We finally got official news this week that the new FED chief will be Jerome Powell. He will be the first non-economic PHD in over 40 years. We applaud this pick as we know the quagmire the central banks find themselves in will require non-linear thinking, then again, that's being optimistic! Although it is quite a refreshing change of pace to have a non-academic, someone with some real-world experience, to enter the central bank foray. Another thing we like about Powell was his prior comments on the GSE's (government-sponsored enterprises), our readers know full well Fannie and Freddie are a gigantic cash cow for the government, but we also know eventually things will turn and its always best to get rid of a good thing before the going gets bad. So, with that said, we wouldn't be surprised if next year's ruling on the GSE's leans a bit more to rebooting the entities back into the private sector and out of conservatorship. We did kind of smirk when we saw the range estimates to his net worth however, $20-$60 million, hah we opt for the later considering the recent release of the "paradise papers" which shed's light as to the shadow tax haven, so many of these wealthy elites employ.