Friday, April 5, 2019

X-AntiX update. Trump to nominate Herman Cain to Fed

Trump continues his war on good government. 538’s significant digits email has an update on the most recent example of X/AntiX governance.

2 open seats
There are two open seats on the seven-seat Federal Reserve board of governors. President Trump has been hoping to fill one of them with Stephen Moore, the author of “Trumponomics” and who the IRS has said owes tens of thousands in back taxes. Now, Trump is hoping to fill the second seat with Herman Cain, the former CEO of Godfather’s Pizza, promoter of the “9–9–9” tax plan, and accused sexual harasser of multiple women. [The Washington Post]

Here are snippets from the Post’s report.

Trump plans to nominate Herman Cain to Fed board, aiming to add supporter to independent central bank.

President Trump said he will nominate former GOP presidential candidate Herman Cain to the Federal Reserve’s board of governors, a move that would significantly escalate the White House’s effort to exert political pressure on the U.S. central bank.

“I’ve recommended Herman Cain. He’s a very terrific man, a terrific person. He’s a friend of mine,” Trump, who interviewed Cain for the position in January, said Thursday at the White House. “I have recommended him highly for the Fed. I’ve told my folks that’s the man.”

Cain, a restaurant industry executive, rose to national prominence during the 2012 GOP primary season as his campaign became famous for a simplified tax plan, known as 9–9–9. But his candidacy unraveled over complaints that he sexually harassed multiple women.

There are two empty seats on the Fed’s seven-member board. The president is hoping to fill the other empty seat with conservative economist Stephen Moore, a Trump ally whose nomination has led to an outcry from former White House officials in both parties because of Moore’s political background and lack of Fed-related experience.

Both Moore and Cain have positions that fall outside a bipartisan mainstream sentiment about the Fed’s role and practices, including advocating a return to the gold standard.

“We’ve had good Fed governors in the past who were not economists,” said David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. “But these two potential nominees have rather bizarre economic views and don’t seem to be the kind of people who would strengthen the quality of decision-making.”

Of course not. We live in the age of X/AntiX.

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