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Senior Advisor

Crazy Jerry

far outdid Benjamin Strong, Arthur Burns or any other Fed Head in pulling out all the stops to try to get Da Boss re-elected. It came close to working.

The Trump program only produced one quarter of boom, then sagged and by the end of '18 was losing altitude under the burden of the failed trade and taxation policies. Trump publicly threatened to fire Powell, and he responded with unprecedented rate cuts and asset purchases when the problems with the economy never had anything to do with monetary policy- they were due to a disorderly executive strategy.

Then, with Covid, he hit the economy with the mother of all Coup de Whiskies- $Ts in asset purchases. Mnuchin handled the fiscal side, which was also far beyond anything historically comparable.

Now he's sort of got his hands full. But I guess the reason why people are so mad is that the bottom quartile of workers are, on average, much better off than they were before the pandemic. That is a grave injustice.


2 Replies
Senior Advisor

Re: Crazy Jerry

Compared to the actual, real world alternative of doing nothing or too little, I'm not that critical of the response of global central banks to the crisis.

And, of course, had they done little or nothing, Trump would have lost by 10 instead of 3.

And Biden and a solid D Senate and House would have had a much cleaner slate to run with.

That's the fatal flaw of "liberals". They tend to see good public policy as good, regardless of the political implications. "Conservatives" love the Sampson Strategy.

Senior Contributor

Re: Crazy Jerry

You really are an idiot.