Trump hits another one out of the park in naming Herman Cain to Fed board
Fans of free markets and the great Trump economy should be dancing with glee at the nomination of Herman Cain to the Federal Reserve's Board of Governors.
Here's the Bloomberg report:
President Donald Trump said Herman Cain, the former
pizza company executive[Federal Reserve of Kansas City Chairman to you, Bloomberg] who ran for the 2012 Republican presidential nomination, is being vetted for a seat on the Federal Reserve Board.
Trump told reporters at the White House on Thursday that Cain is in “good shape.” Cain would fill one of two open seats on the board; the president plans to name Stephen Moore, a visiting fellow at the Heritage Foundationand a long-time Trump supporter, for the other.
The former Federal Reserve of Kansas City Chairman and successful business leader, who ran for president in 2012 only to be knocked out by a long-ago love affair, will bring some serious free market heft to the Fed's policy-making body alongside Moore. Those are the guys who decide interest rates. Like lots of jobs? Like an incandescent economy? Get ready for more with a guy like Cain on that board.
Combined with Moore, the pair of them will put some free market muscle into the decisions of the Fed board, something we have not seen in years, even though America is supposed to be the world's free market beacon. In recent years, the Fed has been loaded with on-the-one-hand-on-the-other-hand academic bores as well as Keynesian big-goverment-spending enthusiasts. Those guys brought us the Obama economy - and with zero interest rates, gave the former president of that failed economy free rein to ramp up government spending to finance his 'programs.' All of his Fed appointments were praised in the press. Cain, by contrast, first alerted America to the 'Chilean Model' and other free market solutions during his presidential campaign, all based on his own experience as a Fed honcho as well as a successful Fortune 500 businessman who operated in the real world.
Very predictably, the media is howling over Cain, cooking up its narrative about why it shouldn't happen and splattering itself all over the place as it tries. Get a load of these disjointed headlines:
First, the Los Angeles Times. This is the economically ignorant Hiltzik, projecting, of course:
Next, the New York Times, always focused on the important things:
Marketwatch, meanwhile, decided to go 'meta' - reporting about the reporting - and then quoting a couple of academics who hate Cain:
The subhed, of course, lets the cat out of the bag as to what this is really about:
CBS, meanwhile, takes the faux high road, saying the appointment would 'politicize' the Fed. Like the previous hires didn't have politics, too.
I guess we're supposed to be scared by that. What if ... the economy gets even better?
So what we have here is a concerted effort by leftists to knock Cain out before he's even in, and they are throwing the kitchen sink at him.
Yet given Cain's ideas, the only risk we really have is of a stronger economy, something that hasn't had an advocate on the Fed for decades.
The press is reporting that this has something to do with Trump's dissatisfaction with his Fed chairman appointee, Jerome Powell. Maybe, maybe not, I don't have a big problem with him - I saw him on 60 Minutes and thought he was a reasonable man. Someone like that would be someone who could work well with both Cain and Moore.
Free market voices have simply been shut out for too long. I'm perfectly happy with the economy as it is. Yet Trump's statements about the whole matter shows that he isn't - by appointing Cain and Moore [and don't forget that other brilliant pick of his, David Malpass at the World Bank, too], he's not only signaling that our interests, not the swamp's, matter, he's signaling that he wants the best.