Helicopter Ben: please send me money today!
Ben says:
unemployment to peak at end of 2009 and will remain high until 2011
pace of decline appears to have slowed
labor market continues to weaken
tight credit, job loss and housing price slide likely to weigh heavily on consumer spending
inflation likely to be subdued and if it rises too quickly Fed has policies in place to deal with it
*I actually think he has done a good job considering the mess that Paulson and Bush forced him to pretend like it wasn't happening (Benny boy was not a wall streeter, he was a Harvard weenie). Will Obama pick someone else? Most likely. Obama doesn't really understand how the markets work and will want to put his fingerprints on the monetary system by picking the first woman to head the Fed. Either Janet Yellen or Chrissy Romer or some secret weapon. He could pick me, how much worse could I do? But not picking Ben will be a mistake if he picks Summers. Then expect the markets to cascade into the abyss.
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