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« Market Musings and Lessons | Main | More Causal Confusion: The FOMC Decision and the Market Reaction »

September 17, 2011

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Chris of Stumptown

They are regularly audited.

oldprof

Rob -- Keeping in mind that I am a consumer of various analysts, I'm still at about the same place. Economic growth is still in the 1.5 to 2.0% range, making us vulnerable to any shock.

Stocks seem to have already factored in significantly lower earnings. I may do a separate piece on the range of forecasts and methods.

Thanks for the question and the kind words.

Jeff

oldprof

Alea -- Thanks for joining in and providing the link. Nice to "see" you.

Jeff

oldprof

Patrick - There is a distinction between a financial audit and more involvement in the oversight of monetary policy. The idea of an audit sounds great, but most people do not realize that the financial side is already open. Those in Congress (ranging from Barney Frank to Ron Paul -- pretty much covering the spectrum) who support an audit seem to have an agenda of increased Congressional oversight.

This video of Bernanke responding to the question is very much on point:

http://www.youtube.com/watch?v=1Ia5x8shAV8

Thanks for your good question.

Jeff

Rob

Thanks for your research and perspective Jeff. A few weeks ago (perhaps it was a few months, things seem to happening so fast I can't keep track) you mentioned that you think there is a 1 in 3 chance of a recession. I remember because everyone else I reading was so dark that I was coming away with the feeling that a recession was inevitable. Anyway, I am wondering if that has changed. There seems to have been some deterioration of data (I am unsure if I have the historical perspective to put that in context though), and certainly now a number of months where indicators have remained poor. I wonder if you were put on the spot would you now increase the odds significantly or still remain at 1 in 3 chance. Thanks for your weekly focus on data. It put a lot of the nonsense we are bombarded with in perspective.

Patrick

If the Fed is so transparent - can you explain why they have never been audited? Not trying to be smart, genuinely curious

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