Sep
16

Fed Head Fiasco

The biggest loser in the current Fed Chairman Sweepstakes is the Fed. Simply considering Summers for the head Fed job politicizes a job that should be non-partisan. Arthur Burns, appointed by Nixon in 1970, was the last Chairman that was closely identified with one political party and he was a disaster. All evidence overwhelmingly shows that the more independent a central bank is from political intrusion the better it performs.

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