The manager of the first billion dollar mutual fund, whose name escapes me right now, said, “pick companies that could be run by an idiot, because eventually, one will.” I think this is true of every type of organization, the Fed included. The reason is competent but insecure leaders pick incompetent people to put under them so they won’t feel threatened. Then, when they move on, those incompetent people just float into a position they have no clue how to make work properly.