Romney and GOP Senators Kill Off Pro-Trump Economist Steve Moore’s Nomination to Federal Reserve Board – Moore Withdraws Nomination Today
On March 22nd President Donald Trump nominated noted economist Stephen Moore to serve on the Board of the Federal Reserve.
— Stephen Moore (@StephenMoore) March 22, 2019
Stephen Moore has a distinguished career in leadership roles at Heritage and The Wall Street Journal. Stephen Moore is a founder at the Club for Growth. Moore was an early Trump campaign supporter and wrote the book Trumponomics.
Moore is a presidential adviser and friend and is an architect of the greatest economic boom since Ronald Reagan.
In September Stephen Moore spoke at the Gateway Eagle Council in St. Louis, Missouri.
And in December Steve criticized Federal Reserve Chairman Jerome Powell for his irresponsible and dangerous rate hikes and threats of rate hikes. Powell was able to unilaterally stall the US economic boom in its tracks and cost the US economy hundreds of billions of dollars.
Moore wrote that it was time for Powell to resign. Moore was right.
Via World Net Daily:
In one of the most remarkable Abbott and Costello routines in modern times, the economic wizards at the Fed again raised interest rates on Tuesday. Their cracker jack logic for doing so is to steer America on a course toward recession so they have the tools in hand to end the recession that THEY themselves created. Can anyone tell us who’s on first?
Worse, this Fed move doubles down on its blunderous interest rate rise in September. President Trump turned out to be exactly right: the central bank pull back on money would slow growth and crush the stock market in order to combat nonexistent inflation.
The Fed had already reduced the monetary thrust that it provides to the economy 8 times since December 15, 2015, by raising its Fed Funds interest rate from 0.25% to 2.25%. Each time, the Fed claimed that it needed to guard our economic airliner from inflationary “overheating” – as if its job is to prevent too many people from working and making sure that pay checks aren’t rising too quickly.
Unfortunately, if you cut engine power too far on a jetliner, it will stall and drop out of the sky.
On Wednesday, December 19, despite the numerous market-based alarms that were sounding in the cockpit, Chairman Powell and his co-pilots on the FOMC voted to raise the Fed Funds rate to 2.50%. This sucks more dollars out of the economy at a time when the world demanding more dollars – thanks to Trump’s Tax cutting and deregulation policies.
Chairman Powell has been entirely tone deaf to the financial markets he seeks to protect. The Dow Jones Industrial average, which had risen by 382 points on hopes that the Fed would listen to President Trump and stop cutting power, plunged by 895 points after the 2:00 PM announcement, and closed the day down 352 points (1.49%). Poof, trillions of dollars of wealth vanished.
Since its peak on October 3, which, not coincidentally, was right after Chairman Powell gave a speech suggesting that the Fed might be through tightening money, the Dow has fallen by more than 3,500 points [now 4,500]. Market fears about his bad judgment have cut the value of all U.S. stocks by about $4.5 trillion, which is enough to buy 16,000 Boeing 787 Dreamliners.
The Fed economists use twisted logic that the economy is “strong enough” to absorb the rate hikes – which is simply an admission that their policy will slow growth.
And for what purpose? Since the last rate hike the economy has slipped into an anti-growth deflationary cycle with commodity prices – oil, copper, cotton, lead, steel, silver among others – falling by about 10 percent. The new Fed policy is sure to accelerate the deflation and farmers, ranchers, coal miners, oil and gas drillers will get further crunched by the dollar shortage.
Can someone at the Fed Temple please explain how falling commodity prices indicates inflation? Inflation is too many dollars chasing too few goods.
The commodities index is about the only read-out that a monetary pilot truly needs. And, right now, the CRB Index is blaring “Pull up! Pull up!”
Mr. Powell warned of a slowing economy in 2019 – but he failed to acknowledge that the headwinds the economy is facing are the drag the Fed is itself creating. It was almost as if the Fed believes there is some weird Puritan-like virtue to slowing down the investment, employment and wage-growth spurt Trump policies have created.
This was a scathing rebuke of the current Federal Reserve Chairman.
Stephen Moore was right.
The Democrats and Deep State apparatus does not want Stephen Moore on the board of the Federal Reserve. Stephen is the perfect pick for the job. Now the deep state is attacking Steve and his family.
Republican Senators Joni Ernst (R-IA), Shelley Moore Capito (R-WV), Lisa Murkowsky (R-AL) and anti-Trumper Mitt Romney (R-UT) expressed reservations this week. The Republican senators effectively killed Steve Moore’s nomination.
The Republicans voiced concerns over Moore’s nomination for comments he made nearly 20 years ago about women earning as much as men in fields like women’s sports.
On Thursday Steve Moore withdrew his nomination for the Federal Reserve Board.
It was a victory for anti-Trump globalists everywhere.