Thomas Palley was formerly chief economist of the US-China Economic and Security Review Commission. Prior to joining the Commission, he was director of the Open Society Institute’s Globalization Reform Project, and before that assistant director of public policy at the AFL-CIO. He is the author of Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism (Princeton University Press) and Post Keynesian Economics (Macmillan Press).
The Federal Reserve's response to the current fiscal crisis raises grave questions about its independence and judgment. It is time for Congress to launch formal hearings into the governance of the Fed.Thomas PalleyMar 31, 2008