I built this page because I loved what he was saying a decade ago. The question is does he change when in the hot seat… or will he work to get the Fed out of the market propping business and back to supporting the real economy.
If he is the same, the stock market will be significantly lower in 3 years.
“We believe that QE has redirected capital from the real domestic economy to financial assets at home and abroad. In this environment, it is hard to criticize companies that choose ‘shareholder friendly’ share buybacks over investment in a new factory. But public policy shouldn’t bias investments to paper assets over investments in the real economy.”
Categories: Perspectives