In Today's Round Of "Guess The Macrosievert Emission" We Have Fred "Napoleon Dynamite" Mishkin

Tyler Durden's picture

Everyone's favorite Iceland expert, Fred "Napoelon Dynamite" Mishkin was on Bloomberg TV today. He said a bunch of stuff. None of it mattered, for the simple reason that as has been now confirmed beyond a reasonable doubt, Mishkin will say anything that he is paid $___ to say. In other words, only those who enjoy experiencing subdural hematomas from absorbing macrosievert emissions of hypocrisy, should subject themselves to the following clip. Incidentally, speaking of emissions levels, after observing the warm glow emanating from the former New York Fed governator's epithelial covering, we open it up to debate: just what is the halflife of the "healthy and perfectly digestible" macrosievert emission from the "Dynamite's" skin?

For those who are confused why Mishkin is the butt of jokes in professional and academic circles, the following clip (referenced previously on Zero Hedge) should make it all too clear.

So anyway, for those who enjoy cackling uncontrollably, below is Mishkin's latest public humiliation. In it among other things is the following discussion of soon to be paywalled Krugman- "Paul is a great economist, by the way, and completely deserves his Nobel Prize." No further comment needed.

On Paul Krugman:

"There is an issue, and this has been a real problem in terms of some of Paul's discussion during the last couple of years, which is that expectations really are key.  One of the important lessons that we've learned over the last 30 years in macroeconomics is that expectations and how people assess the future is key to what they do today.  For example, if you have expansionary fiscal policy now, people are actually worried that you are going to end up taxing like crazy them in the future because you are not dealing with long run fiscal sustainability, the expansionary fiscal policy will not work as well.  That's been a big problem.  What we actually need right now would be long run fiscal sustainability, actually contraction there dealing with entitlements, which would give us more room to do fiscal expansion.  Unfortunately, Paul has not discussed that issue, which is very disappointing.  I have to tell you that in this context--Paul, who a great economist, by the way and completely deserves his Nobel Prize--on this policy issue, he really has pushed us back where our level of understanding in macroeconomics doesn't say that there's no effect from fiscal policy, but under certain circumstances actually expansionary fiscal policy may not work or could actually be contractionary.   There are cases where actually contracting by actually getting your long run fiscal situation in balance can actually be expansionary."
On the stock market's role in recovery:

"I feel that people focus much too much on the stock market.  Particularly during the crisis, the issue was not getting the stock market up, it was preventing the financial system from imploding and it was really the bond markets which were much more important.  There's this wonderful quip by Paul Samuelsson who said that the stock market has forecast nine of the last five recessions, so it is a piece of information that is important, but the health of the financial system is really the key element in terms of getting things working again.  We still have some serious problems, not so much in the financial markets for corporates, but we still have problems for small businesses in terms of credit and the consumer still has issues that they have to deal with."
On headline inflation vs. core inflation:

"In terms of what you should care about, it should be headline because a big component of our spending, and actually what we spend on every day, tends to be food and energy, which is actually cut out of headline and is what the core is basically---headline excluding those two items.  On the other hand, what we really care about in terms of policy, is underlying inflation, the trend in inflation.  You don't want to react to blips in temporary movements in prices in food and energy if in fact they're not telling you about what's going on in the long run.  For example, in 2007 and 2008, we had headline which was moving up tremendously.  A lot of people said inflation is a big problem.  The Federal Reserve said basically said no, underlying inflation is not moving up like that and our big problem is the financial crisis.  In fact, during that period with headline moving up, the Federal Reserve was cutting interest rates very dramatically, and that actually was the right thing to do.  It still wasn't enough to keep us out of this mess, but it certainly was the right thing to do, so you really want to focus on something that is a deeper concept."
"There's one important difference between the Europe and the U.S.  In the case of the U.S., it turns out that core seems to be doing better in terms of telling us where inflation is going to be in the longer run context.  Not is true in Europe.  In the U.S., headline inflation heads towards core.  In Europe, that's actually not true.  So the problems of having higher headline inflation is in fact a more serious problem for them than for us."
On if the Fed can get in front of the debate:

"I think the Fed actually always has to try to be ahead of the curve and look forward and make predications--and move before something has actually happened.  When I was in the Federal Reserve in August 2007, the economy was actually very strong at the time.  That third quarter was a very strong quarter, inflation was actually going up.  The financial crisis hit on August 7 and the Federal Reserve then started to ease policy in the face of data that was actually very strong.  The people who understood financial crises said that this is a big problem, it's going to be a big drag on the economy and we actually have to act preemptively.  That's what you're always trying to do.  The problem is that forecasting is a tough business and that you always don't get it right." 

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SilverIsKing's picture

And I always referred to him as Fred "The Idiot" Mishkin.  Who knew?

weinerdog43's picture

Prescient and correct.  Well done!

Haywood Jablowme's picture

OT: blackout on the rally going on in Los Angeles.  Amazing how I need to watch Russia Times just so I can see what's going on in this crap state.

