The Senate has confirmed Kevin Warsh as chairman of the Federal Reserve. The vote to confirm Warsh on Wednesday brings new leadership to the world’s most powerful central bank at a fraught moment for the global economy.

Senate Democrats have also condemned Warsh for not fully divulging the details of his extensive wealth, which disclosures show amounts to at least $100 million. His investments include stakes in Polymarket and SpaceX, but he hasn’t revealed how large those holdings are. He promised to sell all such assets within 90 days of being sworn in.

“He will be the wealthiest Fed chair in history, but he refuses to provide transparency to the American people about who he is entangled with,” Warren said.

  • phdepressed@sh.itjust.worksEnglish
    9·
    16 hours ago

    We’ll be lucky if that’s all. In the 70s and 80s inflation was in the double digits (peaked 14.8%). Under Carter and Reagan fed chair Volcker raised interest rates from 11.2% to over 20% for a time to combat it.

    • UnderpantsWeevil@lemmy.worldEnglish
      2·
      10 hours ago

      Under Volcker, unions were busted and wages flattened as a means of inducing austerity. That lemon’s been juiced.

      There is no pool of retail consumers who can maintain spending at double-digit inflation rates for an appreciable length of time. You’d just see consumer spending plunge