Quote Of The Day: Unbelievable Hypocrisy Edition
Jim Bullard, of the St. Louid Federal Reserve, is currently answering questions following the delivery of prepared remarks. As a reminder, Bullard is a non-voting member of the FOMC this year who in 2010 was the first Fed official to call for a second round of QE. He just said the following:
- Fed’s Bullard Says He’s Concerned About Low Returns to Savers - BBG
Now this is beyond mere sheer hypocrisy and pathetic "good Fed cop, bad Fed cop" routine (still waiting for Bill Dudley to disclose what is the deflating hedonic equivalent of food inflation in a NEW iPad world). This is similar to Stalin saying, several days after completing the purges which saw tens of millions of people quietly "disappeared", that he is concerned that the price of graveyard real estate might be in a bubble.
Don't worry, Jim, the same savers whom you are so concerned about increasingly have less and less to lose, and once they realize that the entitlement state is completely broke (shouldn't take long now), and they have nothing more to lose by finally saying "enough" and not so quietly make landfall at the Marriner Eccles building, and the HQs of other regional Feds, you will be absolutely correct to have been "concerned" about the policies that YOU encouraged for years, and which have led to the genocide of America's middle class.