FOMC minutes were released at 2:00pm this afternoon.
Upon reading the release,
Candide Dr. Pangloss suffered a fatal heart attack.
The reset of the cheerleading squad of pollyannas simply lost their arguments — along with their lunch — that growth is fine, inflation modest, the credit crisis contained.
The FOMC lowered their growth forecast, raised their inflation and unemployment forecast. The only omission in the announcement was their new policy, for the first time ever, of buying Index Puts to pay for all of the new Credit Lending Facilities.
Markets, which were positive, rolled over and fell 250 points.
Minutes of the Federal Open Market Committee April 29-30, 2008
Federal Reserve, May 21, 2008
Fed Signals Rate Cuts Are Done
WSJ, May 21, 2008 2:11 p.m.
Most Fed Officials Saw April Rate Cut as `Close Call’
Bloomberg, May 21 2008
Category: Federal Reserve
Malcolm Gladwell on the challenge of hiring in the modern world. From “Stories from the Near Future,” the 2008 New Yorker Conference.
Interesting discussion, classic Gladwell . . .
New Yorker, May 12, 2008