WTF!: WSJ - AFL-CIO President to become President of NY Federal Reserve Bank

[Cowlesy]

http://online.wsj.com/article/SB125112547653253819.html

BY JON HILSENRATH
The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York's private-sector board of directors.

Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.

I had to read that 3 times to make sure I was hallucinating.

 

[MsDoodahs]

OMG.

I can't wrap my mind around this shit.



I need more coffee....

 

[LittleLightShining]

Ok, so now the auto bailout and Cash for Clunkers makes more sense. And now this cash for appliances crap...

 

[hamilton1049]

HA-HA!! Hows that Hope and Change workin' for ya. Same old same old, paying back your cronies. What do qualifications have to do with it!

 

[LibertyEagle]

lolol

That's all I have to say.

 

[Cowlesy]

So are AFL-CIO, ACORN and the Community Organizers going to be supportive of the Fed now?

 

[amy31416]

 

[LibertyEagle]

Oh nooooooooooooooooooooooooo...... Why did you have to do that, Ames? I haven't even finished my first cup of coffee yet.

 

[amy31416]

Oh nooooooooooooooooooooooooo...... Why did you have to do that, Ames? I haven't even finished my first cup of coffee yet.

Sorry! I typed "we're screwed" into the googles and that pic came up, I couldn't resist.

 

[Cowlesy]

I guess the Fed needed to hire some folks who can double as street thugs if auditing the Fed gets too popular.

 

[pcosmar]

I guess the Fed needed to hire some folks who can double as street thugs if auditing the Fed gets too popular.

Every Day, it's getting closer.

 

[SelfTaught]

From Wikipedia, my own emphasis:

Nazism, officially in German as National Socialism (German: Nationalsozialismus), refers to the ideology and practices of the National Socialist German Workers’ Party or NSDAP under Adolf Hitler, and the policies adopted by the dictatorial government of Nazi Germany from 1933 to 1945.

Well, we have nationalism (Oprah crying, about 100,000 people in Grant Park, Chicago teary-eyed over President Obama's election victory) and socialism (ownership in both Chrysler and GM, as well as equity positions in financial institutions, not to mention an attempt to take over the health industry), why not make it a trifecta by adding labor unions. If this isn't fascism....

 

[pmbug]

Maybe they will hire the mafia to conduct the audit.

 

[NYgs23]

Big Labor, Big Business, Big State, all so happy together...

 

[Zippyjuan]

This was certainly an odd appointment. Usually they would come from the financial/ banking sector. Another Goldman Sachs member would have also raised people's ire (not another insider!). Says he has been on the New York Fed board since 2004.

Board members such as Hughes and Bollinger are "Class C" directors, chosen by the presidentially appointed Fed board of governors in Washington, and to represent business, industry, agricultural, labor or consumer interests.

The boards also include "Class A" directors, who lead private banks, and "Class B" directors, who are business leaders chosen by bankers.

http://www.washingtonpost.com/wp-dyn/content/article/2009/08/24/AR2009082403124.html?hpid=topnews

Completing the move away from having people from the financial world lead the New York Fed board of directors, Lee C. Bollinger, the president of Columbia University, was named deputy chairman on Monday.

 

[500grains]

Is is a black nationalist or marxist? That would be keeping with Obama's past appointees.

 

[Zippyjuan]

It was the New York Fed who made the appointment- not the administration. The NY Board picks their own chairman so no, it was not an Obama appointee.

 

[pcosmar]

It was the New York Fed who made the appointment- not the administration. The NY Board picks their own chairman so no, it was not an Obama appointee.

And that is relevant HOW??

 

[Zippyjuan]

It is relevant to 500grains question. He seemed to think it was an Obama appointment which it wasn't.

 

[pcosmar]

It is relevant to 500grains question. He seemed to think it was an Obama appointment which it wasn't.

Obama's appointments aren't Obama's. He is a puppet.
And how does it differ from the general direction that things are going?