Someone Tell This Asshat It's Too Late
One would think a "senior" Federal Reserve official would know that the Fed has been politicized already, what with serving as lender of only resort and easy money pimp to banks and governments alike. That's not politically driven? Greenspan's bubble wasn't politically driven? Didn't you see the America: Open for Business signs post 2001? Tell me that wasn't politically driven.
A senior Federal Reserve official warned on Thursday that a Senate proposal to make the New York Federal Reserve Bank president a White House appointee risks injecting a dangerous dose of politics into the deliberations of the central bank.
"This is pretty much blatant politicization of the Fed," St. Louis Federal Reserve Bank President James Bullard told Reuters in an interview. "I also think it's setting up conflicts with the Board of Governors in the future."
So yeah, Bullard gets a cookie for understanding how dangerous politics are to the Fed's fragile mandate but fails miserably at recognizing that these wheels have long been in motion.