Trump’s Fed Pick Stephen Moore

[AwakeSince08]

Opinion on this guy? The media doesn't seem to like him so he can't be all bad. Can he???

Also He is a Member of "The Club For Growth" i've heard of it before but don't know much about it.

I'm new here, looking to learn.

https://www.vox.com/2019/4/22/18511264/stephen-moore-fed-herman-cain-bonnie-bernstein

[Swordsmyth]

Opinion on this guy? The media doesn't seem to like him so he can't be all bad. Can he???

Also He is a Member of "The Club For Growth" i've heard of it before but don't know much about it.

I'm new here, looking to learn.

https://www.vox.com/2019/4/22/18511264/stephen-moore-fed-herman-cain-bonnie-bernstein

President Donald Trump has asked (https://www.wsj.com/articles/trump-offers-fed-board-position-to-economic-commentator-stephen-moore-11553265752?mod=searchresults&page=1&pos=1) the former economic advisor to his campaign, economist and writer Stephen Moore, if he would accept a nomination to the Board of Governors of the Federal Reserve. There are two openings on the board, and Moore would fill one of them.
Moore’s resume is imressive. A graduate of George Mason University with a degree in economics, Moore spent 10 years as a fellow at the libertarian think tank Cato Institute. He founded and served as president of the Club for Growth, resigning from the group in 2004. He was on the editorial board of the Wall Street Journal and then took a position with the Heritage Foundation as its chief economist. He now serves the Heritage Foundation as a distinguished visiting fellow.
These positions have given him the opportunity to write frequently for the Journal as well as the Washington Times, the Weekly Standard, and National Review.

He has not been kind to the Fed when given a chance to write about its recent policy decisions. The day that the Fed raised interest rates last December, Moore let fly. In an interview with the Gateway Pundit, he unloaded on the Fed’s Board of Governors chaired by Jerome Powell:
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’s pull back on money would slow growth and crush the stock market in order to combat nonexistent inflation.
The Fed’s policies of raising interest to fight the spectre of incipient inflation and continuing to offload some of its vast holdings of government securities served as a double-whammy on Trump’s economy. Moore explained:
The Fed had already reduced the monetary thrust that it provides to the economy eight 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.
The Dow Jones Industrial Average dropped more than 4,000 points as the economy’s oxygen hose was being stepped on by the Fed’s policies led by its chairman:
Chairman Powell has been entirely tone deaf to the financial markets he seeks to protect….
Since its peak on October 3 … 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.
Moore doubled down two weeks ago while being interviewed at The Cats Roundtable on 970 Radio in New York:
I’m a big believer that the Federal Reserve is probably the most responsible for the slowdown of the economy in the first quarter.
We saw how they wrecked the economy before Christmas when the stock market fell like 4,000 points [on the Dow]. And we are still feeling the residual effect of a very very tight money system….
If you have a booming economy, you have to provide the dollar liquidity that will let the economy grow. It’s like providing the oxygen for the economy, and the Fed isn’t doing that.
Last Wednesday, Moore had another chance to take down the Fed over its policies, this time in an article published by the Wall Street Journal. After touting the Trump economy and its success in putting people back to work and raising economic growth “to 3.1% over the past four quarters — the best performance since 2005,” Moore excoriated the Fed for getting in its way: “The last major obstacle to staying on this path is the deflationary policy [withdrawing money from the economy by selling off some of its government bonds] of the Federal Reserve.… It’s hard to see what the Fed didn’t like about this economic picture. What problem were they trying to solve?”
Moore made it clear that the stock market selloff had nothing to do with weakness in the economy: “It was all the Fed’s doing,” he said, adding:
When the Fed finally admitted its money-tightening mistakes in late December and announced it would forgo its planned rate increases, the deflation stopped and the stock market largely recovered, in tandem with commodity prices. But the damage was done….
We estimate that the Fed’s deflation has already chopped 1 to 1.5 percentage points off real growth over the past six months.
Optimists are hopeful that, once confirmed, Moore will add a voice of reason to the conversation that takes place around the table of the Board of Governors. Realists are more inclined to suggest his voice will be muted by other voices seeking a more active role for the Fed in “managing” the economy.
Cynics are likely to suggest that the best way to silence one of your sharpest critics is to invite him to join your posse and then assimilate him. They are afraid that once Moore is confirmed and takes his place at the table, no one will be hearing much from him about the Fed’s manipulations and machinations that are intentionally and deliberately slowing Trump’s economic miracle.


https://www.thenewamerican.com/usnews/politics/item/31814-trump-nominates-fed-critic-stephen-moore-for-fed-board




