Eliot Spitzer Against The New York Fed!
Eliot Spitzer is back on Slate, with a very exciting diatribe about how General Electric made significant gains from the New York Fed's liquidity incentives to the commercial paper market last year, even though the chairman of GE is the only real "people's representative" on the board of the Fed! If only anyone in America knew what any of these words meant, there would be trouble!
Eliot Spitzer knows as much as I do about the commercial paper market. When he became AG someone came to him and pointed out that NYS has a law that makes it easy to prosecute corporate wrong-doing because it doesn't require proof of intent, and being a headline-junkie he took it as far as possible. I'm amazed that people are starting to look to him as some sort of populist economic expert. Jesus, would you take economic advice from a guy who pays for sex!
I think Spitzer is to commercial paper what Miss California is to gay marriage: half as informed as opinionated, a populist icon amongst certain types that WANT to believe in what they're selling, and both dirtied by a sex scandal that, while COMPLETELY unrelated to the viability of their views on paper/gays, somehow makes their opinions worth even less.
I can respect someone who calls in a specialist.
Whose head is he crushing?