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Welcome Back to Earth.(central banks)(Brief Article)
The European Central Bank (ECB) and the Bank of England cut interest rates last week, after persistently calling such a move unnecessary. When Alan Greenspan began similar cuts in January, he too had to execute an embarrassing flip-flop. It turns out that these central bankers--often revered as having almost mystical knowledge and powers-- were just riding the bull market up like (some of) the rest of us. When it fell, the new era's official geniuses, like Jeff Bezos, Tim Koogle and even Greenspan and Britain's top banker, Eddie George, looked positively human. The ECB's Wim Duisenberg tops them all: he's been derided when stocks were high and is again now that they are faltering. Maybe he needs to go back to central-banker boot camp.
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