The Fed Keeps Proving Critics Right

I try to give technocratic policymakers the benefit of the doubt. I really do. For one thing, most Fed officials could be making more money in the private sector. Indeed, some people at the Fed already did make more money in the private sector. While the specifics obviously vary from official to official, it's safe to say that by and large, spending one's career in public service isn't indicative of a desire to maximize one's lifetime earnings potential. Generally speaking: To go into public se