The Danger of an All-Powerful Fed or the Danger of a Central Banking: Cochrane and Cochran John H. Cochrane: The Danger of an All-Powerful Federal Reserve: ‘Macroprudential’ policy thinkers want central banks to micromanage the entire financial system. John P. Cochran: Can Fed policy get any worse? – Bernanke A Tenure of Failure Macroprudential policy is Mondustrial Policy on Steriods.