Still feeling a bit weak today, I rested up with this fascinating book called “FED UP”. Filled with descriptive words, my mind flowed along nicely with the chapters. It talked about the Fed system, the hawks and doves, and how different ideologies played out. I am happy to finish this book! My 2nd book of the year! Always treasure quiet moments to read because these opportunities don’t come easy.
I guess two key learning lessons:
1. To prevent groupthink is to allow dissent and diversity in your organisation.
For example, according to the book,the Fed wanted to hear from people who are economists PhD and no less. They wanted people who agree with their models and they went after people who challenged their models to preserve their “powers”. This caused them to totally miss out what was happening in the Main Street or the real happenings.
2. When something is too big to fail, it is seriously too big of a risk to have it around.
