by Jerome H. Powell sailed to Senate confirmation on Tuesday to become the 16th chairman of the Federal Reserve with a final vote of 84 to 13 … The bipartisan support for Mr. Powell was a sharp break from another Fed hearing earlier on Tuesday, when Mr. Brown and other Democrats questioned the qualifications of Marvin Goodfriend, a conservative economist nominated by Mr. Trump for a seat on the Fed’s board. Mr. Goodfriend repeatedly predicted after the 2008 financial crisis that the Fed’s actions were about to unleash higher inflation. That did not happen. Inflation has consistently remained below 2 percent. At a confirmation hearing Tuesday, Mr. Goodfriend was flustered by questions about his predictions. He conceded that some had been wrong, but defended others and declined
Topics:
Lars Pålsson Syll considers the following as important: Politics & Society
This could be interesting, too:
Lars Pålsson Syll writes Germany’s ‘debt brake’ — a ridiculously bad idea
Lars Pålsson Syll writes Die hinkende Logik hinter der Schuldenbremse
Lars Pålsson Syll writes Being a class mongrel
Lars Pålsson Syll writes Riksbankens oansvariga penningpolitik
Jerome H. Powell sailed to Senate confirmation on Tuesday to become the 16th chairman of the Federal Reserve with a final vote of 84 to 13 …
The bipartisan support for Mr. Powell was a sharp break from another Fed hearing earlier on Tuesday, when Mr. Brown and other Democrats questioned the qualifications of Marvin Goodfriend, a conservative economist nominated by Mr. Trump for a seat on the Fed’s board.
Mr. Goodfriend repeatedly predicted after the 2008 financial crisis that the Fed’s actions were about to unleash higher inflation. That did not happen. Inflation has consistently remained below 2 percent.
At a confirmation hearing Tuesday, Mr. Goodfriend was flustered by questions about his predictions. He conceded that some had been wrong, but defended others and declined to explain his thinking.
Senator Elizabeth Warren, Democrat of Massachusetts, said, “I think based on the kind of judgment you have demonstrated, American families are very lucky that you weren’t on the Fed board over the last several years.”