Fed Chairman Alan Greenspan is winding up his tenure at the
Fed. He is using the Fed conference at Jackson Hole, WY to
discuss the history of the Fed, his tenure, and unresolved
issues that will carry forward. It will provoke quite a bit
of discussion among the pundits and will have the hard dollar
analysts in a tizzy of sardonic snickering.
Folks will work hard to unlock its many meanings and their
implications for policy, the economy and the capital markets.
As a semi retired senior investment executive with 40 years
of experience with the Fed, mostly at arm's length distance,
but occasionally up front and personal, I can tell you
clearly the meaning of what he said today in Part 1 of his
valedictory.
The speech was quintessential Fedspeak, but it can be
quickly boiled down to: "Whatever bad may happen to the
economy and or the markets after I leave ain't my fault."
There you have it, plain and unvarnished. Thanks Al.
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