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I recall reading a quote from a Fed Chairman along the lines of "We have to do what the president wants, in order to maintain our independence."
Now I'm having trouble finding it. Was that just apocryphal?
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I thought it was Arthur Burns, but it didn't come up quickly in my searches.
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Not a bad guess. He's usually considered a weak chair, letting inflation run away before Volcker came in and crushed it basically
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