NYT Ignores Division Between Bankers and Democracy on Fed

The NYT ran a piece on the divisions on the Fed over the future course of monetary policy with some members strongly supported more aggressive measures to boost the economy while others expressed concern about inflation. The piece noted that this division was in evidence in the last two votes by the Fed's Open Market Committee, however it failed to point out the fact that it was closely tied to who appointed the members.

All five of the Federal Reserve Board governors, who are appointed by...