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GS, I know a member of the Board of the Boston Fed. He is very bright, successful in his career, and one who tends the details, but he absolutely does not see anything fundamentally wrong with the economy nor does he see the Feds role in creating massive distortions in the economy. All he sees are rainbows and unicorns on the horizon. I don’t even try to convince him of anything different anymore. Waste of my breath. He is self-made coming from modest origins and so hasn’t been insulated from the real world in the manner of trust fund babies. If he is typical of other Fed Board members in his inability to see what is happening, then they are never going to see it, and when it all comes crashing down they aren’t going to see that they had anything to do with it.