The Fed Hates Old People, Just Look at the Demographics

The Federal Reserve (the “Fed”) is often criticized for policy mistakes, such as Paul Volker’s “inflation fighting” in the late 70s/early 80s or the “kept interest rates too low for too long” Alan Greenspan. The mistakes, no doubt, largely fuel the fire of critics, with the missteps acting as an indication that Fed lacks sufficient foresight to provide reliable policy guidance. Detractors of the Fed don’t stop there (at least the smart ones don’t just want a “I told you so” moment).  They, instead, ask the question – if the Fed lacks any reliable foresight, then why allow the Fed’s…