LA Rally


Shylockracy's picture

Hava nagila

Hava nagila

Hava nagila venismechah!

Thomas's picture

I've seen him worse. With that said, the volatile price of oil is up tenfold in a dozen years. I wonder when it is going to fluctuate back down to $10 per barrel.

bania's picture

Vote for POMO and all your wildest dreams will come true.

YouBetYourLife's picture

More like a clown.  Put a big red nose on him and be done with it, already.

zeusman's picture

Ahh, Is the Jew holding you down?   It is always nice to have someone to blame for shortcomings, No?

Id fight Gandhi's picture

Why are there so many Jewish running the fed and banks? Is that a job requirement?

flacon's picture

I am starting to believe that these bankers (and yes, most are 'jewish') believe that they can create something out of nothing. My 5 year old son brought home a book from kindergarten about a kid how had a jacket and it kept on shrinking out of wear... until the point when it was all gone - completely gone. The kicker of the book was "so we can see that we can create something out of nothing since you are reading this book". 


Pretty astounding... glad I didn't pay the two cents for that book. 



MsCreant's picture

Tax dollars or tuition, you paid.

SilverIsKing's picture

He blames the mohel for his shortcomings.  He snipped off a bit too much.

GoinFawr's picture

Hey zeusman, does the following mean anything to you?

"We'll make a pastrami sandwich of them. We'll insert a strip of Jewish settlement in between the Palestinians, and then another strip of Jewish settlement, right across the West Bank, so that in 25 years time, neither the United Nations, nor the United States, nobody will be able to tear it apart."-Ariel Sharon, 1973

Hey, don't look at me, look at a map. I recommend starting in 1946 and finishing today. Guy's a 'man of his word', I'll give him that.

"Everybody has to move, run and grab as many hilltops as they can...everything we don't grab will go to them."-Ariel Sharon,1998

As for the religion thing; well, I can't really say. I do find the whole 'Abrahamic Trilogy' to be quite the disgusting blight on the face of humanity, to be quite honest. Woefully outdated, to say the least. We'd probably be better off if the whole lot of them worshipped Dumbledore or Mithrandir, IMHO.  I mean, don't get me wrong, I enjoyed the 'magic', sex, and violent excitement of the first two books as much as anyone, but you'll have to admit that the New Testament is a bit dry, in English anyway.

I like the secular humanist side of the faiths certainly, it's just too bad that religious wingnuts are so conditioned to ignore it in the dubious spirit of 'higher purpose' ; or should that be 'holier than thou-est'?

Marcus Brigstocke puts a fine point on it:


Andy Lewis's picture

Just to let you know, fuckface, I didn't junk your comment.  It's your handle. 

akak's picture

The problem is that forecasting is a tough business and that you always don't get it right."   


Yeah, being an economic central planner along the lines of a Soviet Union commissar tends to have that effect.

Apparently, though, telling the truth is even tougher business--- and Mishkin gets it right even less.

ziggy59's picture

well the half life of saintbartium or southamptonium is about 25 yrs..thats about the time takes for BS to decompose to half its mass.

Dr. Kenneth Noisewater's picture

Dude was _HILARIOUS_ in _Inside Job_.

I don't think he intended to be though.

Bastiat's picture

Yes!  I actually bought that DVD so I could lend it to as many people as possible.

SwingForce's picture

I  threw my black jujifruits at the screen everytime that douchebag came on. 

And I licked them first so they would stick ha ha !

alien-IQ's picture

I'm willing to bet that Mishkin and the Bernank have in fact gone down on each other on more than one occasion.

TruthInSunshine's picture

Mishkin is a real dirtbag and traitor to the United States.


Everyone hates you filthy bankers, NWO and CFR types, Mishkin. It was just a matter of time before the sleeping giant awoke. Did your filthy ilk really never consider that this time would come?

Conrad Murray's picture

Don't forget to leave bad ratings and funny comments on this video. Here's the youtube link

Biff Malibu's picture

I have a new hobby.  I go to drudge report, click on just about any article.  Go into the comments section and start making inflammatory remarks contrary to the views of the people in the article.  It's a good way to pass the time watching a market waiting for it to die. 



Convolved Man's picture


Leave Mish' McFly alone.

He's been to the past and the future.

He just has a problem describing what he's seen.

Rick64's picture

 Congratulations on his new textbook? Serious math in it as well as policy? Are you fucking serious? This is what is wrong, failures such as Mishkin are elevated despite their failures, because of their reliability to support the status quo rather than buck it. Example after example of this Geithner, Larry Summers, ect... This moron is writing textbooks instead of someone with integrity.

Cow's picture

and where are they ultimately elevated to?  Why teaching in college to little schmos that don't know any different.

Mishkin is a full professor at Columbia Business School where he can wax eloquent on policies that don't work.

I can just hear him now talking down to all of the students. "Do you know who I am?"

