by Jeffrey P. Snider
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I never said it wasn’t powerful. What I continue to show is that it doesn’t work. Ben Bernanke kept his job because despite the carnage, in times of turmoil people are willing to give anyone a second chance. And if the turmoil never ends, so much the luckier – for him.
Anyone who promises it’s all under control.
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A combined 58% of respondents said they had a “great deal” or “fair amount” of confidence that Fed Chairman Jerome Powell would do or recommend the right thing for the economy, according to an April 1-14 survey by Gallup…The Fed has responded to the crisis with gusto, unveiling nine emergency programs aimed at stabilizing financial markets and providing relief directly to some companies, as well as state and local governments. Powell pledged in an April 9 speech to use the Fed’s powers “forcefully, proactively, and aggressively until we are confident that we are solidly on the road to recovery.”That’s the highest level in 15 years, going all the way back to Alan Greenspan. Better than at any time during Bernanke’s tumultuous fiasco. Americans are willing to give the guy a shot while “it” is happening. Now’s not the time, in the collective imagination, to switch things up. To let it all play out and give him the chance. Yet, this is exactly the time for it. We can’t wait afford to wait until the next leg. The Fed’s esteem is high right now simply because we’re out of the March doldrums. Never mind that the guy is simply replaying Bernanke. People aren’t expecting results just yet. Take the survey again in a few months and see what the results tell you. It’s all myth. Powerful, but ultimately worthless. Our latest podcast, Episode 5, is meant for exactly this situation.
Jeffrey P. Snider is the head of Global Investment Research of Alhambra Investment Partners (AIP). Jeffrey was 12 years at Atlantic Capital Management where he anticipated the financial crisis with critical research. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP
Tags: currencies,economy,Federal Reserve/Monetary Policy,Markets,newsletter
