Idiots Rule

Release Date: May 9, 2007


The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.

Economic growth slowed in the first part of this year and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to expand at a moderate pace over coming quarters.

Duh. Throw a bone to the stock market.

Core inflation remains somewhat elevated. Although inflation pressures seem likely to moderate over time,

HOW??? Because you want it to??? YOU CONTROL THE PRINTING PRESSES!!!!! YOU CAN STOP INFLATION IN IT'S TRACKS!!!!!! INFLATION IS YOU!!!!!!! LIARS!!!!!

the high level of resource utilization has the potential to sustain those pressures.

Excellent work with the obvious there folks...

In these circumstances, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.

Voting for the FOMC monetary policy action were: Ben S. Bernanke --chief idiot>, Chairman; Timothy F. Geithner idiot, Vice Chairman; Thomas M. Hoenig idiot; Donald L. Kohn loudmouth idiot; Randall S. Kroszner idiot; Cathy E. Minehan idiot; Frederic S. Mishkin idiot; Michael H. Moskow super loudmouth idiot; William Poole can *anybody* shut this guy up; and Kevin M. Warsh idiot.

2007 Monetary policy

Pouring the soothing balm of easy money on an already overheated stock market. Brought to you by cozy insider backroom deal making and lack of oversight.

Your tax dollars at work, kids.