A prime example is Chicago Federal Reserve Bank President Austan Goolsbee, who was wrong about inflation and is now wrong about interest rates and a soft landing for the economy. He is an ideologue clearly undeterred by facts—a scary reality for someone who helps control the money supply.
Mr. Goolsbee (pictured above), a perpetual cheerleader for the Biden administration, was a staunch supporter of the narrative that inflation was transitory, even as it accelerated month after month throughout 2021 and for the first half of 2022. The facts were immaterial because they contradicted the administration’s narrative. Mr. Goolsbee helped deliver a political talking point and inflation by pushing for low interest rates.
