Writes Tim: “I used to manage a good sized fixed-income portfolio. For two years I served on a token ‘Board of Advisors’ for one of Bear’s client groups. On one of the ‘get your clients drunk and push “new securities” (mortgage derivatives tied to somewhat irrelevant indices) on them’ trips to Bear Stearns HQ in NYC, we were entertained by former CEO ‘Ace’ Greenberg’s card tricks, a trip to a fantastic strip club, and a nice dinner (drinking) cruise around Manhattan. Ahh, the good old days.

“At one [sober] point, I was able to corner former Fed Governor (and BS chief economist) Wayne Angel. I asked him about the inherent deficiencies of Fed manipulation.

“Of course, Mr. Angel would have none of this as stories of Keynesian triumphs came pouring through his lips. But, it made me wonder: how many former Fed schmucks hold similar positions at other Wall St. banks? Judging by the prevailing economic ‘analyses’ of most Wall St. economists, the answer must be somewhere between ‘most’ and ‘all.’”