Posted by
Sgt.Stryker on Wednesday, August 26, 2009 7:32:10 AM
I haven't seen much about the naming of union activist Denis Hughes to head of the NY Fed anywhere except
this bit from IBD.
"His ascent to one of the world's most important financial posts is another troubling sign of this administration's too-tight embrace of organized labor."
"He has no significant finance experience. Nor does his educational background — "Brother Hughes," as the AFL-CIO's Web site calls him, has a B.S. degree from the Harry Van Arsdale School of Labor Studies at Empire State College — reassure us.
Of greater concern is his career as a bought-and-paid-for union official and political operative. The New York Fed chairmanship is hardly a place for a person whose entire career has been spent fighting and strong-arming the very people he'll now be regulating."
"Putting this key Fed bank in the hands of a person whose experience suggests a bred-in-the-bone hostility to capitalism strikes us as bizarre at best and dangerous at worst. And it bears the unmistakable imprint of the White House. "
An interesting side-bar: Lee Bollinger, President of Columbia University, has been named vice-chairman.
Payback all around. If you recall, Obama is an alumni of Columbia. Or so they say...
Wall Street and those in the corporate world who contributed to Obama's campaign should be very worried. I'm sure they thought all of his rhetoric about "being dropped behind enemy lines" when he went to work for a brokerage was just that...populist rhetoric. Another instance of Obama putting a sharp stick in the eye of capitalism.
Is this a sign that card check is not far behind??