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The Federal Reserve is an example of a well run and focused organization, because they have a very short, very simple mandate: maximize employment and ensure pr
by BobbyJo 1y ago
The Federal Reserve is an example of a well run and focused organization, because they have a very short, very simple mandate: maximize employment and ensure price stability. Everything they do is in service to those two goals and every employee can hold themselves and their bosses accountable for those goals. Elected representatives and the American public can hold them accountable.
If we want a more efficient and inspiring NASA, we need to give it a mandate that we can all rally around the same way. "Pioneering the future of..." is just too generic for anyone to grade them against. As long as that's the case, congress is free to run it into the ground as a pork barrel repository.
IMO, several smaller, more focused, more measurable, organizations would serve the American public far better.
- CPLX 1y agoThis is a ridiculous statement. The Fed is a profoundly undemocratic institution that harnesses the power of the state to serve the interests of capital, and its current form is a recent development that coincides with the financialization of our economy and the decimation of manufacturing and the middle class. If you want the full argument it’s here: https://www.thebignewsletter.com/p/federal-reserve-independence-is-bad https://www.thebignewsletter.com/p/federal-reserve-independe...
- BobbyJo 1y agoI don't think its any less democratic than any other government organization run by appointees. Manufacturing's decimation had far more to do with globalization than banking regulation IMO.
- LtWorf 1y agoHow dare you be critical of capitalism on ycombinator?
- CPLX 1y agoWhat the Fed does isn’t “capitalism” it’s literally a government agency that sets prices.
- presentation 1y agoIt's good that the Fed can set monetary policy without pandering to whatever short-term goals politicians have at the time, as they've thoroughly proven their incapability to tackle long-term challenges like the deficit. I also don't think that bailing out SVB is a sign that Dodd-Frank was just symbolic, since not doing so would have pretty significantly hurt the USA's tech sector, which is is strategic nationally for the economy. But I can see an argument for limiting the Fed's purview to mostly be about monetary policy and less about enforcement of legislation, as it's done in other countries.
- insane_dreamer 1y ago> Federal Reserve is an example of a well run and focused organization, It's also fully independent of the government and thus not affected by all this Trump/Musk/DOGE stupidity, as much as Trump tries.