Discover and read the best of Twitter Threads about #10yearsafter

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Yesterday @NickTimiraos broke the news that John Williams is the frontrunner for president of the @NewYorkFed.

If true, a compromised process ignored the public & resulted in a white, male insider, more hawkish than Dudley, and an ineffective regulator.

wsj.com/articles/san-f…
I told @bencasselman that selecting Williams for the @NewYorkFed would be "deeply disappointing and a missed opportunity.”

This is the most powerful position that Trump doesn't control.

We deserve better.

nytimes.com/2018/03/24/bus…
In this thread I'll cover:
1. How the process was compromised by Wall St and shut out the public
2. Why the @NewYorkFed matters for our jobs and wages.
3. Williams's history of underestimating maximum employment
4. How Williams failed to stop @WellsFargo
5. What we can do next
Read 32 tweets
10 years ago this week, Bear Stearns was the 1st financial giant to collapse. The @NewYorkFed rescued Bear Stearns by negotiating its sale to @JPMorgan – but it was too late to stop the worst crash since the Great Depression. #10YearsAfter
Some people in Washington seem to have forgotten the 2008 financial crisis, but the millions of people who lost their jobs, homes, and life savings haven’t. #10YearsAfter
Right now, the @NewYorkFed President is being replaced. It's one of the most important economic jobs in America that @realDonaldTrump doesn’t control. We need someone in the job who will work for the American people, not for Wall Street. #10YearsAfter
Read 5 tweets
Just #10YearsAfter the financial crash and Wall St is pushing amnesia about what they did.

THREAD on why the @NewYorkFed is the most powerful position Trump doesn't control, and with the #BankLobbyistAct, could be a last line of defense against another crash.
The @NewYorkFed supervises and regulates the biggest banks in the world. It failed miserably in catching the meltdown. Why? The @NewYorkFed's own study said it was because they were too deferential to the banks. No one was willing to stand up to Wall St.

psmag.com/news/inside-fe…
Not standing up to Wall St isn't surprising. Every. Single. NY Fed President has been white and male and come from or gone to financial institutions.

Of the 143 bank examiners left the @NewYorkFed from 2011-2016, nearly half went to work in the financial industry.
Read 19 tweets

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