Life Lessons & Moral Hazard

JW Verret shares his father’s wisdom:

When I was growing up my father told me that a man only needs three things in life: a good bartender, a good priest, and a good tailor. I think Dad intended that different people wear those three hats, otherwise it just doesn’t work. But wearing conflicting hats is the unfortunate mission we have given to the Fed at this point. Some regulatory re-gearing, and an enhanced audit capability for non-monetary policy activities at the discount window, could be what we need to get the Fed on the right track.


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