Tuesday Humor: Biggest Fed Dove Concerned About "Real Erosion Of People's Purchasing Power"

In all honesty, we were a little confused whether to call this Tuesday Humor or Tuesday Schizophrenia, because moments ago the biggest dove at the Fed, Minneapolis Fed's one-time converted uberhawk Kocherlakota (who recall fired his two biggest hawkish opponents at his regional Fed) just came up with the most idiotic, and hence hilarious, thing a president of the one institution whose only job is to devalue the fiat currency of the host nation can say:

  • KOCHERLAKOTA SEES ‘REAL EROSION’ OF PEOPLE’S PURCHASING POWER

Yep - the biggest dove in the Fed - the only person who disagreed with the Fed's decision to continue tapering - is suddenly worried about the erosion in your purchasing power dear people. What nobility. What humanism.

But wait, there's more.

Because within moments of uttering this epic phrase, Kocherlakota said this:

So according to the head of the Minneapolis Fed, the S&P, which rose at 30% last year, is in a bubble and due to pop? Thanks for the warning, chief, even though it is ironic considering it comes on the heels of this:

Greater than the impact on savings accounts... and precisely equal to the impact on their E-trade accounts.

And we close with this rhetorical question posed by the Fed economist:

Why shut itself down of course.