A Fed Lifer's Five Basis Point Farce

By David Stockman

We start with this gem from NY Fed president John Williams. He claims the Fed must keep injecting $120 billion per month of fraudulent credit into Wall Street because, apparently, this quarter’s likely 7% real GDP growth and 5% inflation are not sufficient to meet the Fed’s goals:

“… the data and conditions have not progressed enough for the Federal Open Market Committee to shift its monetary policy stance of strong support for the economic recovery.”…

You can’t say enough ...