Writing in the Wall Street Journal, Thomas Sargent and William Silber criticize Jerome Powell for failing, unlike Paul Volcker and Alan Greenspan, to recognize the connection between monetary policy and fiscal policy. A slice:
In September 1981, after two years on the job, Volcker appeared before the Senate Budget Committee and spoke about lowering inflation and interest rates: “What can be done—and done consistent with our short and longer-run objectives—is to provide assurance that the federal fiscal position is indeed clearly on track to balance.” He followed up in 1984 by admitting during Senate Banking Committee hearings that “an inevitable consequence” of his tight monetary policy might help bring about the necessary crisis “so that we deal with the deficit.”
“In my view, such statements would raise a question in the mind of a reasonable person about Chair Khan’s impartiality as an adjudicator in the Commission’s Meta/Within merger review,” Ms. [Lorielle] Pankey wrote. “Accordingly, I recommend Chair Khan recuse to avoid an appearance of partiality concern,” adding that she did “not reach this conclusion lightly.”
Ms. Khan ignored the ethics official’s advice, and her two fellow Democratic commissioners approved of her participation in the case anyway. Republican commissioner Christine Wilson objected, and her dissent echoed arguments from the agency ethics official.
Yet the public couldn’t learn the full scope of Ms. Wilson’s concerns because the two Democratic commissioners imposed heavy redactions on her dissent, as she noted in a Journal op-ed explaining her resignation from the FTC. “The redactions served no purpose but to protect Ms. Khan from embarrassment,” she wrote. Now we know what they were covering up.
The LP marked a creative disruption in the practice and business of music and revolutionized the recording industry. The meaning of the noun “record” changed: Instead of one song on each side of a disc, it now meant a series of songs on both sides of a single platter.
The LP cost less (and took up less space) per minute of music, delivered much longer uninterrupted listening and provided ample room for artwork and informative liner notes. The platters were more convenient, lighter in weight, virtually unbreakable, less scratchable, offered quieter surfaces and boasted higher fidelity. No wonder that by the end of 1948, Columbia sold an impressive 1.25 million LP records.
Stunning FOIA revelation! Three quick items:
1. @CDCgov director Walensky knew about vax “breakthrough” infections in January 2021. So did Tony Fauci.
2. They continued to push vax mandates anyway.
3. CDC is abusing its FOIA redaction privilege. This is not a classified email.