Denis M. Hughes, president of the New York State AFL-CIO, has been designated chairman of the New York Federal Reserve Bank’s board of directors for the remainder of 2009, bank spokesman Calvin Mitchell said in a statement.
Hughes, 59, has served as acting chairman since May, when Stephen Friedman resigned from the position to avoid the appearance of a conflict of interest over his ties to Goldman Sachs Group Inc.
And the president of the labor union doesn’t have conflict of interest?
Consider Denis’s recent statements on the AFL CIO Now blog:
“My job is to do whatever I can to make sure working families are considered when decisions are made.”
As the president of a labor union, yes. As the chairman of the New York Federal Reserve, no. Leading the way to market recovery is going to involve getting business’s back to profitability, something which is attacked by the concept of organized labor.
Or how the re-appointment of Ben Bailout Bernanke:
“While I have had serious differences with the Federal Reserve over the past few years, I think reappointing Chairman Bernanke is probably the right choice,” said Senate Banking Committee chairman Christopher Dodd, who will lead the Senate hearings.
But the announcement was not all positive, coming alongside news that the White House Budget Office is forecasting a cumulative $9 trillion budget deficit from 2010-2019, some $2 trillion more than its previous estimate in May.
Exactly as Ayn Rand warned in her polemic novel, ‘Atlas Shrugged’- when government is placing the looters in charge to run the treasury of government and industry dry. How long will it take for our hero Galt to rise up?
‘Gangster government’, thy name is The Fed.