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« Weighing the Week Ahead: Will Rising Energy Prices Derail the Economy? | Main | Weighing the Week Ahead: Time for Earnings »

April 04, 2011

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muckdog

I've always enjoyed following Fed comments. FWIW. Everyone wants more transparency, and here it is. Now they don't want it. LOL.

oldprof

Tom -- You are discussing Fed policy. You do it effectively, using data, on your fine blog (where I read every entry). It is part of the debate. I find that many in the investment blogosphere, especially those who have been wrong about the market, have seized upon simplistic explanations, over-emphasizing the Fed. The examples I gave are the latest manifestations of this.

I am not going to challenge your policy conclusions in the comments here, because this is an article about how we should all embrace free expression, wide-ranging views, and abundant information. Presumably you agree with that.

I will write more about Fed policy, but prefer to do so in the body of an article where more people will see it.

Thanks much for stopping by and joining in.

Jeff

Jeff

oldprof

Mark -- Of course I read the research note, and I assume that you did as well. I think it is a typical effort to use data to shed light on a difficult question. The principal author, a Princeton PhD economist with a long publication record, did not generate "garbage."

I am curious. What aspect of this research is horrible? Can you provide a specific criticism?

I appreciate your passionate disagreement with the conclusion, and I hope you will elaborate with a critique of the paper.

Thanks,

Jeff

tom brakke

"Meanwhile, this constant Fed bashing is not productive. It is causes you to take your eye off the ball -- earnings, the economy, and risk."

I'm one of the bashers, because I think the Fed has put itself into an unnecessary and untenable position. You're right that holding a belief (on any side) can get in the way of your ability to see clearly the challenge of investing, especially if you also write about the market.

But your last word in the piece is "risk," and that's precisely where the Fed policy comes into play. Either the economic structure should be able to withstand the start of a move away from the truly extraordinary stance of the Fed or stocks don't deserve the multiples at which they are trading today.

If there's too much risk to change policy at this point, there's too much risk to work with traditional valuation notions when thinking about investment strategies. Investors must deal with this issue and take a stand, one way or another. It is the overarching risk that we face.

MarkS

Dude, did you read the research? It was horrible. And the Fed isnt just another blogger. This is a government sponsored entity. We pay their paycheck. If they want to print this garbage then do it on someone else's dime. Frankly, I hold the government to a higher standard than a bunch of bloggers. No offense, but you should know better than to have such a lax attitude regarding government research.

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