"One other thing to note - the US Fed does in fact have an explicit charge to promote employment, in addition to the inflation targeting role."

Indeed, and that's the clearest evidence to date that it is an awful arrangement. Had they not had this dual mandate, it is unlikely that Greenspan could have so easily managed to pull off his repeated (and deliberate) bubble creation.

"It failed because she said some unkind things about George Bush in her speech"