Friday, June 20, 2008

Wages must not rise!

In an interview on Bloomberg Television on June 17, former St. Louis Fed president William Poole warned "that the Fed must prevent higher inflation expectations from feeding through to a surge in wages." Do I understand him correctly? The helicopter that flew over Wall Street shouldn't be allowed to fly over Main Street? Let the little guys pay for the orgy the Fed sponsored for the big guys?

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