I know its not fair to pick on an old guy who should have been put out to pasture long ago. But the chief economist for Dow Jones/MarketWatch, Irving Kellner, posted something this morning so truly stupid that he deserves a smackdown – – especially after 40 years on Wall Street as top economist at Chase, Chemical and Manufacturers Hanover etc.
Making the case for yet another Fed rate delay, Kellner offered up this gem right out of the gate:
Every day brings another reason why the Federal Reserve should hold off before raising interest rates……… First and foremost there was the recent plunge in stock prices.
Huh? Apparently dips are now ‘plunges’ and no longer permitted.
This post was published at David Stockmans Contra Corner on September 16, 2015.
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