Posts tagged Fed
From ZeroHedge to MarketTicker to Mish, the blogsphere's prime-movers are leading the push to oust Ben "I know all about central banking because I wrote a thesis about it" Bernanke – the lead enabler of Goldman's bukkake-act on the US taxpaying classes. Perhaps I change my nickname for him from "Dr Helichopper' to "Professor Bukkake".
Funny thing about a PhD… those who have been involved in their pusuit, succeed or fail primarily based on the extent to which they 'buy' the academic bullshit – filling out forms, interacting with the 'grey matter' of Universities (those in grey suits), and so forth.
I'm not sure if it was Lachie Macquarie or Mark Harris that first introduced me to the idea that PhD stood for 'Piled higher and Deeper' – Mark finished his (and is a top bloke, for a short Pom), but Lachie went to work at PIMCO. Mark started before the layer opf professional bullshit-artists took over universities though, so he should be forgiven.
Ditch never finished… Siouclis did. Siouclis is now an ATO bureaucrat.
GT didn't… Marshall did (sorry Peter… no hard feels, K?). Marshall is now a bureaucrat (at the ACCC, I think)
Chris Ulf didn't (as far as I'm aware).
In other wirds ,the top students from my year (Me, Ditch, Ulf, Amanda Sinn) did not stick out the PhD (Sinn finished law, so the comparison shouldn't include her).
Likewise, the other 'banner year' for good students at my alma mater (with Comley, Picton, and Craig Semple taking 1,2,3) resulted in none of the top three getting a PhD (again, Semple – my tutor for International Eco – was much more interested in law and is now a partner at… if memory serves… Malice&Sons).
Anyway – not wanting to make excuses for us PhD starters-but-not-finishers… but to be frank if I wanted some analysis done I would prefer it was authored "Longmire/Ulf/Transom/Comley/Semple" (sorry Mark… Picton doesn't make the cut) in preference to "Siouclis/Marshall/Otim (sorry Sam)/Fausten/Greenspan/Bukkake".
Of course this post carries a caveat – if I ever decide to spend a year writing up a dissertation, I will get my PhD with no probs whatsoever… at which time I will switch sides, and pour scorn on anyone who doesn't have one.
But I digress…
Betting markets on Bernanke's reconfirmation have slid hard lately… odds have falled from 95% yes to just 75%, and looked weak on Friday. (Falled is a word you would never use in a PhD dissertation).
If I had to place a bracket trade, I would bet that Geithner and Summers go, and Bernanke stays after arm-twisting and cajoling… but Volcker is clearly in the ascendant since the Massachusetts senate election.