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by mastax
1795 days ago
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"Without oversight" is stronger than reality as Trump's threatening of Powell illustrates. It is true that there is a strong culture of a politically independent, technocratic Fed. However this is a relatively recent invention by Volcker in the 80s. Volcker was pretty convincing about it's merits, hence it's survival, but even he was threatened by Reagan to not raise rates during the re-election campaign. |
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