From the Wall Street Journal comes this bit. A transcript of a 2002 Federal Reserve meeting produced this exchange:

In December, 2002, according to an FOMC meeting transcript, St. Louis Fed President William Poole was citing the economic significance of the company’s sales of “discretionary items, electronics, and fashion apparel” when Chicago Fed President Michael Moskow interrupted: “Is that an oxymoron?”

Mr. Poole replied: “Well, at least Wal-Mart’s version of fashion apparel. How long has it been since you’ve been in a Wal-Mart?”

Probably never. Power and position - gained via the managerial state - certainly means that Wal-Mart need not be on the radar map for those folks. And to think that these guys influence and direct the monetary policy, and therefore the financial well-being, of middle class, mom-and-pop America.