I remember it like it was yesterday. The world felt like it was ending. The old and stuttering Treasury secretary Paulson did little to assuage investor sentiment for months. Then one morning, this guy, Neel Kashkari, with his crazy fucking eyes, came onto the teevee, straight out of Goldman Sachs to run the TARP program. It was almost a joke, Goldman sending a guy to run the TARP for the government.
Nevertheless, it was a wild success and Neel was instrumental in saving western finance. I heard he later on went into seclusion and lived in the woods with the animals and grew a beard. After that, he tried to get elected governor of California. That took balls. Now he’s a non voting member of the FOMC, who wants to break up the banks–because they’re too big and they pose systemic risk to the US economy.
Aside from that, he sounds dovish.
If you enjoy the content at iBankCoin, please follow us on Twitter“If we keep making sure we have accommodative monetary policy, we can keep bringing people off the sidelines, bring them back into the labor force, bring inflation up to our two percent target,” Kashkari said in an interview with Bloomberg Television.
I nominate him for Fed Chairman. At least this guy has practical, real world experience. He isn’t just some academic drone living in 1970s text books.
He does have sense– being dovish about Fed policy at this time when this is the proper course– a time when some clueless Fed members prefer to be on a collision course with the world economy instead.