Treasury Sec Scott Bessent 🏛️ The Fed Reserve institution needs scrutiny

Treasury Sec Scott Bessent: "What we need to do is examine the entire Federal Reserve institution and whether they have been successful...
All of these Ph.D.s over there, I don't know what they do...
This is like Universal Basic Income for academic economists."
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The Federal Reserve’s track record speaks for itself: from the Great Depression to the 2008 meltdown, its academic-heavy leadership has repeatedly failed to prevent or mitigate crises.
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the institution still operates as a bureaucratic fortress—bloated with theoretical models that ignore real-world consequences like inflation and housing bubbles.
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If trillions in quantitative easing and zero accountability for serial forecasting failures is the “expertise” these academics deliver, it’s time to audit the Fed’s structure and redirect resources toward transparency, not tenured complacency.

https://x.com/i/status/1947266046404055417