Now look at them yo-yo’s that’s the way you do it
You drop the rates to zero on the FOMC
That ain’t workin’ that’s the way you do it
Money for nothin’ and your chicks for free.
With apologies to the Dire Straights, but that’s basically the new version for 2015. The « revolving door » that Ben Bernanke claims to be so sensitive about is really the way you do it. Fed chairmanships are now gateways to vast personal riches via $250K speeches, books and now hedge fund gigs. It’s all legal of course and fair play to Mr. Bernanke for taking advantage. But there’s a core issue at play though.
Ben Bernanke likes to celebrate himself as a hero, one with courage to act, but who benefits? Is it society at large? Or just a select few? The data seems pretty straight forward:
Good news for the richest 10%. Bad news…
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