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John Mauldin's Outside the Box - Notes to the FOMC
Posted by: Grass Hopper (IP Logged)
Date: February 19, 2014 02:55PM
Notes to the FOMC
February 19, 2014
Janet Yellen, the new Fed chair, has her admirers and her detractors. One unabashed admirer is my good friend David Zervos, Jefferies' chief market strategist, who during the past several months has taken to hollering "Dammit Janet, I love you!" He was at it again yesterday:
Take note of this phrase: "the new Goddess of Easy Money." It is now in the lexicon. I wonder how many virgins will be sacrificed to this new deity. (Just kidding, Janet!)
Now, David is not above having a bit of fun in his always-entertaining commentaries, but for a somewhat more substantial take on the opening of the Yellen era, I suggest we turn to John Hussman (Trades, Portfolio). I wouldn't call John a Yellen detractor, exactly, but he is certainly inclined to take the Fed down a notch or three. Check out these zingers:
I think John would agree with me that the current economic theory driving our monetary policy is both inadequate and outdated. Is it any wonder that he concludes that monetary policy as it is practiced today is simply part of the problem? It is as if we are trying to fly a 747 using the knowledge and skills we learned while driving a car, and all the while looking in the rearview mirror. (Do those things have rearview mirrors?)
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Stocks Discussed: SPY, DJI, QQQ,
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