Progressive Nation

March 5th, 2006

What’s Going On At The Fed?

This story has made barely a drop in the headlines, and the story is that President Bush, using his well-practiced talent at picking well-qualified candidates for important positions, will have appointed all seven Governors of the Federal Reserve Bank, the Supreme Court of the economy. One of the nominees, Kevin Warsh, is particularly troubling. At the ripe old age of 35, Warsh was an economic adviser to President Bush, previously graduating from Harvard Law and then working at Morgan Stanley. No economics degree nor PhD. The lack of experience is remniscient of Harriet Miers. Yet Congress has given as much thought about this Fed Governor as much as they thought and pondered about New Orleans’ levees a month before Katrina, which is not much at all. It’s troubling.

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