I don't know what Ben Bernanke's going to say today to reassure everyone when he addresses the meeting of the Kansas City Fed in Jackson Hole. But I would like to ask why this group of government employees gets to meet in Jackson Hole?
I know they're bankers and oh-so-important but what other federal entity gets to have a retreat in such a fancy locale?
Granted, the Fed is quasi autonomous and all of that, but if the Pentagon's top brass or the Energy Department leadership were gathering in some resort locale eyebrows would go up. Aside from the waste o' taxpayers dollars, what kind of signal does it send when rich bankers on the public dime meet in a resort where no doubt they'll rule that all those subprime spendthrifts have to lose their homes?
Inequality if growing in America. A moment like this doesn't help. It hearkens back to the Jekyll Island meeting where the Fed was founded by plutocrats like Paul Warburg.