OUCH: David Stockman slams Trump over Jerome Powell Fed nomination

Ouch.

That is how you can describe former Reagan budget director David Stockman’s recent remarks about President Donald Trump’s new nominee for Chair of the Federal Reserve, Jerome Powell.

Speaking in an interview with the Fox Business Network on Wednesday, Stockman explained that Powell is a “horrible choice” and he is merely “Janet Yellen with a tie.” He added that Powell is like his predecessors: a crony capitalist Keynesian who wants to run the economy from a 12-member committee.

“We have to get off this one percent or zero percent interest rate. You gotta let capitalism work. Let the market, the free market set the interest rate. Get the Fed out of the way. This economy is 100 months into an expansion. We don’t need the crutches of the Fed sitting on interest rates like they are, or a $4.5 trillion balance sheet,” he said.

“And he’ll do the same. It’s an awful choice. It proves the election didn’t make any difference. Donald Trump when it comes to monetary policy, which is at the heart of the problem today and which is killing our economy, destroying savers, destroying businesses.”

Stockman is absolutely correct on all fronts.

Powell is the safe choice and will stay the course of what Ben Bernanke and Janet Yellen started. He will not do anything drastic.

So much for reining the Federal Reserve System and auditing the United States central bank.

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