I know. You’re shaking your head. You think this is just a bad dream.

Denis M. Hughes Named Chairman of the New York Fed Board of Directors

The Federal Reserve Bank of New York announced today that Denis M. Hughes has been designated chairman of the New York Fed’s board of directors by the Board of Governors of the Federal Reserve System for the remainder of 2009.* Mr. Hughes is president of the New York State AFL-CIO [emphasis mine] and has served as a Class C director since January 2006. He has served as deputy chairman since January 2007 and as acting chairman since May. He joined the board as a Class B director in January 2004.

[Thanks to Patrick Semmens]
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*For those of us who are hoping for a Soviet-style collapse of the United States, I don’t think that keeping Hughes in this position for only the remainder of this year is enough time for him to do enough fiscal damage to bring the United States down—unfortunately.