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More Faux Hawkishness: Plosser Says Fed Needs To Begin Reversing Accommodative Policy In Not Too Distant Future

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Thu, 04/14/2011 - 13:41 | 1169433 traderjoe
traderjoe's picture

Tomorrows always a day away.

Thu, 04/14/2011 - 13:49 | 1169477 Popo
Popo's picture

Do they realize we're all laughing at them?

Thu, 04/14/2011 - 14:38 | 1169691 traderjoe
traderjoe's picture

'They' do not care if a small % of ppl know and act. Their plan is working to near perfection. They still have a little more to rob and steal.

Thu, 04/14/2011 - 16:12 | 1170092 Sock Puppet
Sock Puppet's picture

My barber has a sign in his shop that says, "Free Haircuts Tomorrow."

Thu, 04/14/2011 - 13:58 | 1169505 malek
malek's picture

Not too distant future = less than a century away

Thu, 04/14/2011 - 14:21 | 1169599 carbonmutant
carbonmutant's picture

i.e. it's the Next administration's job to put the squeeze on the markets...

Thu, 04/14/2011 - 13:44 | 1169437 AldoHux_IV
AldoHux_IV's picture

I'll believe them when me shit turns purple.

Until then all this rhetoric is masturbation.  By the way, price stability is another term for inflation targeting which is another term for social class genocide when wage deflation is rampant.

Thu, 04/14/2011 - 13:52 | 1169485 Josh Randall
Josh Randall's picture

+1 for the Purple SHATTNER reference

Thu, 04/14/2011 - 14:03 | 1169522 topcallingtroll
topcallingtroll's picture

Good comment.

A populist who knows that soft money is actually good for the majority, who are not savers by the way but usually debtors.

Thu, 04/14/2011 - 14:03 | 1169523 AR15AU
AR15AU's picture

Exactly.  They cook the CPI and yet they still won't even commit to keeping it under control.  Talk is cheap, yet they can't even talk.  That tells you all you need to know.

Thu, 04/14/2011 - 13:44 | 1169441 firstdivision
firstdivision's picture

So instead of QE = infinity, Plosser is saying QE = infinity - 1

Thu, 04/14/2011 - 14:04 | 1169526 Cash_is_Trash
Cash_is_Trash's picture

That's still infinity.

Rudolf Von Havenstein, baby! Bernanke will soon outdo the teacher.

Thu, 04/14/2011 - 14:19 | 1169590 NotApplicable
NotApplicable's picture

Only if you simplfy the equation!

Instead, what you will hear is "But, this one goes to minus one. You know, it's one less."

Thu, 04/14/2011 - 14:36 | 1169676 KingdomKum
KingdomKum's picture

2 words :   bullet,  brain .

Thu, 04/14/2011 - 13:44 | 1169442 Robot Traders Mom
Robot Traders Mom's picture

What is everyone's thoughts on Hoenig?

I personally don't trust anything he says and I think he is a plant that sounds like a hawk so the mainstream media can manipulate the people into believing there is actually debate within the Fed...

You don't work your way up bucking the system...

Thu, 04/14/2011 - 13:55 | 1169489 centerline
centerline's picture

+1. Good cop, bad cop.

Thu, 04/14/2011 - 13:56 | 1169495 gordengeko
gordengeko's picture

Hoenig got his M.A and P.H.D from Iowa State.  Which is good that it is not an overtly evident british crown inbred institution.

Thu, 04/14/2011 - 13:58 | 1169511 topcallingtroll
topcallingtroll's picture

A perfect disguise.

Thu, 04/14/2011 - 14:49 | 1169740 gordengeko
gordengeko's picture

I'm thinking it should be a requirement that whenever there is a news article with some business or economic bigwig ZH should start highlighting their indoctrination. If they start doing that, all will be made clear for even the most confused non inbred prole.

Thu, 04/14/2011 - 14:33 | 1169650 clones2
clones2's picture

That's right!  Go Clones!

Thu, 04/14/2011 - 14:35 | 1169671 I am Jobe
I am Jobe's picture

I guess he should have been indoctrinated however he knew that that would be a disaster for him. Get Michael Savage and Hoenig and end this crap once and for all i say. drag the bitchez and tie em to the pickup and go on 80.

Thu, 04/14/2011 - 13:45 | 1169443 AmazingLarry
AmazingLarry's picture

I had an "inflation target" when I bought my house 2 years ago, but no thanks to you asshats I was shooting in the opposite direction. 

Thu, 04/14/2011 - 13:43 | 1169449 Id fight Gandhi
Id fight Gandhi's picture

Are they dumb enough to let the dollar under 70?

Thu, 04/14/2011 - 13:45 | 1169458 mynhair
mynhair's picture


Thu, 04/14/2011 - 13:46 | 1169451 Bicycle Repairman
Bicycle Repairman's picture

They lied about inflation for years in the 1970s.  Same playbook here.  Head fakes.  Posturing.

Thu, 04/14/2011 - 13:46 | 1169452 Pepe
Pepe's picture

"deliver on our statutory mandate of long-run price stability, moderate long-term interest rates, and maximum employment."

so far I see no apples in this tree, but the words, the words are superb.

Thu, 04/14/2011 - 13:47 | 1169471 IdioTsincracY
IdioTsincracY's picture


Thu, 04/14/2011 - 13:44 | 1169455 centerline
centerline's picture

Aren't the terms "price stability" and "inflation target" contradictory?

Does inflation not equal erosion of purchasing power?

Or is this all some quaint euphanism for the best central banking practices being to fuck the people slow enough over time that no one figures out the game?

Thu, 04/14/2011 - 13:46 | 1169468 Milton Waddams
Milton Waddams's picture

A 'little inflation' keeps the hampsters on the wheel.

