Hanesian economics

I've expressed some skepticism in the past over the role played by the Federal Reserve and the enormous power wielded by its chairman. The notion that one individual can be enough of a financial wizard to understand the complex workings of the U.S. economy and arrive at an appropriate monetary policy to meet the economy's needs strikes me as rather implausible. Indeed, such a person would almost need to be superhuman to effectively carry out such a role.

My doubts are only strengthened when I read things like this:

...former Federal Reserve chief Alan Greenspan is a fan of men's underwear sales as an important economic indicator.

Studying such factors may have their virtues, but to have the country's monetary policy hanging on such data isn't too comforting.