Last night L forwarded me a Yahoo Finance article entitled: Fed’s Fisher says Fed independence must be ensured. It quoted Dallas Federal Reserve Chairman Richard Fischer:
It is more important than ever that we maintain the independence of our central bank, keeping it free from being overridden by political considerations.
I believe it vitally important that the Federal Reserve must be left alone to independently craft policies…to achieve financial stability and conduct monetary policy aimed at maximizing sustainable job creation without upsetting price stability.
This brought to mind a question:
Wasn’t Greenspan "left alone to independently craft policies to achieve financial stability?" How well did that work out?
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