|Chart This !!|
There were a lot of really "scary smart" people at the conference including an economics Nobel laureate, several highly distinguished academics, global bank economists from the U.S., China, Spain, Japan, Chile, Italy, etc. and the leading economic theorists from government agencies such as the Fed, the FDIC, the U.S. Treasury, and the SEC. You get the picture - the best and the brightest in quantitative economics. No one from NCUA was registered…
Never been bothered much about not being "the smartest person at the table"(that's just the way life is); but it's a bit unnerving when you have to honestly admit that you're unquestionably and repeatedly "the dumbest person at the table"(it was that kind of group!). Practiced being quiet a lot and trying to feign invisibility when the Q&A started soaring well above my head.
|The Bernanke Solution !|
Much of the debate centered around the future economic consequences of reabsorbing this excess monetary stimulus as the economy gains strength. It was somehow both reassuring and refreshing to hear the best and brightest profess profound doubt and concern over being in these uncharted economic waters - with highly arguable and uncertain outcomes. All in decided contrast to the "inerrant robusterians" at the NCUA, who remain resolutely and insanely certain, about the unfailing wisdom of their myopia.
"Nah, just can't see it…"
It would have improved my self-esteem greatly to have had a few of them at my conference table...
But all the robust bashing aside, what was most startling was finding out that the Atlanta Fed had already begun the national monetary unwinding process with at least one way to use all that excess money!
Take a close look at one of the numerous notepads which were spread across all the conference tables…