FED, Greenspan, One Day discussed on The Smart Investor with Wayne Stutzer

Automatic TRANSCRIPT

Fatal conceit the idea that a group person or group of people can actually be smarter than a market that if we have enough experts working on something we can solve these problems and the reality is you can't no person or group of people can ever be smarter than everybody else i'll put together and terms of the saddest thing what people's wants needs and desires are and the more we go down this road the worst were just making it for ourselves but that's kind of the basis of the federal reserve that you can have this group of i don't care how smart they are a people that they can somehow manage this economy of three hundred twenty million people that's insanity when you actually sit and think about it and which will also realize if you look at history if it doesn't work okay you have as many recessions now as you head before he had the fed many of them are much worse than they were before the fed but not to get off on it just kind of a bashed the fed theme but you know they have to even when they talked about greenspan was this wizard you'll maestro greenspan he was in the right place at the right time for a period of time and what he did is he built up this huge bubble and it didn't burst until he was gone and so he looks like a genius okay and that's what all these guys do and guys and gals as long as it doesn't go south on their watch it somebody else's rob okay and and the problem this is one day it's got to go south and someone's gonna take the hit for it but the people that are in power now want to make it look like things are really good so that your vote for them you'll support them you believe in them you believe in the economy and by definition that's going to make things better and then i get that the psychology is really really important when the psychology is built on a fundamental lie then you're going to pay the consequence for that down the road road and the fundamental light years is that things are getting better what is the evidence they give us.

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