Tuesday, April 18, 2006


HatTip to Lenny. The appointment of Kevin Warsh to the Board of Governors of The Federal Reserve Board was a quiet event a couple months ago. After researching some more about it, this is embarrassing for me as a Republican. While there are various acts of political favors and questionable actions in the world of politics, I still hope for the most part principle and reason are the primary guides in such appointments. When you consider Kevin Warsh, obviously the money-changers ruled the temple.

Here is an investment banker that went to law school, hit VP at Morgan Stanley, and was on the policy side for about 4 years. How many people do you know with such a resume? I know a good handful. In my tiny world, I know people with similar backgrounds and I don't call all of them "studs" (gender neutral:). So how many outstanding people can the U.S. produce minus my tiny circle of friends? An incredible amount. But of course, not all of them are son-in-law of Ronald Lauder... of Estee Lauder. Also not all have such father-in-laws that donated thousands upon thousands to the Republican party.

CNBC's Lawrence Kudlow even tries to defend this appointment. Please. This is a pure political favor. So disappointing.

One of the worst parts about this situation is when you visit the Federal Reserve's website and read Kevin Warsh's bio and compare it to the others. As my younger brother points out, they tried to puff up his resume to cover for his obvious professional deficiencies with this last line in his bio:

"He also completed course work in market economics and debt capital markets at Harvard Business School and MIT's Sloan School of Management."

Comical and lame. Very lame.

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