For clarity's sake, the article is critical of Salter's statement.

Some of these folks did experience the 70's, they just don't ever learn the right lessons (possibly because they're paid more if they don't).

Undisciplined

econ

There’s No Good Reason for the Fed to Have an Inflation Target

These guys didn’t experience the malaise and stagflation of the 1970s. 

There is no good reason for a central bank to exist 

Expansionary policy can help fight recessions … lazy statement 

Monetary policy is about price stability. At least in theory. 

Too many people give the Fed too much credit and influence for the state of the economy.  It’s not a wizard or magician 
