Mish, I found this interesting in Nolan's piece and it is perfectly in line with my expectations that the FED will be even more politically driven than under Greenspan.
prudentbear.com
“President George W. Bush nominated economic aide Kevin Warsh and University of Chicago economist Randall Kroszner to the Federal Reserve Board… Warsh, 35, an investment banker at Morgan Stanley in New York from 1996 to 2002, has been executive secretary of Bush’s National Economic Council and special assistant for economic policy. Kroszner, 43, has taught at Chicago since 1990 and was on Bush’s Council of Economic Advisers from 2001 to 2003… Less is known about Warsh, who would become the youngest Fed governor by almost two decades. Warsh graduated from Stanford University in 1992 with a bachelor’s degree in public policy and from Harvard Law School in 1995. He married Jane Lauder, the granddaughter of cosmetics pioneer Estee Lauder, in 2002 at an estate in Palm Beach… He was hired by Morgan Stanley as an associate in August 1996…and then promoted to vice president in investment banking and later to executive director… During an October 2004 speech in Chandler, Arizona, Warsh said Bush’s tax cuts were benefiting the economy, according to Mike Canning, executive director of the Association of Corporate Credit Unions in Washington. Warsh spoke to the group’s chief executives. ‘He saw signs that things were picking up, and the good growth in various quarters led him to believe some of the president’s policies were coming to fruition,’ Canning said.” |
