In an op-ed in Thursday’s Wall Street Journal, Alan Blinder outlined several lines of attack that Progressive-Democratic Party Presidential candidates could campaign against our present burgeoning economy (the stock market dislocation notwithstanding, as even Blinder acknowledges is irrelevant).
Here is just one of Blinder’s several…misconceptions:
[S]he [Judy Shelton] argued in these pages last September that the Fed should “pursue a more coordinated relationship with both Congress and the president.” Oh my.
Well, of course the Federal Reserve Bank, the Congress, and the President should coordinate so as to not be working at cross purposes. Coordination in no way puts the Fed’s independence at risk.
Beyond that, no President is capable of threatening the Fed’s independence. That independence is statutorily mandated, it’s not a creation of any Executive Order.
Oh my, indeed.
Read the whole piece, at the link, to see the rest of Blinder’s foolishnesses.