Chart of the Week: 10 year Treasury 1974-2006
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10 year Treasury 1974-2006, Constant Maturity
Source: RCP, Economagic
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When Volcker was appointed Fed Chair, inflation was in the
double digits and growth was stagnant. He forced unpleasant medicine down the
gullet of the American economy, limiting the growth of the money supply and
abandoning interest rate targeting. Inflation, which had peaked at 13.5% in
1981, was down to 3.2 percent by 1983.
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Quote of the Day:
“A wise observer of the economic scene once commented that
‘what can be left to later, usually is – and then, alas, it's too late.’”
-Paul Volcker, Federal Reserve Chairman, 1979-87
Monday, January 30, 2006 | 02:10 PM | Permalink
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Volcker is the last of the true He-men Woman Hater's Club. Ain't no sissified Fed quasi-politicians capable of such actions today. That's why we'll likely do a Mama Cass and choke on our gluttony.
Anyone follow the derivatives markets? Today was an odd day. Extremely odd day. Makes me wonder if we are getting ready to give Bernanke a welcome-to-the-party present. Last time I saw this type of behavior was late December back in 63. Oh what a night. Actually late September of 2005 days before our mini sell off.
Ok, three references to music in there. One is obvious. Care to crack the codes?
Posted by: B | Jan 30, 2006 4:11:58 PM
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