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Still thinking about the R effort — apparently abandoned as a practical matter — to prevent the Fed from acting to prevent crises. I still think sabotage was the main motive. But I wonder also whether the Fed's very integrity upset them. 1/
One of the shocking things about the past four years was the ease with which Trump undermined the professionalism of technocratic agencies, from the Weather Service to, of course, the CDC. But the Fed, protected by its quasi-independence, remained competent 2/
In particular, it quickly controlled a financial crisis that for 2 weeks looked worse than the fall of Lehman 3/
You might think this a reason to keep the Fed the way it is, with discretion to save the world again if need be. But technocratic competence has a well-known liberal bias 4/