Trump's proposed nominee to the seven-member Federal Reserve board, Stephen Moore, is planning to challenge the status quo at the US central bank, at a time when it needs continuity and stability the most. Moore said on Bloomberg (https://www.bloomberg.com/news/articles/2019-04-11/moore-says-he-s-going-to-challenge-growth-phobiacs-at-fed) that he is seeking to debunk the idea that growth causes inflation and that he is also going to "try to demystify monetary policy so it’s not conducted within a temple of secrecy."
Moore said (https://www.bloomberg.com/news/articles/2019-04-11/moore-says-he-s-going-to-challenge-growth-phobiacs-at-fed) yesterday:"I’ll say that again: Growth does not cause inflation. We know that. When you have more output of goods and services, prices fall. And I think the Fed has been afraid of growth -- there’s "growth-phobiacs" over there and I think they’re wrong.” Whether or not the FOMC committee will agree with that remains to be seen, it would be perhaps more interesting to hear his position on whether debt causes growth, which is far more topical in a world where to "buy" one dollar of GDP, nations have to increase debt by $3, $4 or more.
Last month, President Trump said that he’s planning to nominate Moore for a seat on the Fed’s board of governors. Trump's intentions drew ire and criticism from some circles as a move motivated by politics instead of "sound" economics.
https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/mooore.jpg
Another of Moore's missions that's sure to be a hit with current Fed governors is his intentions to make the Fed more transparent.
“I’m going to run on an agenda of transparency, openness. Why shouldn’t Bloomberg and C-Span and others be able to cover everything they do? Why does there have to be this temple of secrecy? So, I want openness and sunlight on the Fed,” Moore said, assuring that his future colleagues (assuming he succeeds in the nomination process) isolate him from any off the record, decision-making huddles. He certainly will never be invited to conference room E at the BIS tower in Basel (https://www.zerohedge.com/news/2015-04-11/meet-secretive-group-runs-world)where all the really important decisions are made every few weeks.
Moore further raised eyebrows for pushing the Fed to set monetary policy in response to falling commodity prices and criticizing its rate hikes for undermining Trump’s economy, after slamming it when Barack Obama was in the White House for keeping rates too low. He also called for Fed Chairman Jerome Powell to be fired, though he later said he regretted that remark.
Of course, Moore still has to undergo FBI clearance and financial disclosures before being nominated, a process that usually lasts about a month.
That said, if he's interested in transparency, perhaps he can start by explaining his recent comments, when he referred to himself as a "growth hawk", a term that nobody seems to understand.
“We want wage increases, I want workers to be better off but I’ve said repeatedly when I get at the Fed I’m going to be the growth hawk there. I’m one of these people, I don’t believe in secular stagnation, it’s the stupidest idea I’ve ever heard,” Moore told FOX Business yesterday.
Even if he is nominated, he is certain to get the cold shoulder from his Fed colleagues: as Bloomberg reported today, Fed officials, "in their polite and coded way", have already issued a veiled warning for the political loyalists that President Donald Trump is trying to insert into their ranks: We don’t do flimsy economics, which of course is hilarious for a central bank which last October said the neutral rate was "far away", and just two months later had to make a humiliating U-turn after the market slumped into a very brief bear market.
“There’s a lot of analysis that goes into these decisions and a lot of dispassionate judgment about a variety of matters about the macro economy,’’ St. Louis Fed President James Bullard said Thursday in Tupelo, Mississippi, apparently without a shred of self-referential sarcasm. “Even if somebody comes in with strong political views, they get converted into technocrats pretty quickly.”
And by technocrats, he means people who check the S&P several times every hour, ready to launch QE or issue a dovish soundbite should the "wealth effect" ever be threatened and jeopardize the social order with even a modest correction.
* * *
Providing some perspective on Moore's thought process is Cornell professor, libertarian and self-described gold bug Dave Collum who saw Moore speak earlier this week, and had the chance for a 20 minute one-on-one conversation with the potential nominee. Collum described Moore as a "remarkably genuine person displaying serious humility." He continued, "I didn't detect even a twinge of arrogance":
(3) First, my impressions of Steve Moore. I was certainly ready to disagree with him. What I met was a remarkably genuine person displaying serious humility. I didn't detect even a twinge of arrogance. Quite the opposite.
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116150154527158274?ref_src=twsrc%5Etfw)
Collum note that Moore told students to question authority. "Experts can be dead wrong," Moore said.
(4) He opened urging the students to question authority: "Experts can be dead wrong." Don't we all know THAT one. A kid in Q&A said "I would defer to a professor." I blurted out "Nooooooo!"
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116150489073311744?ref_src=twsrc%5Etfw)
Moore also apparently stressed a goal of zero inflation and holding prices fixed.
(6) In stream of consciousness series of pros and cons, I was hopeful when he stressed the goal of ZERO inflation. Holding prices fixed. Period. I, of course, doubt the Fed's ability to do this but I heard no 2-3% inflation target. cc @McClellanOsc (https://twitter.com/McClellanOsc?ref_src=twsrc%5Etfw) on THAT one.
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116151152981217280?ref_src=twsrc%5Etfw)
Moore also didn't seem to loathe or laugh at the gold standard, like almost every other Fed governor and academic over the past few decades.
(7) Pressed on his support for the gold standard, his answer seemed to back peddle from a strong pro-gold stance years ago, but he finished fairly warm to the idea: "we could do a lot worse."
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116151435278868480?ref_src=twsrc%5Etfw)
He also noted that he "detests corporate welfare" and ended his conversation with a great one liner: "Monetary policy cannot correct for bad economic policy." Moore also called MMT the "most insane concept imaginable".
(21) Great line: "Monetary policy cannot correct for bad economic policy." I'm using that one.
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116155121304514560?ref_src=twsrc%5Etfw)

