Christopher Leonard: The Lords of Easy Money: How The Federal Reserve

This book review summarizes Christopher Leonard's book "The Lords of Easy Money: how the federal reserve broke the American economy". It discusses two key stories in the book - Federal Reserve President Thomas Hoenig's dissents at FOMC meetings in 2010, and the struggles of manufacturing company Rexnord that was heavily leveraged by its private equity owners. The review provides context...

This book review summarizes Christopher Leonard's book "The Lords of Easy Money: how the federal reserve broke the American economy". It discusses two key stories in the book - Federal Reserve President Thomas Hoenig's dissents at FOMC meetings in 2010, and the struggles of manufacturing company Rexnord that was heavily leveraged by its private equity owners. The review provides context on Hoenig and the author's time at the Federal Reserve. It argues that Leonard's portrayal of Hoenig's views are not entirely accurate and that his policy position was not completely sound. It also questions Leonard's evidence for claims about the influence of banks and stock markets on Fed policy.