Central Bankers Now Plotting Government Subversion?

Central Bankers Now Plotting Government Subversion? by David Haggith for The Great Recession

Two weeks ago a former Federal Reserve board member and bank president, William Dudley, wrote an editorial that encouraged the Fed use its powers to defeat Donald Trump’s second bid for the US presidency. I don’t recall choosing presidents as being listed in the Fed’s two mandates — controlling inflation while maximizing employment.

For an organization that has been speaking a lot lately about the importance of its independence from politics, that was the most overtly political statement I’ve heard from a central banker, albeit a former central banker, but one with a lot of influence.

Readers here know from my last article that I’m critical of Trump, but longer-term readers know I was also critical of Obama and have always been critical of the Fed. Since I built my readership during the Obama era, a lot of my own readers may have been Obama haters who were glad I criticized the things his administration did but who are no longer so glad when I turn that criticism on Trump.

Now, during the Trump years, that same criticism has cost me literally thousands of lost readers, and my last article which lampooned president Trump cost me a few patrons as well, I figured it would, but I’m interested in truth about the economy, what is working and what is not, what will work and what will not work. So, I remain an equal-opportunity critic as my site has always claimed.

Now I’m turning that critical lens back on the Fed because I’m also fair in being supportive of Trump when due, such as when I wrote after Trump’s inauguration an exposé on the truly fake news belittling the size of his inauguration, which actually had a hyuge audience. As someone who seeks to be as objective as possible about each party, I feel compelled to point out how out-of-character it was for a former board member and reserve bank president, to publicly advocate for the Fed to no longer make policy decisions based on data and what is good for the country but on what will most likely unseat the currently seated president.

So, fo once, I even have to agree with Krazy Kudlow when he almost drunkenly criticizes William Dudley, saying, “That is the most politicized statement I have ever heard”:

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David Haggith

Knave Dave — vigilante against the false profits of The Great Recession Too many criminal CEOs still fill their porky bellies with the biggest taxpayer bailouts in the history of the world. These bailouts protect their reputations, saving them from the fall they should have taken. They continue to receive bonuses for having done an unparalleled job of destroying their companies! Many of their companies wouldn’t be making any profit at all if not for the interest they’re making off of nearly free government bailouts. Just this week Hewlett-Packard fired its CEO, but is still paying him a bonus of millions of dollars in exchange for a year of corporate wandering in the wilderness. Netflix’s CEO cost his company hundreds of thousands of subscribers and had to reverse his decision. Bank of America’s CEO launched a debit-card fee plan that was immediately stupid in the eyes of many, but greed an arrogance led him to think he could pass it by his customers, and he lost customers in droves and had to reverse his decision, as did the many major banks that followed him. Since these corporate leaders do things most of us can immediately see as being dumb, why are they rewarded with salaries a thousand times greater than many of us make?