Reply #182: That's rather astute...

[Chan790]

but clearly we need a better way to populate that board so that its' makeup is more apolitical. Shorter terms, staggered vacancies, single consecutive-term limits...I don't suppose we can subject them to the civil-service examination and hiring-process? Staffing by merit without Presidential appointment or Congressional approval would do wonders to moderate the Fed boards and regional banks.

There is no reason for anybody who is not a professional economist to be making those sorts of complex economic and monetary decisions. I heard earlier that Herman Cain once was on the Fed board...what pray-tell were his qualifications? Pizza company CEO or his previous job as a US Navy mathematician working in ballistics?