MUST SEE: Bill Fleckenstein versus Barton Biggs On QE2
Zerohedge with the find here:
Today's must watch clip comes from Bloomberg TV, which interviews Bill Fleckenstein and Barton Biggs for their takes on the Fed's launch of the latest iteration of monetary insanity. Bill Fleckenstein, whose opinion on the Fed is no secret and has appeared on Zero Hedge many times previously, obviously sees the Fed's action for what it is: the last act of a desperate, secretive politburo in which a group of petrified economists, who have not been right once in the institution's recent history, pretend to set interest rates, when all they do is create bubbles. We are now seeing the last bubble: that, whose implosion will require extraterrestrial lifeforms to write a blank check to rescue a failed global Keynesian experiment. This is not lost on Fleckenstein. As for Biggs, there is no surprise where the 70+ year old stands on the issue of endless monetary stimulus by the Fed: sacrifice a calf while chanting Ben Shalom 100 times each night. That and taking one's geritol, which dosage after a statement like the following obviously was missed last night: "Bernanke has gotten the stock market up, which is what he wants to do, the stock market is an important symbol of confidence, and Mr. Market is a pretty good forecaster of the economy."
Fleckenstein's response is, of course, spot on, and calls out the complete logic fail in the Traxis man's stream of consciousness: "When Mr. Market was reveling in the equity bubble and real estate bubble, it didn't see any of the problems coming. Easy money gets markets up, but doesn't solve any of the problems." Much more in this long overdue smack down of one of the most overrated asset managers in history.