Thu, 04/14/2011 - 14:12 | 1169571 centerline
centerline's picture

Hampsters looking a wee bit tired at this point.

Thu, 04/14/2011 - 14:47 | 1169719 Max Hunter
Max Hunter's picture

this one looks like it could go for a while..



Thu, 04/14/2011 - 13:58 | 1169506 topcallingtroll
topcallingtroll's picture

That is why explicit inflation targeting is the policy of last resort.

Thu, 04/14/2011 - 13:47 | 1169459 LawsofPhysics
LawsofPhysics's picture

Tosser-Plosser will quickly be sacked, problem solved.

Thu, 04/14/2011 - 13:45 | 1169462 Spitzer
Spitzer's picture

Notice how gold rose in price all through the rate hikes in the 80's and it also kept rising in price through the 04 and 06 rate hikes.

It is over. The Fed is done, they are too far behind.

Thu, 04/14/2011 - 13:46 | 1169465 SheepDog-One
SheepDog-One's picture

Now the FED 'hawks and doves' take turns saying 'no QE, 'yes QE' every other hour to manipulate the markets. What a total bunch of BS.

Thu, 04/14/2011 - 14:37 | 1169665 Commander Cody
Commander Cody's picture

They are testing the waters.  Watch what they do (those that vote), ignore what they say.

Thu, 04/14/2011 - 13:47 | 1169472 Pepe
Pepe's picture

"Monetary theory and the great Capitol Hill Baby-sitting Co-op Crisis" is these a holes model...no wonder

Thu, 04/14/2011 - 13:50 | 1169473 RobotTrader
RobotTrader's picture

Funny how QE or no QE discussions have had absolutely no impact on stocks like HD and LOW.

Only the gold bugs and peak oilers are vibrated around in bouts of mania and depression based on these ruminations.

Thu, 04/14/2011 - 13:51 | 1169484 tmosley
tmosley's picture

That's because no-one cares about your little underperforming shit.

Thu, 04/14/2011 - 13:56 | 1169493 SheepDog-One
SheepDog-One's picture

Whats really effected is your 50% up paper that has actually lost purchasing power but youll still have to pay the 50% cap gains. 

Thu, 04/14/2011 - 13:54 | 1169499 LawsofPhysics
LawsofPhysics's picture

If by "bouts of mania and depression" you mean exchanging paper for hard assets and real wealth, including some undervalued revenue generating equities.  Then I guess you are right.

Thu, 04/14/2011 - 14:08 | 1169529 SheepDog-One
SheepDog-One's picture

Heres 'Ol Catfishface saying PM holders are manic depressive basket cases? From where I sit, trading all that phony paper in for gold and silver which is at all time highs is anything but the depths of depression.

But Catfishface and the rest will be depressed when they find their paper holdings theyre all 'Gollem' over but are really a negative in real purchasing power still get hit with the bill for 50% cap gains. 

Thu, 04/14/2011 - 14:48 | 1169736 Max Hunter
Max Hunter's picture

As long as paper is accepted in exchange for gold and silver, I will gladly give the paper up..

Thu, 04/14/2011 - 14:21 | 1169597 d00daa
d00daa's picture

Please don't hit and run.

I'm to assume that you really believe that the economy (NOT equities markets) has "turned the corner" then?  The market is telling us something, and we should listen?

I want to see the RobotTrader thesis on the future of the economy, not the boring, poor man's Harry Caray play-by-play routine.

Thu, 04/14/2011 - 14:35 | 1169668 lieutenantjohnchard
lieutenantjohnchard's picture

that's because there're widows and orphans stocks, rocket scientist. they're not supposed to vibrate like high beta.

Thu, 04/14/2011 - 13:53 | 1169480 topcallingtroll
topcallingtroll's picture

If you commit to inflation targets then monetary policy loses its egfectiveness to goose the economy.

You lose the ambiguity and your stealth inflation option if you tell capital and asset owners in advance how much they are going to lose each year

cb's are only virtuous and explicitly inflation target when they have no credibility.

Machiavelli said the most influential and capable princes have the masses convinced of their honor and virtue while they quietly engage in devious behavior when necessary.

Thu, 04/14/2011 - 14:25 | 1169614 Bicycle Repairman
Bicycle Repairman's picture

"You lose the ambiguity and your stealth inflation option if you tell capital and asset owners in advance how much they are going to lose each year "

The good news is when they set inflation targets, they'll never lie.

Thu, 04/14/2011 - 13:53 | 1169483 Nigh Eve
Nigh Eve's picture

I don't necessarily dispute the "faux hawk" label.  However, is your reason for that label chiefly based upon Plosser's wish for an inflation target? or is it based upon Plosser's other historical positions and actions?

Meanwhile, if the reason is not because of his inflation target wish, would you then also apply the "faux hawk" label to either Fisher or Hoenig?




Thu, 04/14/2011 - 13:55 | 1169487 TruthInSunshine
TruthInSunshine's picture

The Federal Reserve Goofballs are sure fun to watch & listen to for the first couple of minutes, but then their schtick gets old fast.

Will someone save The Bernank's liver for me? I am doing an alchemy project, and I heard that The Bernank's liver, dried and ground into a fine dust, can turn tungsten into gold. Thank you.

Plosser has become Fat Elvis, high/stoned into the ether, and a disgusting site to behold:

Fat, High, Incoherent Elvis
Thu, 04/14/2011 - 13:56 | 1169502 baby_BLYTHE
baby_BLYTHE's picture

Everyone is broke and unemployed!

What are they going to do next? What is the solution?

People need jobs and need jobs now!

Primary dealers already have billions of dollars. The American people need the $ and it is not getting to them.

What a total waste the Federal Reserve is. It is a cancer that must be expunged from the face of this nation

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