wolfe’s main character painfully parallels Henley’s lost soul.
Then, even in real life, Masters fell. Nearly 30 years on, in the endless wake of the financial crisis, it’s deeply dissatisfying that the country’s gone to emergency, but nobody’s going to jail. Such is the reality of a Wall Street that’s become too complex to regulate and police.
The Rest…HERE
