AFL-CIO President takes over NY Fed Branch.
This is an interesting appointment. The Strategic-Thinking area of my brain is working overtime, producing hypothetical reasons for why this was done and what we should expect to happen next. Obama appointed the New York State AFL-CIO President as Chairman of the Federal Reserve Bank of New York.
They [Unions] are searching for relevancy and realizing that collective bargaining does not solve all problems. They want their hands on the levers of economic decision making. They see this as having greater appeal to unorganized workers. They are trying to show, this is not your grandfather’s labor union. Unionization used to be thought of as that movie ‘On the Waterfront.’ This is a new face.