You are absolutely wrong. The Fed Chairman is appointed but it is a totally autonomous body. Their decisions are independent of any direction except from the directors of each district. They set and direct monetary policy.
I'm not "absolutely" wrong because I obviously didn't mean the President is the one setting the policy since I very clearly said "directly appoints" and not "directly sets policy." It's like the President appointing Supreme Court justices, though.... He's obviously going to pick someone who agrees with his policies.
If you will check history Federal Reserve Chairman will likely overlap Presidential terms. More often than not the will not be replaced for an extended period. Look at Greenspan' s tenure as an example. Generally the Chairman will eventually resign and the new one may be appointed per presidential policy choice but that Chairman will remain in place even when there is a Presidential party change. I know something about the Federal Reserve system and how it operates.
Yes but they are still just four year terms. Appointments were made in 2006, 2010, and now 2014 (Bernanke, Bernanke, and now Yellen).
The impact on the markets is rooted more in consumer confidence rather than policy. People are "buying" or "selling" their trust and confidence in what the President says more so than what he actually controls. However, the President appoints the Fed Chair, so there is a slight correlation, but it's not always direct. Even still, Congressional policies and laws mixed with decisions made by the Fed have a much stronger influence on the economy than the President. In my opinion, the real problem is that neither Congress nor the Fed should be involved. The Fed has WAY too much autonomy without any oversight, and politicians don't have any fucking idea what it takes to keep an economy healthy. So needless to say, they either cancel each other out or fuck things up twice as quickly as they'd occur if only one of the entities had influence rather than both.
To be a guy who thinks he is smarter than everybody else you say some of the stupidest shit, no fed chairman has that much power or influence all major policy is voted on by a board and the republican appointees would shut that shit down before anybody else.
Schmitty must have read an article or something. You are clearly outclassed in this debate.
Schmitty has read many articles and knows without question that the Fed Chairman, along with the also President-appointed Board of Governors, are very powerful people when it comes to setting monetary policy. Just because they can't do it unilaterally doesn't mean they don't have power.
The other 7 members of the Board of Governors are all appointed by the President, they collaborate with the Presidents of the private banks in the Fed system to make decisions, but the Chairman is the most powerful like the Chief Justice of the Supreme Court is the most powerful of the Supreme Court Justices. At the end of the day, Presidents are appointing the majority of the people making these decisions.
I'll trust the guy that lived and worked in the subject matter for 30 plus years.
That's nice, now go play in the corner while the educated people talk, grunt. You have nothing to add to this discussion. At least LT and Plan9 can keep up with all the big scary words.
I know enough to have a good faith debate about it. And you wouldn't know whether I do or don't, since, uh, you know nothing about it.
I freely admit I don't know much about the topic. And from the looks of it, neither do you.
Like I said, I'll trust the guy who's life was mostly spent working in it. Not some guy who desperately wants others to think he's some kind of mental giant.
The article clearly points out how the various bodies are put in place by different sources and this is what makes them autonamous. The President has no control over any of these bodies therefore his views about monetary policy are irrelevant. I believe this is where this discussion began.
And like I said, that's nice, now go sit in the corner while the grownups talk.
I never said the President has control over those bodies. In fact, after you said "The President has no direct control over them" I said "But he does appoint the Chair [and the Board of Governors]."
