"Of course, I can get a hell of a good look at a T-Bone steak by sticking my head up a bull's ass, but I'd rather take the butcher's word for it."
Tom Callahan
Today in a CNBC interview, I called for a review of the Federal Reserve. It is my belief that the central bank should conduct an exhaustive internal review of its non-monetary policy operations. Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.
As I have said many times, the Fed’s conduct of monetary policy “is a jewel box” that should be walled off to preserve its independence. This independence is a cornerstone of continued U.S. economic growth and stability.
However, this autonomy is threatened by persistent mandate creep into areas beyond its core mission, provoking justifiable criticism that unnecessarily casts a cloud over the Fed’s valuable independence on monetary policy.
While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted.
The Fed does regular reviews of its monetary policy framework. I would urge Fed leadership to similarly undertake, publish and implement a comprehensive institutional review across its entire mission to buttress its credibility. It will go a long way towards strengthening the Fed’s credibility with the American people on its core mission of guiding our nation’s monetary policy.
@StanphylCap Which is why the replacements are always the "next up" insider (also historically complicit). They tried once going outside for a quality guy (Wheeler) who took one look at the books and got the hell out.
@Keubiko@defaultusert@jmart814@Dougielarge $VIRT chunking down the outstanding shares + great dividend to boot. Cash machine. And Go Cats! Just hope the long rest wasn’t too long.
@montana_skeptic @RonDeSantis Truth, but with all due respect, please let us know when you approve of an electable candidate that can turn back the Marxist tide. Yes, the choice will be binary.
Peace,
TG
The fact that Lou Whitaker -- a generational talent -- is not in the Baseball Hall of Fame is a testament to how truly awful baseball writers have become over the past generation.
Today's #12DaysOfGiving prize is legendary.
RETWEET for your chance to win a Hall of Fame cap signed by Al Kaline, Jack Morris and Alan Trammell, plus an autographed Tram baseball.
@russ1mitchell The last Republican elected statewide was Schwarzenegger in 2006, and he didn't run as a moderate (although he turned into one). So how far back in history do we travel to find your "en masse" examples?