New York Fed Names Geithner Successor

The New York Fed has named William Dudley to take over for Tim Geithner, sworn in as Treasury Secretary last night.

Dudley -- yet another Goldman Sachs alum, like Treasury's bailout czar Neel Kashkari and former Treasury Secretary Hank Paulson -- has headed the New York Fed's markets group and been an executive vice president since 2006.

Dudley was immediately attacked by CBNC's Larry Kudlow moments ago as a "monetary tinkerer" and an adherent of the Phillips Curve, a macro theory that posited a consistent inverse relationship between wages and unemployment: when unemployment was high, wages increased slowly; when unemployment was low, wages rose rapidly, to quote the libertarian Library of Economics and Liberty.

A. W. H. Phillips's curve has been attacked by more laissez-faire free-marketers, such as Milton Friedman. And Larry Kudlow.

-- Frank Ahrens
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