MsCreant's picture

Hacks do textbooks. If you are well known, getting ready to retire, maybe an okay project to undertake because you really want to see it done right. But generally, at evaluation time, chairs could give a shit if you did a textbook. It has been the death knell of many a career. Meanwhile it is downright weird to be plugging your new "textbook" on a news show.

davepowers's picture

well hacks have found a gold mine then

I just paid $122 for a first year Spanish text for a daughter. It was pretty slim too.

I guess they're making new discoveries in elementary Spanish all the time.

Don't get me started on the price of used, dog earred marked up paper backs at the student book store. 

MsCreant's picture

I feel you. I almost never use text books. I have all my materials on line for one of my classes (no books to buy at all) and some of them on line for the other. I have written a lot of stuff and they get "journal articles" from JSTOR.

Some faculty are moving to E-texts ($40 a pop with a lot of interactive stuff for the students).

Foreign language is required, that is too bad about the prices. Some are worse than $120. The authors hardly make any royalties off of these, FWIW.

AhhhItBurns's picture

I hope you don't have to put up with the scam of "Custom Edition for XYZ University". That pissed me off to no avail, especially when I figured out the page content is the same and only the covers are swapped out.

The departments who assign these books are often complacent, especially if there are grants handed down by the publisher (oooh lala, money out of thin air!) and then the department will shriek ask for more. The ebook market can be a problem as well, because some of the sleazy companies will kill off access after a semester ends. No resale market, just the way they like it.

Oh well, textbooks are only one of the many issues on the plate of many colleges now.

Withdrawn Sanction's picture

That's an insult to hacks.  Mishkin took his tired Money & Banking text, added some IS-LM antiques and few AS/AD diagrams, used them to "explain" the crisis, and voila, a "new" Macro Theory textbook for the ages.  It's a POS, just like its author.

Rick64's picture

Whether hacks do  textbooks or not, His textbook "Economics, Banking, and Financial Markets" will brainwash many college students with faulty monetary theories. He has no integrity yet he is trusted with writing a textbook. He would hardly be considered a hack with the positions that he has held.

dcb's picture

very insightfull comment. I am always amazed how we keep trotting out our failures and put them in policy positions. Guess it shows the real reason tfor being there is to be able to turn a blind eye to banks stealing from us and going along with the program.

jimijon's picture

Great lede.. had me rolling in laughter

spekulatn's picture

Agreed jimijon. Well done Tyler.

G-R-U-N-T's picture

-Tricky Ricky....

mick_richfield's picture

I think this guy should get a Nobel Prize in physics.

Then we can have him, Krugman, and Obama -- let's have like a new Mount Rushmore or something.  Made of shit.


Fed delenda est.

Jay Gould Esq.'s picture

A capital idea.

Chiseled out of solid Milorganite.

Haywood Jablowme's picture

Time for another episode of "Rex Kwon Do!"

Lesson 1


rookie's picture

Completely OT but has anyone seen Johnny Depp's "Rango"?  I took the kids this weekend having no idea what it was about.  Nice allegory for our times. . . lots of ZH themes. . .power, corruption, whoever controls the "water" (money) controls everything, sheeple toiling away, sheriff appointed by tptb to give hope to the peeps . . .must have been written by a ZHer. . .too bad the ideas can only be written in a kid's animated movie.  :)

Seasmoke's picture

@ 2:28....he ALMOST said it wasnt enough to keep us out of a DEPRESSION !

Jerry Maguire's picture

Does this guy tell the truth?  Does the media?

"Anonymous" supposedly called for an "Empire State Rebellion" that was set to begin today, or maybe not.  I thought not, since I didn't see a single news report about it, but then Russian TV has a story:

So is there something going on, or not?  Anyone?


Bay of Pigs's picture

Talk in circles, smile and lie through your teeth. 

Nice try Comrade Mishkin.

Irwin Fletcher's picture

Aside from the sickening Krugman pandering, which I'm not convinced was unsarcastic given his arguments against Krugman (really, how many other economists could possibly actually like the guy?), and aside from his obvious whoring which is not unique in his profession, he makes a few good points: people won't ignore QE and the consumer is in trouble. 

And he makes a few good points disguised as bad points, like in the US, headline inflation is trending toward core. That one could be spun positively, but I'm not convinced that's his intent here. It can also mean that the cost of 'core' goods is catching up to the cost of raw materials inputs including food and energy (c.f. iPads).   

The last quote Tyler highlights, where forecasting is a tough business and that you always don't get it right, also could be a shot at Krugman. He seems to be saying that then in 2007, relative to now, our production capacity was greater and jumping the gun on the crisis vial massive easing resulted in the export of that capacity, which was the thing that wasn't gotten right.

I don't know this guy, and I'm skeptical of his good intentions, but I'm not sure these clips suffice to bring his reputation below the average of his profession.

bob_dabolina's picture

No fuckin' way. I found Mishkins identical brother which about the same level of education to boot.

Tell me they don't look alike. Throw some glasses on this guy, bada bing, bada boom.