191: I Read The Fed Minutes

I've read about the minutes of the FOMC meeting for forty years.  A couple of days ago, I read for myself the actual minutes from the most recent meeting.  My considered opinion?  What a bunch of crap!  First of all, there were 75 people in the meeting at one time or another.  Most of the 75 were there for the duration.  Almost all the decision makers are egg-heads, who have never managed anything, but feel perfectly capable of managing the globe's biggest economy.  They have committee, after group, after consultant, after economist, after lawyer, after bureaucrat, after, blah, blah, blah.  The set up new committees to investigate the possibility that something could eventually happen in the future, or maybe not.  Throughout the meeting, they all remind themselves that they are really smart.  By the end of the meeting, they decide they are so smart that they cannot make a decision, and so adjourn until the next round of the mutual admiration society.