Democratize The Fed

Representative Mary Kaptur (Ohio) suggested to Ben Bernanke that he give as much power in the Federal Reserve decision-making process to the Cleveland Fed as is already given to the New York Fed. He would not do it.

A subtle, inquisitively nudging question illuminating the power disparity between finance and the real economy, between New York and Cleveland, and between the Haves and the Have-nots.

All this and more was discussed on the last Bill Moyer's Journal. Simon Johnson, of MIT and Baseline Scenario, also offers his perspective.