(23) Moore brought up MMT and denounced it as the most insane concept imaginable. A bunch of us were laughing at mere mention of it.
— Dave Collum (@DavidBCollum) April 11, 2019 (https://twitter.com/DavidBCollum/status/1116155497206435840?ref_src=twsrc%5Etfw)
You can read Collum's entire interaction with Moore in this thread (https://twitter.com/DavidBCollum/status/1116149489243447296).




https://www.zerohedge.com/news/2019-04-12/stephen-moore-set-challenge-fed-status-quo


https://twitter.com/DavidBCollum/status/1116151630314000385

1116151630314000385


Stephen Moore is still on track to be nominated to one of the Fed's open board seats.
Driving the news: This week, Moore went on CNN (https://twitter.com/KFILE/status/1116491088569802752) to say that "a gold standard would certainly be better than what we have right now" and that surging oil prices in mid-2008 were caused by loose monetary policy.

CNN's Andrew Kaczynski has found older statements (https://www.cnn.com/2019/04/12/politics/stephen-moore-kfile/index.html) from Moore, including:


Saying that "hundreds of economists" at the Fed are "worthless" and should be fired.
Calling for the elimination of both the corporate income tax and the individual income tax.
Declaring that the 16th amendment, which created the federal income tax, is "the most evil act that has passed in 100 years."
Saying that "you truly could not come up with a dumber system than Medicaid."




https://www.axios.com/stephen-moores-federal-reserve-gold-standard-48f999e2-2a34-4895-a09a-0cf3b3434479.html

MORE IN THIS THREAD:

TRUMP NOMINATES PRO- GOLD CANDIDATE TO THE FED (http://www.ronpaulforums.com/showthread.php?532721-TRUMP-NOMINATES-PRO-GOLD-CANDIDATE-TO-THE-FED)

[specsaregood]

Stephen Moore is one of the economists Rand Paul consulted with when coming up with his tax proposal when running for president.

[AwakeSince08]

Good stuff, I came here to learn. I'll follow Dave Collum on twitter for starters.

[AwakeSince08]

Well thats good news I'd say. Makes me like trump more.

[Warlord]

He's well known on the cable news circuit

[Swordsmyth]

On Thursday, Stephen Moore, President Donald Trump’s nominee for the Fed, decided to withdraw his name from consideration for the post. Some of his past satirical articles about women in sports seem to have come into play among some U.S. Senators who said they could not support his nomination. In a public statement, the economist thanked the president for considering him.
“I was honored and grateful that you asked me to serve on the Federal Reserve Board,” Moore said in a statement. “I am respectfully asking that you withdraw my name from consideration. The unrelenting attacks on my character have become untenable for me and my family and three more months of this would be too hard on us.”


The president broke the news on Twitter Thursday morning.

….and deregulation which have produced non-inflationary prosperity for all Americans. I’ve asked Steve to work with me toward future economic growth in our Country.
— Donald J. Trump (@realDonaldTrump) May 2, 2019 (https://twitter.com/realDonaldTrump/status/1123987856500887554?ref_src=twsrc%5Etfw)
Moore is an economic advisor with FreedomWorks and is the co-author of “Trumponomics.” Moore is also a popular guest on talk radio and cable news outlets.

More at: https://www.breitbart.com/sports/2019/05/02/trump-fed-nominee-withdraws-amid-backlash-past-comments-about-women-sports/

Trump should nominate Ron.

[Swordsmyth]

As Jim Rickards previously noted, (https://www.zerohedge.com/news/2019-04-26/will-trump-nominate-gold-standard-advocate-fed) that if Moore withdraws next or if his nomination is defeated, no worries. There’s some indication that Trump’s next nominee will be Judy Shelton.
She does have a Ph.D. and is a well-known advocate of a new gold standard. Just this Sunday she wrote an article in The Wall Street Journal, “The Case for Monetary Regime Change,” that challenged the current system and defended the classical gold standard.
She has also defended Trump’s trade policies, arguing that those who embrace unfettered free trade dogma “disregard the fact that the ‘rules’ are not working for many American workers and companies.”
For those who wanted Moore to step aside next, the best advice may be “Be careful what you wish for.”


More at: https://www.zerohedge.com/news/2019-05-02/trump-confirms-moore-has-withdrawn-fed-nomination-process

[Matt Collins]

I don't have a high opinion of him.

I was at dinner with him in Nashville one night (with Glenn Jacobs too) and Stephen kept going on about the CPI so I asked him if he took the CPI at face value and if he thought it was an accurate estimate of inflation? He said "yes I go by the CPI"

I checked out after that.