We’ve been having a mistaken debate, or so it would seem based on the new book The Myth of Independence. The Federal Reserve, the nation’s central bank and most influential economic regulator, isn’t as independent as critics like Rand Paul and Bernie Sanders suggest. Congress created it, and Congress continues to shape it to the people’s will. This new perspective might just change your expectations about Fed policy and your appreciation for their delicate strategic work.
In this episode, Sarah Binder discusses the historical research that led to this new thesis and helps us appreciate the interplay between two of America’s most important political institutions.
Continue reading “Our American Discourse, Ep. 27: Why the Federal Reserve Is More Politically Constrained Than You Think”
by Norman Horowitz
Last week, Eric Cantor, the No. 2 Republican in the House, denounced the “Occupy Wall Street” protests as “mobs,” and Michael Bloomberg, the Mayor of New York, charged demonstrators with “trying to take away the jobs of people working in this city.”
Cantor’s net worth is approximately $4.8 million. Bloomberg is worth $20 billion.
Cantor spent his childhood at the elite Collegiate School on the Upper West Side of Manhattan, where the annual tuition is $37,500. He then attended George Washington University, where the annual cost is $58,148. He received a Juris Doctor degree from William & Mary Law School, where the annual cost is $52,000. He also holds a Master’s in Real Estate Development from Columbia University, where the annual cost is approximately $54,000.
Bloomberg didn’t have an upbringing as privileged as Cantor’s, but he did attend Johns Hopkins University, where the annual tuition is $40,680, followed by Harvard Business School, where the annual cost is a whopping $84,000. Continue reading “The Bird and the Wolf”