I’m very sorry to tell you this, and at a time that is so tenuous for you professionally, but it’s over.
You succeeded Alan Greenspan, and I had my doubts. But, I’m only convinced now that the world’s financial security is not safe in your hands.
You rushed to cut the Fed funds rate back in January, alarming me with your emergency cut. “Huh?” I wondered. I even blogged that you were wrong, and blogged each time you cut the rate thereafter, warning that the Fed was losing its superpowers with each cut, and unnecessarily. Yet, you carried on.
So, here you are, and here is the U.S. economy. You gave up all monetary-policy power earlier this year. There is nothing left. I usually comment on your Fed-funds-rate cuts. I didn’t even read your last e-mail. “Less is more.” It really is, and would have been.
If you need just one example of your misguidedness, it is the Citigroup/Wachovia arrangement. The market provided a natural, superior bidder: Wells Fargo. Yet, you were so doubtful and misguided about the state of U.S. banking affairs that you were going to give up Wachovia to a lesser suitor.
You clearly don’t understand the market. As I have recommended to other economic-policy-watchers, please read Atlas Shrugged by Ayn Rand and see your mistakes as you turn each page.
–Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch, OilandGasInvestor.com Today, OilandGasInvestor.com, A-Dcenter.com; email@example.com
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