Photo by babblingdweeb via Flickr.

After my bold and decisive economic action yesterday, Wall Street is at ease again knowing Ben Bernanke is looking after them like the precious economic actors they are. I put the hand chains on the cruel invisible hand of the market that spanked them once yesterday, but not again today. Stocks have bounced back.

Willem Buiter at the Financial Times is surely regretting his words from yesterday accusing me of “buttock-clenching monetary policymaking”.

Goldman Sachs “economist” Jan Hatzius is doing some careful double-speak in the AFP:

Some market observers say Bernanke’s push to slash rates also could give the impression that the Fed chairman is acting as an emergency doctor to save an ailing stock market and wealthy investors, giving a so-called “put option” or ability to sell, to speculators.

Jan Hatzius, a Goldman Sachs economist, said that while disagreeing with such a notion, the Fed’s cut “may reinforce the perception of a ‘Fed put,’ the idea that the Fed will always cut interest rates to save the stock market.”

Let me attempt to analyze this: Jan disagrees that the “push to slash rates also could give the impression that the Fed chairman is acting as an emergency doctor,” yet he does believe that my actions “may reinforce the perception of a ‘Fed put,’ the idea that the Fed will always cut interest rates to save the stock market.” Sounds like Jan’s running for President.

The best economic analysis of the day may be from insane celebrity chef Gordon Ramsay. His analogy to playing Monopoly is brilliant. When you run out of Monopoly money, you just open another box and get more money. Doing so does not alter the value of your property or of your current money, nor does it cause Arabs to join your family’s game. An apt analogy, perhaps even better than using a helicopter to drop money.