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« Analyzing Fed Critics: Paul Kedrosky | Main | The Bear Stearns Stock Price Mystery »

March 18, 2008



Shrek -

Far from laughing, I agree with your idea and the general thrust of David's analysis. Some diversity would be excellent, including people with business experience. This would help to highlight the evidence from the beige book, an important complement to regular data.

I'm sure you know that I disagree with the pseudo-science observation, but that does not prevent me from endorsing your overall approach:)

Good comment, and thanks.



You may laugh at this, but I think the fed should have five economists and everyone else should go from diverse backgrounds. Davids point about all neo classical economists doesn't take it far enough. Economics is a pseudoscience and open to lots of interpretation and theory. Too many people with the same ideas is a bad bad idea.


Venn-- What a thoughtful comment...and so well stated. Thanks.



I’d hope the next President would appoint someone without ambition. A patriot who puts the financial welfare of his fellow citizens first, before his image of his “place in history.” Someone with the courage and compassion to understand the elegance of the dual mandate: to make the country a better place for all Americans. Someone whose reward is a job well done. A hard worker. A thoughtful policy analyst who analyzes the elements of success in policies, not just the one-offs that come from fortune, good or bad. I’d hope they’d appoint an internationalist. Someone who understands that America is first among equals in this new world order, an order that America has been instrumental in creating. We need an economic historian who can look at the past to smartly prepare for the future. A team player that maximizes their role as leader of the Federal Reserve, fights for its independence, while promoting, encouraging and recognizing the other chosen members of Board and future contributors. A statistician who understand the limits of modeling and the insights modeling can provide. Someone who can tell the grandstanding congressmen like Ron Paul to fix the fiscal house, build a surplus, which is the surest way to keep the commitment of future entitlements. Finally someone who realizes that the system works because of the entrepreneurs, whether scientific, political, social or in business. While the risk takers may fail, they will over time, be the ones that lead, build, and shape tomorrow.


At this point, I feel like I've been in one of the OldProf's classes all semester and the unifying theme of the class has become the default obvious answer to every major question.

So, I'm going to go with that theme and suggest that the credential Jeff is looking for is government experience.

David Merkel

What a time for my blog's server to fail. Yes, fail.

You know I'm a fan of yours, Jeff, but I hope you let us know soon the credential that I missed. I'll include it in the next iteration of this piece. Once it is done once, it is easy to update.

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