Monday, November 17, 2008

Chronicles Of Depression 2.0: #417: Fed 601

Fed has done "as much as it can": Fed's Hoenig
WASHINGTON (Reuters) - Kansas City Federal Reserve President Thomas Hoenig said on Monday the U.S. central bank has done what it can to buffer the economy through a downturn, and a painful process of readjustment is likely ahead.

"The Fed has done about as much as it can do," he said in an interview on PBS's Nightly Business Report. Interest rates are already extremely low, he noted, according to a transcript of the program.

Emphasis added by me.

Let's see the Fed get rid of the hyperinflation of 2009. That ought to be a riot of fun. Oh wait. No. Just a fucking riot.

And get this bit:
"Going forward, it will be essential that our financial system have a wider range of policy and market-based options to resolve crises, with less reliance being placed on monetary policy," he said in remarks to a private Institute of International Bankers conference on financial regulation in New York.

Yeah ... like how about, oh, um, honesty?

-- from Sinfest

(For the 601 reference...)

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