On Friday, May 22, Kevin Warsh was officially sworn in as the 17th chair of the Federal Reserve.
To the casual observer, it was just another transition of power in Washington. But for students of market history, the ceremony featured a set of eerie, structural coincidences that instantly brought to mind the euphoric, dangerous summer of 1987. I was there, so to speak. It was toward the end of my rookie year as a Wall Streeter. Some guy named Alan Greenspan was replacing the only Fed chair I’d known by name, Paul Volcker.
