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Trump wants to appoint two utterly unqualified men to the Fed. I try to explain why 1/ nytimes.com/2019/04/08/opi…
He wants looser monetary policy; but don't a lot of other people? Yes, but Trump isn't like economists who believe that the Fed should have held off on raising rates and tried to buy some recession insurance 2/
What Trump is calling for, instead, is massive monetary easing – the kind you call for in an economic emergency, and which, of course, he opposed and denounced when we really did have an economic emergency 3/
So what is the emergency that would justify such policies now? Well, from Trump's point of view, the political failure of his tax cut, which hasn't caused a huge boom and remains unpopular, IS an emergency 4/
That's wildly irresponsible, so he needs men who will do whatever he wants. Hence Moore and Cain. 5/
One further note: if these men do get appointed, and then we have a Democratic president, you know what will happen: they'll suddenly become tight-money advocates again, and try to sabotage the economy 6/
