Last week I wrote about how you can tell who is correct in an argument simply by the response to an allegation. Specifically I wrote:
“Any time one side of the debate says: “This proposal has X effect”, and the response by supporters of the proposal is to say “What we are trying to do is to Y” you always know invariably that the person alleging X is correct”
You also get a strong sense that someone is in the wrong when they are indignant about their motives being called into question.
I was reminded of this from an article in today’s NY Post. It is about Carmen Segarra, who recorded over 46 hours of conversations with her fellow regulators which showed how the NY Fed has too cozy of a relationship with the banks it was supposed to regulate.
This quote in the article from NY Fed Chief William Dudley (a former Goldman man, of course) is pure gold:
“I don’t think anyone should question our motives or what we’re trying to accomplish,”
That’s really all you need to know that the accusations are spot-on.