Fed's Esther George: Speaking Up for Middle America
Source: nyt/reuters
Federal Reserve officials, as a rule, can expect a tough crowd when they visit places like Oklahoma where suspicion of big government runs deep.
Esther George, president of the Kansas City Fed, is an exception. As she surveyed the cattle ranchers, energy bosses and other business leaders waiting to hear her speak at an event in El Reno, Oklahoma this month, she had a lot in common with her audience.
Like many of them, George has become troubled that the dramatic measures the Fed has taken to restore U.S. growth might fuel inflation and asset price bubbles.
Raised in a similar farm community in neighboring Missouri, George was picked for the job for her ability to speak for the heartland, and she proved with her first vote on monetary policy that she would have no hesitation in doing so.
Read more: http://www.nytimes.com/reuters/2013/04/29/us/29reuters-usa-fed-george.html?hp
Skittles
(152,966 posts)but not its poverty rate:
Oklahoma is one of the poorest states in the nation. More than half of Oklahoma counties have an average income at or below the federal poverty level. Oklahomas poverty rate of 15.7% is well above the national average of 13.2%. To be considered poor by federal standard, a family of four would have to have an income at or below $23,050 in 2012
http://www.marthastask.com/poverty-in-oklahoma_id78.html
DallasNE
(7,392 posts)Esther George is a Reagan appointee and is a fanatic supply side, trickle down advocate. She is neither a populist or does she speak up for the middle class. She is, in other words, part of the problem rather than part of the solution. She has absolutely nothing in common with Paul Krugman so I don't know why the NYT is touting as the next coming.
Besides, Fed policy is little changed since late 2008 so if it was going to spark inflation it would have done so a long time ago. So if she doesn't understand what fuels inflation, what good is she? Hint: inflation is either cost push or demand pull in nature and neither of these are on the horizon with today's sluggish GDP growth. (I'm still learning how to read asset price bubbles so I can't comment on that).