“Since I’ve become a central banker, I’ve learned to mumble with great coherence,” Alan Greenspan, a former Fed chairman, told reporters in 1987. “If I seem unduly clear to you, you must have misunderstood what I said.” ...NYT
That was then. This is now... as the destructive, stupid Mr. Greenspan heads into his dark night.
... A greater appreciation for the virtues of transparency has been one of the most important shifts in central banking in recent decades. It is a response to public demands for increased accountability and an embrace of economic research on monetary policy that finds speaking clearly is more effective than mumbling. The Fed’s vice chairwoman, Janet Yellen, last month described the result as a “revolution.”
Until recently, the Fed under Mr. Greenspan and his successor, Ben S. Bernanke, were tentative participants in this revolution. Mr. Bernanke spoke often about the need to speak clearly, but there were few tangible changes.
It now appears that he was simply busy dealing with a financial crisis. Over the last two years, Mr. Bernanke and his colleagues have announced a series of changes intended to increase the transparency of the Fed’s decision-making. Some of those moves have also transformed the way those decisions are made and, the Fed hopes, increased the power of its efforts to revive the economy.
Several of those changes were tied together by Wednesday’s announcement that the Fed would hold short-term interest rates near zero as long as the unemployment rate remained above 6.5 percent and inflation remained under control. ...NYT
Given the Fed's recent history, the changes are seen as a big, big deal.
And if you believe that ...?