Atlanta Federal Reserve President Dennis Lockhart Will Step Down effective February 28, 2017. Click on the link for the complete text, but it does not say much other than “It has been an enormous privilege to serve as president of the Federal Reserve Bank of Atlanta.”
It also says the a “committee will conduct a nationwide search, seeking a diverse slate of candidates to replace Lockhart as president of the Atlanta Reserve Bank. The Bank has retained Spencer Stuart, an executive search firm, to assist in this important effort.”
I throw my hat into the ring.
Changing the Beast
James Grant, when asked what he would do if appointed Fed Chairman, replied “resign”. My approach would be completely different.
To change or kill the beast you have to do so from within. Here is a great clip that explains all you need to know.
I posted that clip in Why Did the UK Enter the EU in the First Place?
First Things First
As Atlanta Fed president, the first thing I would do would be to cut my salary to zero. This would send a clear signal as to what the job was really worth.
Next, I would take every opportunity to make speeches on why the Fed should be disbanded. I would point out the all the mistakes the Fed had made and who befitted from them. I would attack economic theory of the other Fed governors and presidents at every opportunity.
Surely this service would be far more valuable than any service provided by any Fed member now, but I would do all this for free.
Mike “Mish” Shedlock
You got my vote Mish!!
‘If elected, I will not serve” Great concept. Your “serve and kill” is even better. Only thing. if we disband the FED, what will all of those folks do? Welfare? Academia (same thing?) Lots to ponder!
C
“I would attack economic theory of the other Fed governors and presidents at every opportunity.”
Well, that would make cocktails interesting following meeting adjournments.
Atlanta president does not vote in 2017 … good time to scram.
Sorry, Mish.
You are not a Goldman Sachs Managing Director or Vice Chairman, so you are automatically disqualified.
@Mish!
This is not only great idea, it is also very easy achiveable and hope you will consider doing it. Pease hear me out. Why wouldn’t you consider from now on doubble life? Just self appoint yourself! Then from now on (because of seriousness of the situation you can’t wit until Feb 2017) every time, when some fed official says something, you respond about your college! Every single time. And hopefully as soon as possible. Every time fed does something, you know the drill, you post commen, maybe distance ourself from the fed’s action…
Since you will be living doube life, stay Mish for the rest if your comments here and call yourself something like ‘Self Appointed…’ For rhose occasions.
Your first article as Self Appointed bla bla should be that ou accept the possition, that you are reducing your pay to 0.0$ and thay you are inviting all your fed colleges to do the same, and state the reason as you already did.
Msh, what you have to lose? In worst case scenario, trffic to your site will increase. Word will spread. Prospective readers will share link to your statements. Try to be a little bit humorous & cynic if possible. Sooner or later there should come requests for interviews, (Wolf first? Then others…) just keep play this role and abe fun, while you are trying on humorous way to educate population.
What do you think? I think it is a great idea and you should start.
I would certainly bring much needed diversity to the group.
Diversity of thought is not the kind of diversity they are looking for.
My apology to everyone for the typos, I was writing on mobile device and my eyes are not what they used to be… Also I would like to encourage others to encourage Mish 🙂 to try this role play as Self Appointed Fed official. We could all have a lot of fun with this. Just imagine: you just found out one of the Fed official just spoke. You would be running straight here knowing soon Mish will respond and probably also apologize in the name of his colleges for the damage they will cause with the latest decision… I could just imagine the ongoing fun this project could bring in coming months. #double personality 🙂
Seriously, who else, in a professional capacity in virtually any sector or industry you can name, can be as wrong and as often as these Fed officials have continually been?
You would be out of work ten times over, for half the incompetence these people have shown us. It’s unbelievable.
Meteorologist
IBM CEO Ginny Rometty had 16 straight quarters of sliding profits and sales, yet SHE got a free pass on failure. It’s so bad that Watson (artificial intelligence computer) couldn’t be used to solve their business problems; however, Watson is now one of their new products for business services.
Unfortunately the people don’t vote for the Atlanta Fed President, Mish. Otherwise you would get my vote.
With your total clean-house attitude on the Fed – you’re chances of getting the Atlanta appointment would be about the same as David Duke being appointed to chair the NAACP.
You have to be an inside player to get that sorta job. You have to be total status quo, complicit and without a conscience.
That’s the reason nothing will change until the house of cards eventually collapses.
Unfortunately, you are 100% correct.
Your headline scared me half to death. I though Lockhart was stepping down to throw his hat in the ring as a presidential candidate replacement.
Mish you would certainly be a breath of fresh air. But you have not been groomed (i. e. brainwashed) for the post from an early age, have not proven yourself corruptible and/or blackmailable, and most important, have too much common sense. You need to be someplace where you can fit it.
Next, I would take every opportunity to make speeches on why the Fed should be disbanded. Mish
Wrong approach. Rather, you should advocate that every American citizen be allowed accounts at the Fed and that government provided deposit insurance and other privileges for the banks be abolished.
Or do you not wish to end slavery to the banks and other government privileged depository institutions?
“As Atlanta Fed president, the first thing I would do would be to cut my salary to zero. This would send a clear signal as to what the job was really worth.”
In honor of fairness and since negative interest rates are deemed acceptable, your salary should be negative. To make it simple, divide by 12 the annual amount lost to savers nationwide due to ZIRP and make that the negative salary.
Yes, Mish for president. Rescue us from bank inflation.