Bailout architect Neel Kashkari named Minneapolis Fed chief

REUTERS/Stephen Lam
Neel Kashkari

There’s a new fed boss in town. The Star Tribune’s Adam Belz reports, “Neel Kashkari, a key architect of the government rescue of the banking industry during the financial crisis and recent candidate for governor of California, will be the 13th president of the Federal Reserve Bank of Minneapolis. … Kashkari will replace Narayana Kocherlakota on Jan. 1. He will serve on the Fed’s powerful Open Market Committee, which sets interest rates, and oversee 1,100 employees in Minneapolis and Helena, Mont., who administer bank regulations and payments, provide economic research and boost development in the six states of the Fed’s Ninth District.”

In related news, Bob Collins reports that Kashkari once made People magazine’s list of Sexiest Men Alive. [MPR]

Your rent’s going up. In the Minneapolis/St. Paul Business Journal, Sam Black writes, “Even though about 4,800 apartment units will be built in the Twin Cities this year, vacancy rates remain stable and rents are climbing, according to the fourth-quarter apartment market report from Marcus & Millichap’s Minneapolis office. … Average apartment rents in the Twin Cities are expected to rise an average of 4.8 percent to $1,098 per month in 2015, the report says. It’s the biggest annual jump in rental rates in the past seven years.”

The Edmund Fitzgerald went down 40 years ago today. At, Garett Ellison asks why the tragedy still sticks with us: “That clash between fact and fiction has been central to the Edmund Fitzgerald legend in the 40 years since the mighty iron ore carrier sunk with all hands aboard during a hurricane-force gale on Monday, Nov. 10, 1975. … Thanks to Gordon Lightfoot’s popular folk song and an enduring mystery that is debated to this day, the wreck of the Edmund Fitzgerald — surpassed in maritime notoriety perhaps only by the Titanic — has become an American cultural touchstone in a way that no other Great Lakes tragedy has before, or likely ever will again.”

Here’s the NTSB report on the wreck

Of course, when Target pulls these off the shelf, it’ll be just another example of the War on Christmas. The Star Tribune’s Kavita Kumar reports, “ Target was apparently trying to be cute. But some consumers have taken to social media to complain that the ‘Obsessive Christmas Disorder’ sweater the Minneapolis-based retailer began selling in recent weeks is offensive.”

In other news…

Minnesota tax collections exceed expectations. [KSTP] 

Sen. Amy Klobuchar went on “The Late Show with Stephen Colbert” last night. [WCCO]

Minneapolis City Council members Linea Palmisano and Cam Gordon want to make it easier for food trucks to sell at farmers markets. [Minnesota Daily]

Food gets political: Lt. Gov. Tina Smith invited the Heavy Table to a “a local food culture ride-along.”

We’re guessing some readers might be interested in this Kickstarter to BRING BACK MYSTERY SCIENCE THEATER 3000. 

Ricky Rubio’s hair has been getting progressively shorter… he might not like how this ends. [Star Tribune]

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