I guess Michael Brown and Harriet Myers weren't enough floats for the crony parade. Add to the list our newest Fed governor, the 35-year-old Kevin Warsh, the son-in-law of a major Bush contributor.
I believe Bush put young Kevin on the team to ensure that the Fed doesn't overshoot and burst the housing bubble, thus upsetting the apple cart before the 2006 or 2008 elections. Since his daddy in law, Ronald Lauder, son of cosmetics entrepreneur Estee Lauder, is a major GOP contributor, you can rest assured young Kevin will do not what's best for the US, but what's best for the GOP and daddy.
I'm not sure how we can rest easy with this completely unqualified political crony steering the bus. However, as we all see, the bubble has burst, so not sure if this little boy's finger in the dike will be of any help at this point. 
Fed rookie's financial resume is short
Kevin Warsh, President Bush's recent appointee to the Federal Reserve's Board of Governors, has thin qualifications for the job — to put it mildly. What message the president is trying to send in nominating someone with so little relevant experience or education is unclear, but speculation abounds.
But in terms of education and experience, Warsh is much less qualified than any other recent Fed appointee. He has a law degree but little training in economics. His experience consists of seven years with investment bank Morgan Stanley and three years in an administrative position on the National Economic Council. At 35, he is the youngest person ever nominated as a governor since the Fed was created in 1913 and the one with the fewest evident qualifications.
That brings us to what message the Warsh appointment sends. Critics warn that the board will now be a complacent lapdog of the administration, keeping quiet about budget deficits and suppressing interest rate increases that might be unwelcome at 1600 Pennsylvania Ave. The fact that three Bush appointees served directly on the White House's economic staff compounds such anxieties.
March 05, 2006
Interest rates and fate of the housing bubble now in the hands of this unqualified crony whippersnapper
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31 comments:
Warsh is supremely qualified for this job. In fact, he has the only qualification that matters these days: he is a loyal Bushevik.
Since we’re talking politics, I suspect the democrats will pick up a couple of congressional seats in November, but it’ll be far fewer that many think. And it looks like they’re going to nominate Mrs. Clinton for 08, which will almost certainly lead to another defeat.
My question is, the republicans have done everything to shoot themselves in the foot, yet the democrats haven’t done anything to help themselves. They continue to be on the wrong side of many issues, and directed by leftwing nuts that have an interest in converting this country to socialism.
The best thing the democrats could do would be to nominate Lieberman and denounce the Hollywood kooks.
The only reason why the republicans haven’t completely dominated these elections is due to their own stupidity. George Bush who I don’t consider to be a conservative, much less a republican, governs as a free spending, open border, Dubai giving liberal democrat. He reminds me of Jimmy Carter who was another complete moron president.
FDR and JFK would have crushed these third world religious towel head zealots, with or without the approval of the other party, or the press.
well Keith, at least you aren't a bitter, liberal, anti-Bush, anti-capitalism, socialist tool. Bitter party of one...
Before we get sidetracked on which party is the bigger bag of A$$holes, I would really like to direct your attention to the fact that we are talking about the FED. Most folks don't have any idea what this organization is all about and who the powers are behind this group. I would like to offer these links to those interested in learning a bit about where money actually comes from. Each link is a video lasting about an hour. If you watch at least the first video your whole outlook on our government will be changed, period.
Please pass this information along to as many people as possible before this is yanked off the internet. (cut and paste into your browser)
http://video.google.com/videoplay?docid=8442305921010099392
http://video.google.com/videoplay?docid=5020331178524208549
http://video.google.com/videoplay?docid=3510313821923167501
On paper, http://www.federalreserve.gov/bios/warsh.htm , Kevin Warsh appears to:
1. have the education (note MIT courses)
2. real world experience outside government and academia
3. solid conservative credentials (note Hoover)
,dave
don't forget folks that I personally think both parties suck, and their suckiness is what's got us to the point we are at today
neither wants to deal with the trade imbalance. neither wants to deal with social security, medicare or medicaid. neither has the country's best interests at heart, just their own elections
and because of that, we're screwed. royally, historically, the last great days of america are here screwed
criticizing one party doesn't make you a member of the other.
