Bush facing rare chance to shape Fed

[Judi Lynn]

Bush facing rare chance to shape Fed
Wed May 18, 2005 4:58 PM ET

WASHINGTON (Reuters) - A decision by Federal Reserve Governor Edward Gramlich to step down from his post in August underscores the rare degree to which President Bush will have a hand in molding the U.S. central bank.

Bush has already named five of the seven members of the Fed's Washington-based board, although one of them, Vice Chairman Roger Ferguson, was initially chosen by President Bill Clinton.

Only two members do not owe their seat to Bush: Gramlich, who said on Wednesday he will step down Aug. 31, well ahead of the expiration of his term in 2008, and Chairman Alan Greenspan.

But Greenspan's term expires Jan. 31, 2006, so every Fed board member will eventually carry Bush's stamp.
(snip/...)

http://today.reuters.com/news/newsArticle.aspx?type=politicsNews&storyID=2005-05-18T205752Z_01_N18616864_RTRIDST_0_POLITICS-ECONOMY-FED-BUSH-DC.XML

[cornermouse]

1. I suspect the more accurate title would be

Political Engineering gives Bush rare opportunity to shape Fed. I doubt chance had much to do with it.

[whistle]

2. No wonder the Fed Board is screwed up....

....with 100% Bush appointees, the U.S. economy will totally tank!

[dbt]

3. The Universe is giving bu$hler MILES of rope!

Karma is moving so slowly in this boy's case that you'd swear it was frozen. Then, every six months or so, the wheel turns another eighth of an inch (don't blink or you'll miss it). When his payback finally comes, it'll be well beyond a bitch. I hope we live through it!

[0007]

4. junior's brother, Neil Bush comes to mind.

[Gin]

5. Shrub has been given many opportunities to do what is best for all.

Instead he chooses to do what is best for his family and friends.

He takes the low road every time.

Payback will be huge. The Universe does not discriminate.

[Vitruvius]

6. So the Fed will continue to manipulate the business cycle to help Rethugs

and kill Dems.

Like the way Greenspan did his damnednest to put the economy into recession in 2000 to hurt Gore. Excellent prosperity with negligable inflation, but Greenspan just had to hike interest rates -- for no reason other than to willfully damage the economy to help Bu$h.

And when the recession arrived in 2001 -- on Bu$h's watch -- after Bu$h had done his very best to bad-mouth the economy into a recession -- Greenspan, like the good little Rethugnican apparatchik he is, called it the "Clinton Recession". Then Greenspan shilled for Bu$h's tax cuts that helped damage the economy permanently.

IF the Dems ever get back into power (despite the Rethugnican voting machines), one of the first things they'll need to do is to find a way to purge the Fed.

[Skink]

7. Wolfowitz is unavailable......