Bill Foster: “Thank you all for appearing on this very complicated subject.”

While the Presidency is often the focus of political pronouncements about macroeconomic conditions, there is no question that it undersells the importance and the independence of the work of the Federal Reserve Board.

This made the discharge petition much more effective at its intended purpose, which is sort of to operate as a safety valve against, you know, the Speaker's rather dictatorial power.

The good news is that macroeconomic policy is working as designed.

Frankly, when I read about this, it triggered my PTSD from the AIG situation with credit default swaps during the financial crisis.