Fed Board learns from Iraq Government

Markets

I warned yesterday about the thin volume and the fact that a cowboy could start a stampede. I didn't know the cowboy would turn out to be the Fed Board of Governors, who are all on vacation when times are tough, just like the Iraqi politicians. What is more and more clear is that Bernanke is just another Ph.D without a clue when it comes to the real world. He is a bad appointment, and just like with the rest of the Bush appointees, we're stuck with this clod. Oh and guess what? The bad credit card debt is coming home to roost too, but don't wake the assholes. From a long post at the Big Picture

U.S. consumers are defaulting on credit card payments at a significantly higher rate than last year, raising the prospect of problems in the stricken US subprime mortgage market spreading to other types of consumer debt.

The fly fishing at Jackson Hole is terrific and Bernanke and the boys are having a great time at rates starting at $500 per day.