Middletown, OH is the locale of the much-read and much-commented on J.D. Vance memoir Hillbilly Elegy. Vance describes a part of the U.S. that's been economically collapsed for quite some time.
Middletown's relentlessly downtrodden situation came to mind while reading a Wall Street Journal excerpt of former Fed Governor Kevin Warsh's recent talk at a Hoover Institution economic conference. Warsh made the point that “[W]hen monetary policymakers herald their record of job creation, they risk their institutional prerogative.” Translated, if the Fed can fix things, and celebrates being able to, it risks becoming a growth agency instead of a central bank.
Read Full Article »