Strident criticism of Janet Yellen, the likely replacement of Fed Chairman Ben Bernanke, by author, former Congressman and Director of the Office of the Management Bureau David Stockman in a Bloomberg interview (zero hedge)
She has no clue how to wean Wall Street from this pathetic addiction to this massive stimulus, easy money that’s been going on for this entire century…She spent her whole life as a monetary bureaucrat in the Fed system, has no clue what honest capitalism what genuine free markets are about. Believes that the entire system has to be run by a monetary politburo turning over the dials…short-term interest rate, yield curve and the entire financial system.She is part of the groupthink. She is part of the Keynesian consensus that 12 people running $16 trillion economy. They are delusional. The market is simply trading the word clouds in this daily injections that comes from the out of control central bank
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