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Professor William Silber on the impact of dissent within the Federal Reserve

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Excerpt from The Wall Street Journal -- "When a Fed chairman doesn't command strong majorities, it undermines his voice domestically and globally and creates uncertainty about policy, said William Silber, who documented those episodes in the Volcker biography, 'Volcker: The Triumph of Persistence.' 'Disagreement is healthy,' Mr. Silber said. 'Uncertainty is universally bad. It raises the cost of everything.'"

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