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The history of presidential Fed bashing suggests it has not been a fruitful strategy

When talking about presidents using the Federal Reserve as a punching bag, it is always useful to start at the career of former Fed Chairman William McChesney Martin, who was nearly literally turned into a punching bag by President Lyndon Johnson.

Vincent Reinhart, a former top aide to former Fed Chairman Alan Greenspan, thinks the LBJ episode shows public criticism of the Fed “is counter-productive.”


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte