How Much Money You Can Make By Running The Economy
When I grow up, I want to run the economy. When I grow up, I want to be a central economic planner. We all said those things when we were little, didn’t we?
What are we talking about, running the economy. Nobody runs our economy, it’s capitalism for crying out loud. Well, guess again. When the stock market hinges on every Fed policy statement and examines its adjectives and nouns for insight into “future planning” and the market reacts with 100 point swings in either direction based on the analysis, we have some serious central planning going on. When government bailouts determine what stocks survive and which ones don’t, we have central planning.
So, back to the main point of the article, how much money can you make to sit around and push the economic buttons and plan out the prosperity of the 300 million Americans moving forward? Let’s take a look…
According to WSJ, members of the Fed board earn a salary of $179,700. The chairman (Bernanke today) of the Fed earns $199,700. Not too bad.
Turning attention to Timmay Geithner, the Secretary of the Treasury earns $191,300.
So obviously, these guys are making way more money than most average Americans. With all the hoopla surrounding executive (over)compensation, you’d think that there might be some outcries against the individuals who have way more influence on the economy than a specific executive of a specific company. Sure, Goldman Sachs helped cause the recession, but what about the people at the Fed who control interest rates? Duh!
I’m tired of these academic types having way too much influence over the economy and earning a high tax funded salary at the same time. Don’t even get me started on the performance of the Fed (Thanks for the bubble/boom/bust economy.
Maybe it’s time you raised your voice a little bit. Or, the next time your little one says that he wants to be a fireman when he grows up, maybe recommend the consideration of a central economic planner?