Let's not forget the author moved to the uk as well. At least he is one of the liberals who kept his promise. I wish more would...
(referring to liberals stating they will move to england if Bush is re-elected)
I'm with Keith. The folks who support either side aren't seeing the big picture. BOTH sides are guilty of the crimes against us. Watch the above videos then come back and make an informed post. Neither party can get us out of the apocalypse because they both got us here!
I think it's hilarious how self-described conservatives would throw themselves in front of a speeding locomotive to defend george W. Bush, a man who has betrayed every principle conservatives have stood for all these years.
It proves something that I have long suspected: that the Republican Party has become a personality cult, like the ones found in Franco's Spain and Peron's Argentine.
Both parties are looking out for the interests of the very rich at the expense of the rest of us, and that's the real problem. It's not Democrats vs. Republicans or Right vs. Left: it's the very rich against the rest of us.
Some people can't see the forest for the trees.
Anonymous 1, rank-and-file Democrats don't have much use for Hillary. The only people who are pushing for her to be the nominee are Republicans and the corporate media.
As for Lieberman, he's a Republican. George W. Bush has never had a more loyal retainer than Lieberman. Nominating one of Bush's toadies would be the absolute worst way possible to capitalize on dissatisfaction with Bush.
My money is on Warner, Clark, or Edwards.
VOTE FOR ME IN 2008
Interesting. We really need to keep a close watch on what those neocons are up to...especially us dems since we have no power, we must think, anticipate and beat them at their own game. It won't be easy, but it can be done. The necon cult just doesn't get it. They are all focused on Al-Queda and don't see the slight of hand. Let's not follow them over the cliff. We will need to be the ones to pick up the pieces when it's all over and we are in economic ruin. Hopefully, it won't be too Let's not be the one's who are ruined. Keep you chin up and don't drink the cool aid.
A Fed study came out last week: less than 10% of Americans have a net worth of over $800,000.
This is a war of the rich vs. poor.
The Reinscbank in Germany during the 1930's had very similiar policies that the Fed has today.
It destroyed the middle class through inflation, debasing the currency and spawned the Third Reich.
I just talked to a realtor in Centrel Mexico who told me, "the houses here are priced right and selling quick." The hosue I inquired about? Selling for 2mil US.
The kid that was appointed to the Fed? He has "wall st experience?' he wa s salesman in the IB dept.
And the gold investors said: Boo-yah!!
Here's a clue for all of you with political leanings left or right -- we are nearing the end of this 225 year experiment that started as a democratic republic. Within 20 years we will see the ascent of a charismatic politician (the party affiliation is irrelevant) who will send Congress and the Supreme Court packing. Welcome citizens to the new North American Empire! Your property rights will depend on who you know and how difficult it is for the tax men to find your place. Make preparations now as the noose is already tightening over asset transfers. Keep your passport valid and try to own something on another continent.
Did you know that banks now have to notify both the IRS and the DHS when funds are transfered to a foreign account? The IRS was prohibited from disclosing your financial info outside of a criminal investigation. No such limits exist with DHS. And just remember all you clamoring Dems -- these laws will work equally well when your guy (or gal) is in the White House...
Foobeca has the answer! We need to get rid of our corrupt money system which pays interest to a banking cartel for creating money out of thin air! Lets snap out of our daydreaming and make this an issue with our elected officials!
skytrekker said... "I feel all 3 so called 'liberal GOP' seats here are at grave risk- considering that GW Bush has a rating in this state of 30 percent approval."
Now you know the way I feel, after all I live in a former blue state (Nevada) that’s rapidly becoming red. I’m being represented by a complete jackass who doesn’t represent my values, and I suspect I’m not the only new resident that feels this way.
Can you say, bye-bye Senator Reed? That’s two democratic “fool boy” leaders taken down in two years.
>>>Can you say, bye-bye Senator Reed?
Jack Reed is a senator from Rhode Island. I thought you said you lived in Nevada?
