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August 17, 2007
Bill Poole, Economic Man of Mystery
Does anyone else have trouble buying the proffered explanation for why Bill Poole missed the FOMC vote yesterday? While I like the idea that Bill Poole, President of the Federal Reserve Bank of St. Louis, is really just an economic man of mystery, sneaking around and sending fake Bills to meetings so that today's Fed rate decision could remain secret, it just doesn't work for me.This is, after all, the same guy who told an interviewer two days ago that there would have to be a "calamity" to cut rates.
Plausible deniability? I wonder.
[via Bloomberg]
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I think it was
"Bill Poole is a sh.. shameful"
Actually, Mr. Poole believes in the concept of Moral Hazard, that the Fed should not bail out rampant speculation.
The discount rate cut was mostly symbolic, while the upcoming vote in Sepember will not be.
Hence, his non vote Friday may be prepping us for an "Nay Vote" on the Fed Funds cut
It is immoral that the Fed is again bailing out speculators.
Bill Poole is shameless!!