Mike Konczal assembles some striking quotes from Federal Reserve transcripts showing how obsessed the monetary overlords are with keeping wages down. I won’t recycle any of the quotes—check out his post for the full flavor. Reading these, Mike wonders what the contribution of the Fed has been to wage stagnation over the last few decades. My sense is, not much since Volcker left in 1987. There’s no doubt that the Volcker crackdown of 1979–82, with a second-wave attack in 1984–85, did cause a major shift in the relative power of capital and labor. What… Read More