02/07/12 Laguna Beach, California – New York Times writer, Steven M. Davidoff, recently dubbed the Federal Reserve, “the most successful hedge fund around.”
After reading the article, we concluded that Mr. Davidoff is the most creative financial writer around. As such, Mr. Davidoff may be the perfect apologist for today’s dysfunctional monetary “system.” Certainly, he possesses the cerebral alacrity to dodge whatever cold, hard facts may be standing in the way of a good story.
“I call the Fed a hedge fund,” Davidoff cheerily explains, “because it is operating like one, leveraging its balance sheet to earn huge profits.”
I was in Venice late January 1986, just after the Challenger explosion. The canals were most assuredly NOT frozen and in fact my first wife and I did the usual gondola ride in and around the Plaza San Marcos.

See any ice? Still think the world is heating up, Al?