Shut Up!

December 11, 2007 at 10:36 pm  ·  Category: Federal Reserve

The whining on Wall Street about the Fed decision is hurting my ears:

“There are major divisions in the outlook at the Fed and the simplest thing to do was punt.”

- Joel Naroff, Chief Economist, Naroff Economic Advisors

“It’s annoying, but what are you going to do?”

- George Yared, Yared Investment Research

“Banks are holding on for dear life, homebuilders the same.  But their lifeline just got choked and far fewer will live because of this.”

- Jim Cramer, “The Fed Blew It”

“… these guys are so far behind the curve that they are getting lapped.”

- Dan Fitzpatrick 

“The Fed blew it once again.  They are still behind the curve.”

- Robert Marcin

“The FOMC today launched what has to be the biggest flop since Ishtar…. The FOMC implemented a much too small point cut in the discount rate.”

- Richard Moody, Mission Residential

“… the miserly action on the discount rate.”

- Bear Stearns

“[The FOMC's] refusal to focus exclusively on downside risks to growth leave an impression of a Fed that lacks a bit of confidence in its own outlook.”

- Joseph Brusuelas, IDEAglobal

“There were a number of curveballs thrown by the Fed.”

- Bank of Nova Scotia

Please: just Shut Up!

Here’s one more along the lines of my earlier commentary:

This seems to have disappointed some on Wall Street who were looking for a little more in their Christmas stockings this year from Santa Bernanke….. This was a balanced, cautious, and proper risk management decision that was designed to help mitigate the downside risks to growth, but cognizant of the fact that panicked or aggressive cuts could end up doing more damage than good, raising inflation expectations and bruising the US dollar.”

- Scott Anderson, Wells Fargo

And my personal favorite:

“Hey Wall Street: We’re not your bitch anymore.”

- Barry Ritholtz

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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