All this pearl clutching about Fed independence is nonsense. Fed is not independent, it is basically a branch of the Democratic party. You can see this in many ways.
1) Political donations by Fed employees overwhelming go to the Democrats.
2) Former FRBNY president is comfortable writing columns suggesting Fed conduct policy against Trump.
3) Former Fed Chair and Fed Vice Chair just sliding into senior roles in the Biden White House.
4) Fed Chair happily supporting Biden fiscal policy, then feigns ignorance afterwards.
5) Fed making moves on political issues like climate regulations for banks.
6) Fed staff pumping research on climate change and DEI stuff that just aren’t in their mission.
I think the Fed would better serve the public if it were more politically balanced.
All this pearl clutching about Fed independence is nonsense. Fed is not independent, it is basically a branch of the Democratic party. You can see this in many ways.
1) Political donations by Fed employees overwhelming go to the Democrats.
2) Former FRBNY president is… pic.twitter.com/c5uDZ64ObZ— Joseph Wang (@josephwang) November 9, 2024
h/t Dan