The individuals in charge of the monetary policy that ended the threat of inflation went to great lengths to explain why this effort was unnecessary. (As regular readers could guess, I was persistent about pushing my ideas back then too.)
I knew my efforts were going to have no impact when it was explained to me that 'financial innovation was a tail that was not going to wag the monetary dog'.
Yesterday, courtesy of Chairman Bernanke's speech, I declared victory as he
called for close tracking of financial innovation.So the question becomes, 'how long will it take before the Fed adopts my blueprint for saving the financial system and ultra transparency?'