Tuesday, August 21, 2018

The Most Powerful Fed Economist You've Never Heard Of Is Retiring

David Wilcox, the Federal Reserve division director who guided three chairs on the outlook for the U.S. economy, will retire at year end, the central bank’s Board of Governors said on Monday.

As director of the Division of Research and Statistics in Washington since July 2011, Wilcox, 59, served under chairs Ben Bernanke, Janet Yellen and Jerome Powell. A search for his successor will begin later this year.

Bloomberg headlined its story on his retirement: The Most Powerful Fed Economist You've Never Heard Of Is Retiring.

Wilcox, by the way, came out of the Massachusetts Institute of Technology clique at the Fed. In 1980, he received a BA in mathematics from Williams College and in 1987 PhD in economics from MIT.

 At EPJ, we have been pointing out the MIT connection for years, see:
The Influence of MIT in the World of Economic Policy, Despite Faulty Equations (2015)

Sniffing the Scent of White Orchids: The MIT-Central Bank Connection (2012)

The M.I.T. Central Bank Mafia Exposed (2012)

Is M.I.T. Secretly Running the Fed? (2011)

It will be noteworthy to learn whether new Fed chairman Powell will bring in a new MIT-connected man or look in another direction.

BTW, MIT economists are a bunch of financial engineers who hold the faulty view that the economy can be run like a steam engine. With this view and their positions in power, they can and should ultimately be blamed for the crashes and extreme volatility that is a part of modern day economies.

Robert Wenzel is Editor & Publisher of

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