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.
January 27, 2009; 11:23 AM ET
Categories: The Ticker | Tags: Geithner, Larry Kudlow, William Dudley
Save & Share: Previous: Geithner's New Bailout Rules: No Political Interference Allowed
Next: House GOP Leaders Urge Members To Fight Stimulus
The comments to this entry are closed.