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"There are many superb PhD theorists among the 19 members of the FOMC," says the Dallas Fed's...

"There are many superb PhD theorists among the 19 members of the FOMC," says the Dallas Fed's Richard Fisher, an opponent of last week's QE∞ policy. "There are only a handful of us (4) who have worked as bankers or in the financial markets." As Jim Grant is fond of saying, the U.S. has swapped central banking for central planning, and the gold standard for the PhD standard.
Comments (5)
  • Charles A. Smith
    , contributor
    Comments (1079) | Send Message
     
    And soon enough Obama's FRB will look just like his cabinet, with zero "real life" experience. Boston Fed Pres. Eric Rosengren spoke this morning, is typically dovish, and will become an FOMC voting member in 2013.
    20 Sep 2012, 09:34 AM Reply Like
  • Remyngton
    , contributor
    Comments (354) | Send Message
     
    What's the matter with community activists ?!?!?!?
    20 Sep 2012, 10:39 AM Reply Like
  • kmi
    , contributor
    Comments (3979) | Send Message
     
    Hilarious.

     

    Either we get the 'revolving door between government and business' which handles business regulation with white gloves, in order to secure future employment from said business, or we get...

     

    complaints about lack of business expertise, when business gets treated with rubber gloves.

     

    Let's get folks from Wells, Goldman, JPM, BAC in charge of FOMC policy, I can't wait to see what the comments on SA will be.
    20 Sep 2012, 11:08 AM Reply Like
  • Charles A. Smith
    , contributor
    Comments (1079) | Send Message
     
    A good start would be a group of people who've met a payroll for 30 years or so, with zero allegiance to either bankers or bureaucrats. IOW, a group with no need for the funny money nor the power trips that make Washington such a cesspool.
    20 Sep 2012, 02:11 PM Reply Like
  • jhooper
    , contributor
    Comments (5328) | Send Message
     
    Or, how about the qualifications of an FOMC member is someone who has used central bank policy in the past to double GDP and living standards and never created a bubble.
    20 Sep 2012, 02:16 PM Reply Like
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