It appears that I am having one of those days. This is the fourth post I’ve worked on today. Only one was good enough to post, and it turned out to have an inaccuracy in it that needs further research to make it correct and worth anyone’s time. The rest of the material I produced today is good enough only to line the birdcage with. So I’m just going to put a list of things that are on my mind sans the details.
1) Romney appears to be having a bit of trouble in the Presidential race. In some ways I am surprised that Obama is polling as well as he is, but in others not so much because Romney has some issues with clarity that is keeping him from rising above the fray. While not my candidate of choice, I would vote for an empty toilet paper tube over the incumbent; and anyone even closely resembling a free-marketer will do. I am hoping that the debate on October 3rd will be a defining moment for Romney (and not in a bad way).
2) I am relatively new to Fed watching, about three years now, and it doesn’t seem to me either professional or mature for Fisher, Plosser, and Bullard to air the institution’s dirty laundry in public; especially if they are interested in preserving the Fed’s illusion of independence.
3) ECRI’s recession call in the early part of the year is resonating with me today given the outlook cut from Caterpillar and further rise in jobless claims. It is a bit disturbing, remembering Tim Duy’s concern that we get a lift off from the zero bound before the next recession hits. The Fed’s baby steps toward getting clear and reliable control over monetary policy may not be enough; and the disaster the FOMC members have been worried about may not turn out to be the kind they expect. I would hate to have to pile on with others, rubbing their noses in the inflationary Armageddon they have been warning about like chicken littles for the last 4 years. They are playing with fire by not moving fast enough.
4) I am interested in the discussion that Lars Christensen, George Selgin, Larry White, and David Beckworth are having about the possible mix of structural and nominal problems in the economy. I have been learning a lot from following it.
5) On a personal note, I really wish this recession would end. While it hasn’t been at all kind to some that I know and could have been much worse for my family, I haven’t been untouched by it. I lost my career and am currently working for myself. It’s been a learning experience. I learned that what I thought I wanted for many years, to work for myself, I don’t really want. I do much better at worrying about getting to work on time and being able to spend my time being thoughtfully creative with technology. I think I even might miss my old office nemesis – maybe.