Fed Board Member's Public Mumblings Need to Be Curtailed
I'm all for free speech, but when a Fed member comes out of intellectual blue heaven and maintains "the bond buying program probably doesn't do much" he sticks pins in public policy. "Free speech" ends where it interferes with company policy, when you're on the company nickel and the boss has set the course. It's the equivalent of jumping across the DMZ and telling the enemy "we use rockets and mortors, but I don't think we'll be very effective in hitting anything, then jumping behind the enemy line to gloat while the enemy masses with new found confidence borne of the disarray that ensues.
We KNOW the Emperor has no clothes, but the end of that fairy tale has it, ended at the moment of realization. They don't tell you the epilog--after the Emperor gets dressed he sheepishly asks for the kid who blew his cover to come before him, and taking his sword makes a gesture to knight him,