In what is unbelievable hypocrisy and re-writing of history based on 20/20 hindsight, Bullard, in responding to a question on asset bubbles, explained that while all Fed members are "concerned about asset bubbles," they do not see one now. His reasoning is so cognitively dissonant as to be almost comedic:
- *BULLARD SAYS TECH BUBBLE, HOUSING BUBBLE WERE BOTH `NO SECRET'
- "Bubbles Of The Past Were Gigantic And Obvious... Not Now"
So there it is - because the St. Louis Monday-Morning-Quarterbacker can now so clearly see the previous epic bubbles (which the Fed did not see and merely pumped even higher) were obvious and one is not obvious now (unless you actually take a minute or two to consider forward earnings growth and margin expectations in light of lower deficits, unemployment, and global growth; high-yield credit spreads; primary issuance levels; and the fact that corporate leverage is at record highs).