I’ve been on call this month and haven’t had much time to think about much else besides work-related things. On top of that, the development directory forest blew up in a spectacular fashion and I had to figure out how to fix it without losing any of the information it contains. Trial by fire is always good for building character. Though, what sort of character I won’t say. Needless to say, I feel like I deserve a few beers (or more).
Though I’ve been busy, I’ve managed to keep up with the major and not-so-major developments.
The ECB finally joins the QE party. QE is a bad policy, a substitute for adopting an appropriate monetary framework. But it is better than doing nothing and hoping economic conditions improve by a wave of the confidence fairy’s wand.
Rosengren says he’s not like Herbert Hoover (my words). Not that it matters much considering he won’t vote on monetary policy choices until 2016. And with the way things are sounding on the FOMC this year, with Janet Yellen promising to take a dump on the economy and not give a crap about the fallout, all of the bad choices will already have been made by the time Rosengren has his turn on the hot seat. Then perhaps we’ll see just how unlike Herbert Hoover Rosengren really is.
Speaking of Herbert Hoover, or rather Herbert Hoover’s brother from another mother… I keep hearing about Jeb Bush building up infrastructure to run for the GOP presidential nomination. It’s quite amazing The youngest Bush gets so much press considering that both of the last two Bushes left office with the economy in shambles. The younger Bush, of course, just couldn’t be outdone by dear old pops and was on his way out the door on the cusp of the economic crisis that brought us the Great Recession. Perhaps party leaders don’t believe we’ve had enough recession to last a lifetime and feel the need to dangle another Bush on the doorstep.
But there’s more. If one leans Republican, there will be plenty of epic fail to choose from with Mitt Romney announcing that he is also seriously considering another go of it, a candidate who had such a knack for finding his way into our hearts last time around that he lost when a bologna sandwich from the 47% likely would have won.
Whatever the case, the early GOP lineup is pretty lackluster. I like Pataki. But he’s cried wolf flirting with a run so many times since 2008, I doubt anyone takes him seriously. I never thought that in a thousand years I’d consider a Democrat, but I am somewhat interested in seeing who steps forward over there.