2006 Fed transcripts “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.” Also: “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.” No matter if it’s the Fed, Congress, the White House or whatever, it seems that down in Washington DC there’s no professors, just Gilligans.
This post was last modified on January 26, 2021
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Could have stopped the headline after the word clueless.....
With Geithner as head of the Federal Reserve, and Barney Frank running Fannie and Freddie, are you to expect anything else?
I just love listening to these overpaid cheaters (Yes just about everyone with a MBA cheated their way through school) keep trying to tell me how a service sided economy can successfully replace a manufacturing economy. Well I have some bad news for them, if you don't produce anything, but continue to purchase stuff, you end up with a deficit. Too much deficit, people stop loaning you money to buy more stuff. Economy thus collapses, end of story.
PH, you're mentioning some of those pesky facts again and you KNOW how hard it is for Libtards to digest them!
But, welfare queens do that all the time, not producing anything but more mouths to feed, and spending plenty of other people's money. And THEIR economy never crashes. At least not yet.
They don't have a clue. We're NOT a manufacturing nation anymore and as such, they can't use the same idealism and tactics that have been used in the past to fix our problems. Either they are puffing on a bong 24/7 or they're just plain stupid. Our biggest export now is entertainment and bad entertainment at that. These people need a catcher's mitt the size of Rhode Island to catch that clue...
And someone objected to my use of the word....Fucktard!
Yeah...Washington D.C. is AWESOME!
I submit to you my apologies. I allowed myself to forget your right to free speech Pittsburgh Z.
Maybe asshat would be a more acceptable term?