Thursday, August 16, 2007

Is Poole Magoo??

OK I wanted a headline, but here's what the Fed governor, William Poole said last night:

"I don't see any impact as yet on the real economy or on the inflation rate...Obviously, there could be an impact, but we have to rely on some real evidence.''

This credit crunch is impacting Wall Street and housing, and housing prices, and mortgages and mortgage prices, and credit and credit availability, and banking and loan availability, and crushing bonds and stocks.

And this is worldwide!

Mr. William Poole, a fed governor says he doesn't see any impact as yet on the real economy.

Unlike Poole, I don't have an MBA or PHD or an honorary law degree but it seems to me that when housing and your stock portfolio goes into the tank while credit dries up the real economy is impacted and lives are affected.

It looks like there's only six degrees of separation between these two characters. Mr. Magoo made his first appearance in an UPA short in 1949, entitled Ragtime Bear.

Maybe Mr. Poole needs to re-read the Federal Reserve Act, and quit his.

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