Trump Proposed Two Uniquely Unqualified Candidates To Run The Fed

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This from the conservative WSJ

President Trump said Thursday he intends to nominate former GOP presidential candidate Herman Cain to the Federal Reserve’s board of governors… The selection of Mr. Cain, following the president’s decision to nominate his former campaign adviser Stephen Moore, marks an effort to install two Fed critics and loyal Trump supporters on the central bank’s powerful seven-seat board… Messrs. Cain and Moore both staked out positions quite critical of the Fed’s easy-money policies earlier this decade —stances that would appear to be at odds with Mr. Trump’s desire for rate cuts now. Messrs. Cain and Moore have previously advocated, for example, a return to the gold standard… 

…JPMorgan Chase & Co. Chief Executive James Dimon said he hoped senators would “do their homework” on Messrs. Moore and Cain. “I don’t think they are the right people,” he said at an event in New York. “They should put professional people on.”

What does Dimon mean by “professional people?”  Probably “economists.”

Cain’s background — other than his sexual harassment allegations and settlements is in the burger and pizza business. I am not making this up, zero economics background. No wonder he is a gold bug.

Moore’s background — other than his refusal to pay debts to child support – is an MA in economics with zero peer-reviewed output and a long, scary history of flagrant lying about economic facts. Here are some direct links from Menzie Chinn that are well worth reading to understand how scary his appointment would be — and he is the “more qualified” of the two candidates…