Huszar was hired because he knows how to buy and sell bonds. His opinion regarding the efficacy of QE is no more valid than that of any of the rest of us. He was a functionary, not a policy maker.. His opinion with regard to hand outs to Wall Street I would listen to, however. Incidentally, I agree with his view that "... [QE] killed the urgency for Washington to confront a real crisis: that of a structurally unsound U.S. economy. But even if we are both correct on this point, we could easily disagree on the the need for QE in the first place. There I would definitely trust Bernanke's opinion over my own, or Huszar's..
You are certainly one of the apologists I was referring to. Piezoe is yet another. As a supporter of QE, I am curious what your thoughts on the above article were. Since you offered no defense against it, maybe you have begun to change your opinions?
The Fed now owns a third or 32.47% of all 10 Year equivalents, up 32.22% from the prior week, and rising at a pace of 0.3% per week. from ZH: Second, the Fed is now monetizing a record 70% of all net US 10 Year equivalent issuance.
it bears repeating: http://www.elitetrader.com/vb/showthread.php?s=&postid=3874788&highlight=bailout#post3874788 We're in for another 6-8 year cycle of rewarding the ibank sector for securitizing trash and blowing up (yet again).
Could the "I" in your last sentence be understood by others to mean someone other than Piezoe? What makes you believe in Bernanke? What if certain Bernanke's decisions caused problems? Prior to the internet, when wrong, a banker could just answer who would have known? We have now the internet storing his judgements and the judgements of others. So one could tell who was right and who was wrong. Sadly, people do not appear to always go back and read who said what. If you were in a recession, would you raise interest rates? If you were to do that, what are the consequences? If a banker thinks he is in an inflation condition and expanding economy, when the economy is in a recession and others see it like the sun in the middle of the day, what should one conclude about the banker?