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In his first public speech since joining the central bank in May, Fed Governor Jeremy Stein (a...

In his first public speech since joining the central bank in May, Fed Governor Jeremy Stein (a FOMC voter) throws his full support behind QE. Worth keeping an eye on as he's likely to be a candidate to replace the chairman (should the President win reelection), Stein - like Bernanke - considers rising stock prices a sort of unofficial 3rd mandate of the Fed.
Comments (5)
  • tom_t
    , contributor
    Comments (260) | Send Message
     
    The Fed's job is to goose the stock market and destroy fixed-income investors? Mission accomplished.
    11 Oct 2012, 11:35 AM Reply Like
  • Jason Tillberg
    , contributor
    Comments (1237) | Send Message
     
    Now that is a disgusting mandate.
    11 Oct 2012, 11:44 AM Reply Like
  • 2MuchDebt
    , contributor
    Comments (215) | Send Message
     
    Nothing short of ludicrous
    11 Oct 2012, 11:52 AM Reply Like
  • Gregor_MacGregor
    , contributor
    Comments (79) | Send Message
     
    ^^ what they said! " considers rising stock prices a sort of unofficial 3rd mandate of the Fed" == genius at work!
    11 Oct 2012, 11:55 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    Stein fully supports QE (brave stance now that we're into it up to our necks). I picture him in a Sikorsky using a 50-caliber to shoot out the side at any critics while Chopper Ben is dumping dollars out from bushel baskets. Who's flying the chopper?

     

    From the speech: "The point of departure for any analysis of monetary policy is our dual mandate--to foster maximum employment and price stability."

     

    The pesky "dual mandate." It's the mechanism that gets the Fed into the policy business when it should be a rock of stability.

     

    End the dual mandate. And if Romney wins, send Governor Stein back to Harvard. If Obama wins, and we are saying "hello, Chairman Stein," we will also be saying "hello lost century."
    11 Oct 2012, 12:00 PM Reply Like
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