Heavy representation of the economy’s financial sector in the governance of the central bank does not seem bizarre.Sort of how we should have drug companies running the FDA and Mexican drug cartels running the DEA. Does Will endorse the virtual ownership of the SEC by Wall Street brokerages, too? Will concludes:
...one of liberalism’s steady aims is to break more and more institutions to the saddle of centralized power.
It takes a truly great editorialist to portray the Fed as a victim of power centralization instead of a poster boy for its dangers. I would like to know how much the banking industry had to pay Will for this article.