Recurring Nightmares
There was news Tuesday. Specifically, old news masquerading as new news. Or recurring themes. Or dreams. Or nightmares.
Jim Bullard was topical again. He was the first among Fed officials to publicly agitate for a 50bps rate hike (at one juncture, he went so far as to suggest the Fed resort to an inter-meeting move), so now that 50bps is priced in for May's meeting (with another 50bps likely at the meeting after that), it was only natural that Jim up the ante. "These go to 11," after all.
"Mor
“Captain Blowhard, the men on the bow say we are on course to hit a reef. We need to change course.”
“Nonsense!, bosun. Look.at these charts. The reefs are miles away.”
“But sir, we can see the white caps. We need…”
“Enough of that claptrap, bosun. We followed this course with no problem back in 1994. I trust my charts, not the men on deck. Return to the helm and stay on the course I ordered.”
And so the mighty frigate America was run aground.
Well said Sir. About the only thing the FED has done consistently well in the past 20 yrs is increase the wealth gap.
More complete version:
“Captain Blowhard, the men on the bow say we are on course to hit a reef. We need to change course.”
“Nonsense, bosun! Look.at these charts. The reefs are miles away.”
“But sir, we can see the white caps. We need…”
“Enough of that claptrap, bosun. We followed this course with no problem back in 1994. I trust my charts, not the men on deck. Return and tell the helmsman to stay on the course I ordered.”
After the bosun left, the junior ensign timidly suggested “But sir, the great typhoons of ’08 and ’20 altered the whole river delta so perhaps your charts may be out of date.” The young captain snorted and replied “Nonsense, these are dynamic charts. I have spent my whole career perfecting them.”
And so the mighty frigate America was run aground.
Most of the crew and all of the passengers perished. However Captain Blowhard escaped on a lifeboat. The bosun and junior ensign, however, were forced to relinquish their places to make space for the captain’s chart box, sextant and chronometer.