It will come at a really interesting time because the Fed has been so much more successful in recent years than central banks in countries that favored a more rule-oriented approach. One has to wonder why the Fed would abandon the approach that has worked so well.
More Quotes from Tom Schlesinger:
It'd be fascinating to hear what he thinks, if he'd actually tell you. The guys who are most frequently mentioned for the job are all ivory tower types. I don't think anyone has the breadth and experience dealing with the business community as Greenspan did when he came on the job. Certainly they don't have as much experience as he accumulated in the past 17 years.Tom Schlesinger
I remember thinking, man, if you think that's problematic, wait until you stick around Washington a little bit longer.
Tom Schlesinger
I would be nervous about picking an inflation-targeting champion as my next Fed chairman given the potential impact on employment growth.
Tom Schlesinger
This is the most sluggish recovery on record, which seems to puzzle the Fed chairman. But it reflects the Greenspan style of running things he presided over a similarly tepid recovery in the early 1990s. Tom Schlesinger, director of the Financial Markets Center, a monetary-policy watchdog, thinks the lopsided economy is the most disturbing hallmark of Greenspan's governance. The Fed has said almost nothing about this, except vice chairman Roger Ferguson says there's nothing the Fed can do particularly, ... The jobless recovery appears to be a new feature of the US business cycle. Yet the principal agent of economic management says nothing.
Tom Schlesinger
They are not using that possibility as a justification for their tightening campaign, in contrast to past years when there was a lot of concern about tightening labor market.
Tom Schlesinger
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