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You can dislike a solution but admit that you can't think of a better solution, or specify that it is better than an even worse solution.

I can see why someone would have a issues with "a bunch of rich bankers appointed by politicians" controlling American monetary policy. But I can't really see a better way at least, until we can achieve a post-scarcity economy or something.



> I can see why someone would have a issues with "a bunch of rich bankers appointed by politicians" controlling American monetary policy.

Yellen had a long academic career before going into public service (with various roles at the Fed before becoming Fed chair):

* https://en.wikipedia.org/wiki/Janet_Yellen

Bernanke had a strictly academic career before going into public service (and was/is probably one of the foremost experts on the Great Depression, something that was handy in 2008/9):

* https://en.wikipedia.org/wiki/Ben_Bernanke#Academic_and_gove...

Greenspan was in the finance world pre-Fed. Volcker was in government for his entire career pre-Fed:

* https://en.wikipedia.org/wiki/Paul_Volcker#Career

I think people over-estimate how many "rich bankers" are in the Fed, especially at the FOMC.

Bloomberg's Odd Lots podcast with some Fed members in recent years, especially the more obscure regional ones, about their work, and how they often go out and talk to local businesses about what's happening 'on the ground'.


Fair. I don't really have a preference for government, academic, or banking industry veterans.


I’m not denying that, but that’s not how I read the comment. That comment comes across as a relief that the Fed is under attack, but is more upset that the source of attack is the executive branch.




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