Comments on: Fed Staff Economists More Downbeat Than FOMC http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than.html Sun, 22 Nov 2009 07:56:24 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Matt Dubuque http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than.html#comment-13663 Matt Dubuque Thu, 28 Aug 2008 14:28:00 +0000 http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than-fomc/#comment-13663 These are good points Michael. And junior economists at the various branches compete for promotions by publishing helpful papers in the local Economic Reviews that are a must read for serious Fed watchers.<br/><br/>Believe me, senior management READS these articles and is fortunate to have some brilliant new, young talent with innovative ideas.<br/><br/>And certain Fed branches are on the "fast track" for promotion. And the St. Louis branch is clearly, in my book, no longer in that fast track and they still don't understand why. <br/><br/>Perhaps now that Poole has finally left they will get a clue.<br/><br/>But that seems unlikely.<br/><br/>Matt Dubuque These are good points Michael. And junior economists at the various branches compete for promotions by publishing helpful papers in the local Economic Reviews that are a must read for serious Fed watchers.

Believe me, senior management READS these articles and is fortunate to have some brilliant new, young talent with innovative ideas.

And certain Fed branches are on the “fast track” for promotion. And the St. Louis branch is clearly, in my book, no longer in that fast track and they still don’t understand why.

Perhaps now that Poole has finally left they will get a clue.

But that seems unlikely.

Matt Dubuque

]]> By: Michael http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than.html#comment-13644 Michael Thu, 28 Aug 2008 04:46:00 +0000 http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than-fomc/#comment-13644 Any organization is built up from the bottom. Not only do these "middle managers" do the work that is "interpreted" by the "managers" they also have the ability to shape policy.<br/><br/>Read about the law clerks of the US Supreme Court. Those 25 year olds shape the entire nation by choosing which case is heard. Why would the Fed be any different. The best and the brightest fight to add the Fed to their resumes. Why wouldn't they have a firm grasp on the reality of the economy? Any organization is built up from the bottom. Not only do these “middle managers” do the work that is “interpreted” by the “managers” they also have the ability to shape policy.

Read about the law clerks of the US Supreme Court. Those 25 year olds shape the entire nation by choosing which case is heard. Why would the Fed be any different. The best and the brightest fight to add the Fed to their resumes. Why wouldn’t they have a firm grasp on the reality of the economy?

]]> By: mdubuque http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than.html#comment-13596 mdubuque Wed, 27 Aug 2008 19:25:00 +0000 http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than-fomc/#comment-13596 As usual, awesome Fed reporting from Krishna Guha of the Financial shows once again that he is easily <br/>the best Federal Reserve beat reporter in the world, for a variety of reasons.<br/><br/>Not only does Krishna take the time and care to cultivate relationships at the highest level of the Fed in New York, he has ALSO put forth the <br/>extra effort to be in close touch with the various senior economists <br/>at the Federal Reserve BRANCHES, rather than just parroting what<br/>the St. Louis and New York (and occasionally Dallas) branches have to say.<br/> <br/>This gives him the insight to report that, as anyone who has<br/> worked at senior levels in the Fed knows, the Fed is a highly <br/>diverse group of people continually engaged in lively debate.<br/><br/>For those who snicker at such views and proclaim from the rooftops<br/> how much they know about what the Fed is ACTUALLY discussing<br/> and planning, I simply ask, in a humble fashion, that they <br/>suspend their ridicule and carefully continue to read <br/>Mr. Guha's meticulous reporting on the Fed, <br/>regularly appearing in the Financial Times.<br/><br/>He's a reporter's reporter, from<br/> the old school, and we can all <br/>benefit from his diligence and care.<br/><br/>Matt Dubuque As usual, awesome Fed reporting from Krishna Guha of the Financial shows once again that he is easily
the best Federal Reserve beat reporter in the world, for a variety of reasons.

Not only does Krishna take the time and care to cultivate relationships at the highest level of the Fed in New York, he has ALSO put forth the
extra effort to be in close touch with the various senior economists
at the Federal Reserve BRANCHES, rather than just parroting what
the St. Louis and New York (and occasionally Dallas) branches have to say.

This gives him the insight to report that, as anyone who has
worked at senior levels in the Fed knows, the Fed is a highly
diverse group of people continually engaged in lively debate.

For those who snicker at such views and proclaim from the rooftops
how much they know about what the Fed is ACTUALLY discussing
and planning, I simply ask, in a humble fashion, that they
suspend their ridicule and carefully continue to read
Mr. Guha’s meticulous reporting on the Fed,
regularly appearing in the Financial Times.

He’s a reporter’s reporter, from
the old school, and we can all
benefit from his diligence and care.

Matt Dubuque

]]> By: Lord http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than.html#comment-13590 Lord Wed, 27 Aug 2008 17:13:00 +0000 http://www.nakedcapitalism.com/2008/08/fed-staff-economists-more-downbeat-than-fomc/#comment-13590 Someone did a study and found the staff were more accurate than the board and recommended the board listen to them. Someone did a study and found the staff were more accurate than the board and recommended the board listen to them.

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