Tuesday humor struck early, courtesy of Goldman's head of the New York Fed, Bill Dudley:
- DUDLEY SAYS FED AT TIMES WAS `TOO OPTIMISTIC' ON FORECASTS
That in itself is not the humor. The humor is, as always the context. Such as this:
- DUDLEY SEES STRONG CASE GROWTH TO PICK UP 'NOTABLY' IN 2014
Now that is funny when one considers the following past headlines:
- May 2010: "The U.S. economy is recovering and we are now seeing the first signs of significant employment growth"
- February 2011: "Fed’s Dudley: Sees Higher Growth In 2011, 2012"
- August 2011: "Growth during the second half of 2011 will be “significantly firmer” than in the first six months"
- May 2012: "If Growth Continues, More Fed Stimulus Isn’t Warranted"
- November 2012: "This rebuilding will continue well into 2013, likely providing for somewhat stronger growth than otherwise would have been the case"
And so on - one of these years he may be right, although not before another $2.7 trillion in Fed excess reserves. Of course, what else can one expect from the man whose only contribution to economics is proving the hedonic deflationary benefit of edible iPads.