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May 25, 2005

Why Oh Why Can't We Have a Better Press Corps? (Yet Another Washington Post Edition)

Calculated Risk writes:

Calculated Risk: Fed News: Gramlich Resigns, Greenspan Might Stay Longer: Meanwhile, the WaPo is reporting that 'Administration Considers Delaying Fed Chief's Exit'.

Bush administration officials are mulling whether to encourage Greenspan, 79, to continue as Fed chairman for at least a few months beyond the Jan. 31 expiration of his term, according to sources told of the possibility. That would give the White House more time to broaden the search for possible successors, looking beyond the academic and policy worlds to the corporate world, as they have been urged to do by some financial analysts...

'More time to broaden the search'? The White House wasn't aware that Greenspan was retiring in January?

Even weirder is the implication later on in the article by the Post's Nell Henderson that Paul Volcker was a corporate-world appointee "beyond the academic and policy worlds." Henderson describes Volcker as someone who had "worked for Chase Manhattan Bank and did not have a PhD in economics." She makes no reference to the Paul Volcker's years as Undersecretary of the Treasury for Monetary Affairs, or to his being President of the Federal Reserve Bank of New York when appointed Chairman of the Fed.

I'll try to find out tomorrow morning whether she (a) simply did not know that Paul Volcker was not a "corporate world" Chair but a "policy world" one, or (b) knew but was trying to score some White House favor points by misrepresenting Volcker's career in a way the White House momentarily finds convenient.

Posted by DeLong at May 25, 2005 01:30 PM