Lacy Hunt: The Fed Has Undermined The Economy's Ability To Grow!
WHO Is PhD. LACY HUNT?
Lacy Hunt: economist; Executive Vice President and Chief Economist of Hoisington Investment Management Company (HIMCO), a firm that manages $3.7 billion for pension funds, endowments, insurance companies and others. The author of two books, and numerous articles in leading magazines, periodicals and scholarly journals. Included among the publishers of his articles are. Barron's, The Wall Street Journal, The New York Times, The Christian Science Monitor, the Journal of Finance, the Financial Analysts Journal and the Journal of Portfolio Management. The Board of Governors of the Federal Reserve System and the Dallas Federal Reserve Bank both published his research.
Search for him over the internet and you will find many reports and interviews, thus I will not include a recording in this post.
But I will share a few of his dire comments for the U.S..
An Ominous Sign for the U.S. Economy
Hunt talked about the Federal Reserve’s current monetary tightening cycle: “Whether they [raise rates] is immaterial because already they have engineered a contraction in [credit]… all major categories of bank lending are slowing.”
The Fed has increased its balance sheet by $3.57 trillion since 2008, and the S&P 500 is up 255% since 2009, - “this is the worst expansion in U.S. history.”
“Quantitative easing has created a lot of negatives, one of the most glaring is this liquidity which has fueled record leverage of the business balance sheet.”
“Quantitative easing encouraged a shift from real investment to financial investment. The Fed’s backing your play, engage in financial engineering… buyback shares, raise dividends. The business managers think they can reverse [these actions].’’
“It’s the investment, the real investment which grows the economy. The Fed has created very significant unintended consequences, which have undermined the U.S. [economy’s] ability to grow and lift the standard of living.”
Read more at zerohedge.com
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