It was suggested on Twitter yesterday that Dallas Federal Reserve President Richard Fisher’s tight money views might stem from the fact that the Dallas Fed region has a healthier than normal job market. If you look at it, though, unemployment in the Dallas region is right around the middle of the pack. It is, however, slightly below the national average.
It turns out, however, that the first, second, third, forth, fifth, eighth, ninth, tenth, and eleventh districts are all at least a little bit below average. That’s possible because the twelfth district is ridiculously gigantic compared to the others and also has the highest unemployment rate. Compared to the extent to which the interests of the citizens of California are under-weighted in the Senate, this is small beer. But every little bit of poorly designed institutions hurts a little.