Wednesday, July 21, 2010

Scary News For The New York Fed

Last week, I wrote this post concerning Lee Bollinger's wacky ideas for government-funded print journalism.

I wrote, in part,

"You can view Bollinger's bio on any number of webpages. While this isn't my political blog, suffice to say, Bollinger's background, including stints in significant administrative positions at several liberal universities, a JD, and clerking for Warren Burger, certainly lead you to expect non-market solutions from him.

And you wouldn't be disappointed in the content of the Journal editorial. Essentially, Bollinger idolizes the BBC and, in the same breath, PBS, calling for an official federal government underwriting of US news gathering."

Bollinger is a lawyer and, by most of his career stint, an academic administrator.

So you might be surprised to learn, as I was, from a rather innocuous little piece in the Wall Street Journal, of Bollinger's next gig.

New York Fed Chairman.

That's right. A guy who has zero financial services background and virtually no private sector experience is about to be named the chairman of our Federal Reserve's most important regional Bank.

Pretty scary, isn't it?

Scares the hell out of me.

How on earth is Bollinger, currently Columbia University's president, in any way fit and qualified for chairing the New York Fed?

If you want more evidence of our government screwing up its regulatory and oversight roles, this is certainly a relevant item, is it not?

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