Barry Ritholtz, the founding voice of the popular financial blog The Big Picture, is tired of watching his inbox fill up with self-righteous emails from his more bearish readers.
“A composite of their emails would read something like this: ‘How can you sit there so blithely while the Fed debases the world’s reserve currency? Why haven’t you commented on POMO?!? The entire game is rigged, and you’re just another @%$# salesman for Wall Street!'”
Ritholtz takes a minute to remind his readers that while he may agree with some of their sentiments about the direction the Fed is taking, his job is still to make money for the many folks he manages money for. That means even if he thinks the Fed is starting a dangerous fire, “My job requires me to grab some marshmallows and sticks.”
No matter how things shake out, with a minor correction or another major crash, Ritholtz knows these doubters will celebrate it as a validation of their principled skepticism. They also will have nothing to show for it. “So for all of you (Kremlin) Fed watchers, politicos, policy experts and amateur economic wonks, I put Ned Davis’ question to you now: Would you rather be right, or make money?”