January 24, 2018
Actually, I really have no idea how hard Marvin Goodfriend works, but he did get everything wrong. Paul Krugman has a nice piece on Goodfriend, who is Trump’s nominee to be a governor of the Federal Reserve Board.
In this position, Goodfriend will have a major role in setting the country’s monetary policy. Goodfriend had been a persistent critic of the Fed’s efforts to boost the economy, expressing serious concerns about runaway inflation in the early days following the crash. He also thought it was pointless for the Fed to try to get the unemployment rate much below 8.0 percent.
But, America’s a great country. Driving a school bus into oncoming traffic shouldn’t ruin one’s career as a bus driver and not having a clue on monetary policy shouldn’t keep you from being put in the driver’s seat at the Fed.
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