Interesting read (and yes, corrupt idiots is the perfect name for guys like this): Former Fed Governor Mishkin Paid $124,000 to Write Glowing Report on Iceland before its Collapse; Mishkin Never Disclosed he was Paid <div><object width="576" height="324"><param name="movie" value="http://d.yimg.com/nl/movies/site/player.swf"></param><param name="flashVars" value="vid=21504678&"></param><param name="allowfullscreen" value="true"></param><param name="wmode" value="transparent"></param><embed width="576" height="324" allowFullScreen="true" src="http://d.yimg.com/nl/movies/site/player.swf" type="application/x-shockwave-flash" flashvars="vid=21504678&"></embed></object></div> Video Source who comments: The guy is also a former Fed governor, in case you were wondering what kind of corrupt idiots are running our entire financial system. Here's his 2005 take on Too Big To Fail: What, Me Worry? Then there's his great housing bottom call in April 2007. And congratulations to the Columbia Business School for allowing this man to remain a professor. The interview above is reportedly by filmmaker Charles Ferguson, whose film Inside Job, about the financial collapse, will be released this fall. ---------------- Mish sums it up perfectly: "Mishkin's Columbia Business School Biography is an impressive read but the man does not have an ounce of common sense. It seems like you have to be an economic fool to be appointed to the Fed or be on the Fed's staff. Furthermore, Keynesian and Monetarist clowns certainly have an inside track at university professorships. Unfortunately, being a economic fool, a Keynesian clown or a monetarist clown is not grounds for dismissal from either the Fed or Academia. However, unethical actions are (or at least should be) grounds for dismissal. It is simply unconscionable for someone at that level to author an academic 'research paper' without admitting they were paid to do so."