Almost all commentary has been about how utterly clueless and wrong the bankers who are Fed officials were about the economy. I just wanted to point out that America's vaunted, highly paid, value-creating, job-creating, making-not-taking, corporate executives are just as dumb, clueless, inept, and useless as the bankers. From the New York Times interactive page:
(January 9, 2008, 5 pm conference call)Tell me again why these guys get paid 200 or 300 times what their janitors and maids and other employees get paid?
Mr. Fisher [Dallas Federal Reserve Bank]: "While there are tales of woe, none of the 30 C.E.O.s to whom I talked to, outside of housing, see the economy trending into negative territory.... None of them... see us going into recession."
I really believe getting overpaid as much as they do makes it impossible for them to see economic reality.