Should the Fed have CEO’s on the board?
“Frankly, I don’t know how you avert a serious financial crisis where we are right now,” Langone told Fox Business on Wednesday. “If and when the big crash comes, it’s not going to be pretty.”
The way Langone sees it, the central bank made a key mistake in 2021 by not raising interest rates to quickly beat inflation, which was already more than double its 2% target. He likened Fed officials to incompetent criminals in The Gang That Couldn’t Shoot Straight, a 1971 movie starring Jerry Orbach and Robert De Niro.
“My problem with the Fed, overall, is there’s too many academics in the mix,” said Langone. “I think if you had more businesspeople involved or people with business backgrounds, I think you might see a different dialogue and different decisions.”
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