First, hoping you had a very Happy Memorial Day. Time to reflect, remember and honor all those that have served, are serving and especially those very special soldiers that sacrificed their lives to make sure ours endure. America lives because of those brave souls. America thanks you.
America, being the land of opportunity, has a fantastic opportunity for one very “semi-qualified” individual. Let’s pretend YOU are that “semi-qualified” individual. You may be extremely fully qualified and brilliant, but if you were, you would probably pass on this opportunity.
So just what is this pretend fantastic opportunity? YOU are offered the opportunity to be Chairperson of the Federal Reserve. Now before you jump at that ‘dream job” think it through. As soon as you settle in to your cushy new office and bathe in the power you wield, the phone rings. It’s the entire media and financial community asking (and pushing for) why, and when you are going to cut interest rates. You mumble something about data points and hang up. Hmmmmm!
The phone rings again. This time it seems every conservative inflation hawk in the country is on the phone pushing for higher interest rates to crush inflation for good. Again you mumble things like the economy collapsing, banks failing, real estate crumbling and the Treasury having to fork over more funds on the debt. Hmmmm! The cushy chair you are sitting in now feels a touch tight.
Oh crap. The phones ringing. Damn, what now? Congress wants your testimony. The House Financial Services Committee demands your appearance as well as the Senate Banking Committee. So this is the fantastic opportunity? Answering questions (if you have the chance) by some of the “brilliant” members of Congress? Under oath? You didn’t fully realize the politics of the job.
What to do. The economic fate of the country is now in your hands. Lower interest rates and fire up inflation? Raise interest rates and cause a recession or depression? Ignore the politicians’ (in an election year) cries for more diversity and inclusion? Hide and just say the Fed will continue to monitor the data and act appropriately if needed? (Fed speak for praying)
Way too much pressure. All the cool perks aren’t worth it. Fantastic opportunity? Probably not. You now understand what Fed Chair J. Powell is up against every day and realize he’s crazy.
Who in the world would want that job?
