From WSJopinion: Trump can’t fire Jerome Powell so he’s sending over bad nominees to make the chairman’s job harder, writes Alan S. Blinder
By Alan S. Blinder July 15, 2019 7:08 pm ET You might have noticed that President Trump is waging war on the Federal Reserve. That in itself is nothing new. In 1966, Lyndon Johnson invited Fed Chairman William McChesney Martin down to his Texas ranch to barbecue him. George H.W. Bush attacked the Fed so often, though mainly via surrogates, that the weekly meetings between Chairman Alan Greenspan and Treasury Secretary Nicholas Brady were suspended. And so it went—before Bill Clinton.
Mr. Trump began his war on the Fed with a barrage of verbal abuse—berating the central bank, and Mr. Powell in particular, as “going loco” and being “the only problem our economy has.” He made it clear that he regretted appointing Mr. Powell as chairman. But as my mother taught me when I was a kid, “Sticks and stones can break your bones, but words can never hurt you.”
The new strategy made its debut at the end of March, when Mr. Trump announced his intention to nominate Stephen Moore, who is more of a political polemicist than an economist. The Moore nomination was followed quickly by a similar announcement for Herman Cain, the pizza man. Fortunately for the nation, both nominations fell by the wayside. Not even the ever-docile Senate could muster the necessary support.
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