I'm willing to give the guy a chance; I like to see young people in leadership positions who might freshen things up a bit or bring in some new ideas.
Who wants a Fed governor who can't even tie a Windsor knot?
Windsor knot? Is not
"Windsor" England's Queen's Home. Do you want an elitist 35 year old on the Board. I feel the regular knot means a regular guy who will understand us working folks. 41cadillac.
I hope the Democrats put up totally useless candidates and the Republicans get a chance to really screw things up totally for another 4 to 8 years. Trust me, 10 more years of this mess and NO ONE will vote Republican for the next 50 years.
As for the Fed, why pick this guy? Wasn't Michael Brown available?
Bake McBride:
Harvard Law Degree? - has nothing to do with setting monetary policy for the U.S. (and the world); nor does economics "coursework" (my guess this means 1-2 classes)
Investment Banker? - this means he sold mergers and acquisitions activity to big companies; once again, this has almost nothing to do with macroeconomics
Sr. Policy Advisor? - he worked on Sarbanes Oxley (management accountability) and a few other arcane topics; no chance that he would have gotten this job without his strong political connections
Only one with real world banking experience? - Mark Olson has run banks and been President of the American Banking Association
Banking contacts? - Not sure why it is important to have a deep banking rolodex. Would this facilitate more banking-industry favorable regulations? I am sure the White House will convey the appropriate direction to anyone it appoints.
What ever happened to the Republican ideal of meritocracy and opportunity for all????
Bake McBride:
Harvard Law Degree? - has nothing to do with setting monetary policy for the U.S. (and the world); nor does economics "coursework" (my guess this means 1-2 classes)
Investment Banker? - this means he sold mergers and acquisitions activity to big companies; once again, this has almost nothing to do with macroeconomics
Sr. Policy Advisor? - he worked on Sarbanes Oxley (management accountability) and a few other arcane topics; no chance that he would have gotten this job without his strong political connections
Only one with real world banking experience? - Mark Olson has run banks and been President of the American Banking Association
Banking contacts? - Not sure why it is important to have a deep banking rolodex. Would this facilitate more banking-industry favorable regulations? I am sure the White House will convey the appropriate direction to anyone it appoints.
What ever happened to the Republican ideal of meritocracy and opportunity for all????
Great articles on the death of meritocracy in the U.S.:
http://www.tnr.com/doc.mhtml?i=20060306&s=scheiber030606
http://www.twincities.com/mld/twincities/business/columnists/13994340.htm
I really think this "kid" has the qualifications.
anyone defending this 35 year old kid being on the fed would be up in arms if a similar profile was appointed by a democrat president
shelve the left/right thing folks once in awhile and recognize cronyism when it's there.
nice thing about being an independent is you can point out either party F'ing up
and this one is a joke
Are people really that dumb to believe that academics have no "real world" experience? While people are whining about the ivory tower the people in said tower are in high demand by people in the "real world". Go ahead and higher a young lawyer to manage monetary policy for the world's largest economy. Well, I have got to go, I have an appointment with a plumber who is filing my tax return. He took an H&R Block course and has lots of real world experience. Who needs a CPA.
Bake, you are quite right to be suspicious of scholars. Book learning is overrated.
Why should I have some fancypants M.D. do my brain surgery when "nail technician" next door is willing to do it. She's got a lot more real world experience than some guy who spent his youth cutting up cadavers and reading books.
There is a reason why this Administration can't get any economic heavyweights to sit in any of their economic positions. That's because Dick Cheney's idea of economics has nothing to do with economics.
This is why they got a LAWYER with BANKING experience to take an economic position. That was the best they could do.
This is the same reason why Michael Brown ended up as the head of FEMA. He had experience that was "sort of related but really had nothing to do with" Emergency Management.
I hear Snow is leaving too, by the way. Not surprising. Only idiots can promote this Administration's fiscal policies. Maybe they can hire Kudlow to take Snow's place.
They can hire me. I am an FB from Phx. AZ. LOL.
Whomever came up with the idea for a forex futures trading was a genius!
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