That Independent Fed

The status of the seven-member Federal Reserve Board, The status of the seven-member Federal Reserve Board, sometimes called the supreme court of finance, has long been a subject of swirling controversy. In 1975, during a deep recession, Democrats in Congress charged that the board's chairman, Arthur Burns, who served from 1970 to 1978, had made the downturn worse by keeping too tight a grip on the money supply. His successor, G. William Miller, was attacked with equal vigor later on for the opposite reason: pumping too much money into the economy during the Carter years and thus fueling inflation.

Despite perennial complaints...

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