Moments ago, I finished watching the premier of the PBS Frontline special about the Federal Reserve. It was pretty good, although there wasn’t a single morsel of information that was new to me (I mean, come on, this is just about all I read and write about, so a general interest program isn’t going to be novel for me). The attitude of the program was actually pretty softball, since my own disposition, were I to be the show’s producer, would be to have the American public mentally file away Ben Bernanke and Jerome Powell in their heads right next to Josef Mengele and Jeffrey Dahmer.
I must comment on one person, however: Neel Kashkari. To Mr. Kashkari’s credit, he was the only current Fed official who had the balls to get in front of a camera. Those of you familiar with Neel’s disposition will not be surprised to know he maintained his role as the Fed’s tireless apologist, and he held the Fed’s candle high and proud throughout the entire broadcast.(more…)