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John Tamny
In his monetary policy classic Lombard Street, 19th century financial writer Walter Bagehot observed that due to the unwarranted prestige attached to central banks, posts within tend “to be desired by vain men, by lazy men, by men of rank.”
And just as Alan Greenspan made no secret of his lust for the position of Federal Reserve chairman in 1987, neither did his successor. Perhaps due to a 2005 New York Times profile of Ben Bernanke that stressed that his closest friends did not even know if he was a Republican, Bernanke made sure to heavily court the right in hopes of securing the coveted nomination.
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