Saturday, September 8, 2007

Ableson's "Up and Down Wall Street"

Barron's this weekend had these comments:
"Ecobabble was in full bloom last week as the Federal Reserve's open mouth committee earnestly spread the message, in big city and rural hamlet alike: There's no credit crisis. So why, we wondered, is gold bolting above $700 an ounce? And why, as Joan McCullough of East Shore Partners put it in her Friday dispatch, did "the central banks of the world pump their brains out yesterday," including the beloved Fed, to the tune of $31.25 billion? It's a question as old as philosophy: Is there a crisis if no one sees it?"

That's what I meant by the dots. If you look for it, you don't see it. Thus they must be quantum dots. And if I haven't measured it (rearward data that the Fed uses), then it doesn't exist. For the Fed quants, the cat's out of the bag, but they still think it's Schrodinger's!


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