The only FOMC member with a working brain (and a spine) loses his vote this year. So expect more "deals with the devil" in our future. How do those deals work out? You may get what you want, but the devil gets your soul. Good deal, right?
What good will it be for a man if he gains the whole world, yet forfeits his soul? - Matthew 16:26
Nice work Bernanke. You are my early leader for 2011 "Person I'd Most Like to See Smashed in the Face with a Shovel Award".
"Throughout the past year, Thomas Hoenig has dissented on every vote by the Federal Open Market Committee, and FOMC doves are probably happy that he is no longer a voting member. Particularly in light of what he had to say yesterday. In his annual address at the Kansas City Central Exchange, he opined that the gold standard is a very legitimate monetary system, and that large U.S. financial institutions are not just too big to fail, but 'Way too big to fail.' The Kansas City Fed president (his term ends at the end of the year) also said that the Fed’s adoption of QEII was a 'bargain with the devil.'"
Rolling Stones - Sympathy for the Devil
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