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Ideological drag at the Fed

Matt Stoller has a long write-up on the Fed, noting that a good portion of it is still controlled by people hired by Alan Greenspan. There's a lot to process. My first impression is that looking at how arcane and powerful it is while at the same time being so resistant to change/influence from officials that people actually elect, i understand where the "abolish the Fed" sentiment comes from. Not saying i agree with that, and i understand that the Fed's independence was designed as a feature, not a bug. But when you look at the way Obama appointee Janet Yellen has/had to contend with an embedded bureaucracy created not by the person she replaced but by the guy before him, it seems messed up.

Update: Looks like the main subject of the article, Scott Alvarez, is stepping down, and Yellen will pick the replacement. That's good news but doesn't take away from Stoller's "ideological drag" point.

By fnord12 | February 10, 2017, 7:30 AM | Liberal Outrage