Louis Fed comes to mind, as does rational expectations at the Minneapolis Fed.

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The Minneapolis Fed doesn't claim that Wal-Mart is a boon to every local economy it touches, just that its advantages outweigh its disadvantages.

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Furthermore, Minneapolis Fed chief Narayana Kocherlakota, a former dissenter, has quietly moved to a more dovish stance, adding further support for the Chairman.

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As an October 2008 Minneapolis Fed study revealed, around the time of the crisis 80% of borrowing among businesses took place outside the banking system.

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As was expected before the FOMC meeting, Richard Fisher of the Dallas Fed, Narayana Kocherlakota of the Minneapolis Fed, and Charles Plosser of the Philly Fed dissented with Bernanke.

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Minneapolis Fed Chief Kocherlakota told the Wall Street Journal that the FOMC may need to lift its official fed funds rate by 75 basis points before the end of 2011.

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In a speech made to the Financial Planning Association of Minnesota recently, Minneapolis Fed president Narayana Kocherlakota emphasized the need to encourage spending and build up consumer and business confidence in the economy.

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Admitting that the Federal Reserve is responsible for creating financial instability, and possibly brewing the next toxic asset bubble, Minneapolis Fed President Narayana Kocherlakota said they have to do more to stimulate the economy, as inflation is too low.

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