Wealthtrack: Tom Gallagher – it’s al about deleveraging
Government policies have rarely been this important or influential in the economy and markets. This week on features a rare interview on Wealthtrack, with Consuelo Mack being joined by the Street’s long time number-one ranked Washington analyst, Tom Gallagher. They discuss what to expect from the White House, Congress and the Federal Reserve and what it means for your investments.
Even before the financial system imploded in 2008, Gallagher had been predicting we were entering an era of big government. How right he was! But interestingly, he now believes that monetary policy is less effective than it has been in the past and that fiscal policy has more influence, for better or for worse. As he wrote in a recent presentation: “In the U.S., the more effective policymakers (the Fed) are in charge of the less effective policy, while the less effective policy makers (Congress, the President) are in charge of the more effective policy (fiscal policy).”
Source: Wealthtrack, November 18, 2011.
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