sovereignman.com / by Simon Black on October 30, 2014
Do you remember all the great economic forecasts that ever came out of the Fed? I don’t either.
My favorite one was when 9 months before the Great Recession kicked off, the Fed Chairman, Ben Bernanke, remarked: “The Federal Reserve is currently not forecasting a recession.”
We all know of course what happened next. These people have a horrible track record. This is not a dig at anyone personally, it’s just simply a fact of how the system works.
So yesterday the Fed, under Chairwoman Janet Yellen, announced that they’re bullish on the economy. That the economy is doing well, so they’re going to stop their asset purchase program a.k.a. Quantitative Easing.