Monday, March 7, 2011

Dumbass of the Day - Atlanta Fed President Dennis Lockhart

from CNN Money

Appearing at the National Association of Business Economics in Arlington, Va., Lockhart said that while he doesn't think additional purchases are currently warranted, more stimulus could be needed if oil prices continue to climb.

"If [the rising price of oil] plays through to the broad economy in a way that portends a recession, I would take a position we would respond with more accommodation," Lockhart said at the conference.

Though he doesn't think
current oil prices around $106 a barrel are a problem, he said the evidence is clear that oil spikes can bring about a recession.

"I think at the $120 range ... it's a manageable level," he said. "Around $150 it becomes a much more serious concern."
So basically, the Quantitative Easing Mr. Lockhart is promoting has done nothing but encourage speculation by banks in commodity futures by giving them free money to buy said futures, therefore driving up prices for the entire economy.  So Mr. Lockhart's brilliant solution is to continue doing more of this 'easing' to lower prices?  Um, whats that definition of insanity again?  What planet is this fucking idiot on?  Planet upside-down land?  Someone needs to send this clown back to Econ 101 or even fucking Wikipedia

The dog and pony show going on at the Fed right now is screwing everyone that doesn't have a massive cache of stocks, gold, non-perishable food or oil.  Bullshit!

And before Ben Bernake steps in and says, there is no inflation... well no shit sherlock, there's no inflation when you don't include food and energy in your calculations... people need to eat and have electricity and drive their cars dipshit!

Here's a real chart of the current inflation going on right now.  (which includes everything and computers don't bullshit with political posturing)

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