SPARKY TAKES THE WHEEL

"The Federal Reserve Board’s decision today to elevate Denis Hughes, a New York labor union leader, to the role of chairman of the board of the Federal Reserve Bank of New York is an unusual choice, and also shines a light on a sometimes cumbersome law overseeing the governance of the Federal Reserve.

The Federal Reserve Act (section 4, paragraph 20) says that chairmen of boards overseeing regional Fed banks need to have “tested banking experience.” Mr. Hughes, who is head of the New York branch of the AFL-CIO labor union, doesn’t seem to have that kind of banking experience on his resume. He’s spent most of his professional life as an electrician and union leader."

Wall Street Journal

An electrician is now managing one of the twelve regional Federal Reserve banks; and New York no less.

I was hoping that as the economy collapses that the last one out would turn off the lights. Looks like we've got that covered.