Note to Fed Governors: Put Sock In It

Sorry to go off-topic here, but it's time to razz our central money folks.  The way the Fed is communicating these days is amateurish. 

Until a month ago, most of the commentary from the Fed was Mr. Bernanke illustrating that, perhaps, his Helicopter Ben nickname was apt, and he was going to be soft on inflation.  Then it was Ben whispering sweet nothings to Maria Bartiromo. Then, in a carefully choreographed move, it was Ben and every other Fed governor suddenly shouting from the rooftops that they were going to control inflation, and to hell with the economy.  And now, with fund managers and editorialists mewling that the inhuman Fed cares more about paper and CPIs than people and jobs, the Fed governors and Ben are, haphazardly, trying to reassure us that they care about the economy, too.

To be clear, the issue is not the Fed's decision-making or Bernanke's new straight-talk express language.  It is 1) the frequency of the communications (do we really need daily updates?), 2) the multiple sources (do we really need a dozen mouthpieces?), and 3) the previous two factors combined with the media game of telephone.

A suggestion for Dr. B: Hire a good communications executive, get the Fed's communications strategy under control, and get your self-interested colleagues to stop doing Q&As.  A couple of public comments a month from you is plenty.  Why give the press and investors an opportunity to hear what they want to hear in a different Fed governor speech and Q&A a day?  The resulting cacaphony only makes the Fed look discombobulated and out of control.

Comments

[victor]

first

[KING TROLL]

FUCKER I was getting the cast off my hand

[chircu.com]

I agree that in regulatory financial matters a single voice can help more than a chorus. However, could it be that Ben Bernake and Hank Paulson wanted to start anew by resetting the baseline? After so many years, Greenspan's is a tough act to follow, and maybe these folks are thinking they have no responsibility to try to build it up from Greenspan and Snow left it...

[Henry Blodget]

With the exception of the Bartiromo gaffe, which Bernanke took responsibility for, I think he himself is doing an excellent job of speaking English and, thus, making it easier for people to know what he's thinking. My issue is with the other mouthpieces. Regardless of its monetary policy, the Fed should speak with one voice: Bernanke's.

[William Penn]

Bernacke has publicly stated that he is only a part of the decision making process at the fed. (i.e. the consensus opinion of the other governors is more important than his individual views). So, in some sense it is important for the governors to get their opinion out. In some ways Bernacke is the anti-Greenspan.

As for whether Greespan was a great fed governor that is debatable. Greenspan was generally weak with regard to economic problems he saw coming. This led to dislocation later and could be part of the problem today (risk taking may have been overly rewarded in the greenspan year - easy money and bailouts). So possibly Greenspan is to blame and not Bernacke. Just some opinions maybe others with an econ background could offer more.

[Victor]

But Henry, hasn't he said that he wants to "build consensus". He was referring to convincing his peers that having an explicit inflation target was a good thing. But perhaps he also meant that he'll let his peers have more of a say. I completely agree tho. The many mouth piece hydra that the fed is currently behaving like is not pretty.

ps Bartiromo is quite a dish!

[Henry Blodget]

To be clear, my frustration is with the Fed's communications, not the Fed's decision-making process. Of course the Fed governors should weigh in--behind closed doors. They should not, however, shoot their mouths off in public, when every word they say will be dissected for potential meaning. If a public company communicated this way, with every senior manager offering his or her interpretation of upcoming decisions and responsibilities, the company would get sued.

[Graham Giller]

I think Dr. Bernanke has been mistreated in regard to the comments to Ms. Bartiromo. I understand the comments were made at the White House Correspondents dinner, which is generally known as an "off the record" affair, so Ms. Bartiromo should take some of the blame.

[Still Inside]

Bernacke is not some young Football star that became rich and famous overnight, he worked a lifetime to get where he is, and he knows what being Fed Chairman means. He knows, for instance, there's no such thing as "off the record" when fractions of a trillion in market cap are stake.

And that is the scary part.

It's possible he was trying to play some games with sneaky messsaging and failed. Nobody knows, but now we're in a downward spiral because of that very thing: nobody knows.

SI

[victor]

Why the hell is Google buying the building they're already leasing? Isn't that just pissing money down the drain?

http://today.reuters.com/news/newsArticle.aspx?type=internetNews&storyID=2006-06-15T035359Z_01_N14283312_RTRUKOC_0_US-GOOGLE-PROPERTY.xml

[an_observer]

Bernanke's idea of transparency is treating the market like a student at his college lecture. Market is anything but. The worst part, his TAs (Q&A) can't seem to know when to shut up. Pain in the ...

I miss Greenspan, Rule#1 don't talk to the press, Rule#2 don't talk to the press, Rule#3 If you must, don't talk about anything that moves the market.

[bg]

Here's a fast ball thrown at skype!

http://gigaom.com/2006/07/13/skype-cracked/

[Ometecutli]

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