Welcome to the Eric Erickson Show podcast, Our 2.

Hello, America.

It is Eric Erickson here, insulting everybody.

Man, y'all should see the hate mail.

I knew it was going to happen, but it needed to be said.

Welcome.

The phone number is 87797933-725.

Should you wish to be on the program, more than welcome to have you.

We got to talk about the economy.

I have mentioned before it is worth saying again.

I was speaking with a former member of the Federal Reserve.

He was the vice chair of the Federal Reserve.

He sat on the Open markets committee or the committee

that sets interest rates, deeply familiar with it. And I asked him, what is the greatest

misconception on Wall Street about the Federal Reserve?

You and I have lots of misconceptions about the Fed.

You and I have a lot of concerns about the Federal Reserve.

But on Wall Street, which tends to be pretty pro-fiat currency, pro-Federal Reserve,

what is the biggest thing that if he could disabuse them of a notion they have, what would it be?

He said the markets and the financiers of Wall Street have convinced themselves the Federal Reserve

cares about the markets. In fact, that is not true. The Federal Reserve cares about the markets. In fact, that is not true. The Federal Reserve does not

pay attention to the markets, nor when it makes a decision does it say, well, this will affect

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