people who are more knowledgable than i am say that mankiw used to be a serious economist, but as far as i can tell, he's a bushite, through and through. god forbid that anyone should question the fed....

mankiw was my first...macro 101 textbook author.

I remember when he got chastised for being too globalization friendly-during the labor outsourcing debate-as bush boss hog for the economy.

Free trade 100%

Tanta, no response to my bite in the other thread?

As for the independent fed, they are independent, but very nervous with a populist presidency in the wings in '08.
I know I would be if it was my paycheck...the drift to state control is starting again, and with that drift comes strings for the fed. Shades of the "accommodation" between the Fed and the Treasury that started in WWII and didn't end until the 50's. Pegged treasury rates, anyone?

The past is doomed to repeat the future, if we are all looking backwards...

Nice distinction spencer.
There is something odd about Mankiw's remark, no?

"After reading a story like this, one might worry that more Congressional scrutiny will translate into less Fed independence and ... worse macroeconomic outcomes."

It's not that the Congressional scrutiny is mere political heckling, but odd that getting scrutiny from economists rather than politicians is what is going to make it "worse".
And so far Mankiw is not a politician but a celebrated economist.
[Now, I sense there are some/many who might want to wade in here and provide some additional scrutiny on that nature of that possibly "off" economist. Be my guest, you transparency lovers.]

So, odd to be disparaging his own profession in favor of his illustrious former employers, the politicians.