Professor John Cochrane: Professor John Cochrane of Hoover Institution addresses the fervent debate over the Federal Reserve's independence, with critics from both political extremes advocating for more accountability. He points to the Fed's expanded acti

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Professor John Cochrane: Professor John Cochrane of Hoover Institution addresses the fervent debate over the Federal Reserve's independence, with critics from both political extremes advocating for more accountability. He points to the Fed's expanded activities since 2008, including "subsidizing Wall Street," and alleged missteps that contributed to inflation and a problematic housing market. Cochrane argues for a more limited Fed, focused strictly on inflation, to preserve its independence and public trust, suggesting that its broadened scope jeopardizes its core mission and credibility.
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