Thursday, January 28, 2010

Finance vs. Independence at the Fed

Richard Smith is a historian who is doing a biography about my mother's cousin.
Here is his timely piece about the corrupting influence of finance on the Fed -- in particular about A. P. Giannini got Truman to remove Marriner Eccles from his position as chairman of the Fed. So much for independence.

Smith, Richard H. 2010. "Breaking News (From 1948): Banking Mogul Ousts Fed Chairman." Huffington Post (28 January).


Myrtle Blackwood said...

I note that being a former officer at Kissinger Associates is one of a number of contemporary roads to high office in Government.

Thanks for posting this.

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