The Phaserl


New York Fed’s Dudley Goes from Fire Warden to Soothsayer

by Pam Martens, Wall Street on Parade:

Yesterday, William Dudley, President of the scandalized Federal Reserve Bank of New York, cast off his Fire Warden’s helmet long enough to enthrall an audience at Bernard M. Baruch College in New York City with his soothsaying ability on economic matters.

Dudley sits at the helm of the regional Fed bank that supervises the mega Wall Street banks that collapsed the U.S. economy in 2008. His ability to supervise either the Wall Street banks or his own institution has come into serious question. Recently, he told Senator Elizabeth Warren during a Senate hearing that he viewed his regulatory role over Wall Street not as a cop on the beat but “more as a fire warden,” making sure the banks don’t burn down. (Burning the country down is clearly another matter.)

The U.S. Senate Subcommittee on Financial Institutions and Consumer Protection called Dudley to testify on November 21. Darrell Delamaide, writing for USA Today, called Dudley’s demeanor at the hearing “slightly cocky.” It was that and more. At times, Dudley delivered his answers through clenched teeth, giving the impression that he viewed his inquisitors as dunces.

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