Recently two Fed presidents, Eric Rosengren of Boston and Robert Kaplan of Dallas were forced to resign. Before discussing the circumstances surrounding their resignations, it is useful to examine their backgrounds because they give insight into the two types of people who dominate the Federal Reserve - academics and Goldman Sachs alumni. Rosengren is a PhD economist and has never held a job
It is hard to believe, but it has been almost twenty-years since the 'most-wanted' Iraqi playing cards were issued by the Defense Intelligence Agency (DIA). Recall, this deck of cards was comprised of Iraqi officials wanted by the coalition then governing Iraq. The cards were arranged so that the most wanted officials had the highest face value cards. Most famously, Saddam Hussein was design
Today's Federal Reserve regularly makes two extraordinary claims;
"One of the most irresponsible actions in Fed history."
William Fleckenstein and Frederick Sheehan on the emergency rate cut of October 15, 1998 (1)