Nel's New Day

April 9, 2019

DDT’s People: Part II, Proximity Instead of Professionalism

Where does Dictator Donald Trump (DDT) find the people who he extols, hires, berates, and then fires? A family wedding planner received an important HUD position. DDT’s son-in-law Jared Kushner found economic adviser Peter Navarro while browsing Amazon and seeing the title of his book, Death by China. For the Federal Reserve, DDT is nominating Stephen Moore, a GOP pundit who co-wrote an op-ed for the Wall Street Journal that complained about the Federal Reserve keeping the economy from glorious heights. The lies in the piece caught the attention of DDT’s national adviser Larry Kudlow, who subscribes to the same falsehoods. He told DDT about Moore, and DDT tweeted that he would nominate Moore, “a very respected Economist,” to fill a vacant position “on the Fed Board.”

Moore is neither an economist nor respected. Kevin Drum of Mother Jones wrote that “this is about like nominating Dr. Phil to run the CDC.” Moore admits that he knows very little about monetary policy, a focus of the Federal Reserve.

“I’m kind of new to this game, frankly, so I’m going to be on a steep learning curve myself about how the Fed operates, how the Federal Reserve makes its decisions. It’s hard for me to say even what my role will be there, assuming I get confirmed.”

About the appropriate size of the Fed’s balance sheet, Moore said,“To be honest, I’m going to have to study up on this one.” During the 2008 recession, Moore regarded Ayn Rand’s novel Atlas Shrugged as his economic guide, but he didn’t even get the pretentious novel’s plot right. He used an event in which the government co-opted an invention to banks pressured to accept bailouts when the U.S. economy was ready to crash. Moore’s recommendation was to watch the world burn.

Moore’s owes $75,000 in unpaid federal taxes, interest, and penalties. When he was found in contempt of court for refusing to pay his wife tens of thousands of dollars in delinquent divorce, alimony, and child support payments, four police officers, two realtors, and a locksmith came to his house to sell his residence, per a court order. He had claimed he “paid off his wife,” but the total was just a fraction of what he owed after the seven people came to the house. Past-due payments came to $333,000. After Moore paid his ex-wife about two-thirds of his debt to her, the court called off the sale of the house.

Chief economist for the right-wing Heritage Foundation, Moore received his M.A. from George Mason University, the third most conservative college in the U.S. He is on the editorial board of the Murdoch’s conservative Wall Street Journal and founding president of the union-breaking Club for Growth, partly funded by the Koch brothers. They also donated $12 million to “Freedom Works,” where Moore is listed as “senior economic contributor.” He does no economic research but is always ready to make right-wing comments in economic policy debates. A respected conservative economist, Greg Makiw, said Moore “does not have the intellectual gravitas for this important job,” and even Fox’s Tucker Carlson’s Daily Caller finds Moore unethical.

Slate wrote:

“Stephen Moore is a living embodiment of the sucking intellectual void at the core of conservative economics, an inept pundit who has spent his career evangelizing the supply-side dogma that tax cuts pay for themselves while shilling for Republican officeholders, all from well-paid perches at think tanks and in the media.”

Moore follows the failed theory of the GOP economic platform that big tax cuts for billionaires and corporations will cause prices to fall. He wants to use a Fed position to “free” the economy from “oppressive taxation” although the Board has nothing to do with taxation. Moore was heavily involved in destroying Kansas’ economy when he told former Gov. Sam Brownback to make his draconian tax cuts. The extreme austerity for government programs decimated their educational systems and other needs, and people raised taxes as soon as Brownback escaped into DDT’s government as a world ambassador for “religious freedom.”

Moore doesn’t reserve his public opinions to economics.

  • He defended Alabama’s U.S. Senate candidate Roy Moore of molesting a teenage girl by claiming that his opponent, now-Sen. Doug Jones, was as bad because he supports abortion rights.
  • He tried to slut-shame Stormy Daniels, paid off by DDT to keep their affair secret, in an interview on Don Lemon’s show.
  • He argued that scientists lie about their concern regarding climate change to get “really, really, really rich.”

The question is what the Senate will do with Moore. Eight years ago, GOP senators blocked President Obama’s Fed nomination Peter Diamond, a Nobel Prize-winning economist, for over a year and then killed it. Sen. Richard Shelby (R-AL), still in the Senate at the age of 84, joined others to question Diamond’s qualifications.

Reeling from Moore’s nomination, people were even more shocked to hear that DDT is considering the former presidential candidate, pizza man Herman Cain, for another Fed position. On paper, Cain’s credentials may look slightly better than those of Moore: he served on an advisory board to the Kansas City branch of the central bank for a few years in the 1990s. Fortunately for the bank, he had no decision-making power.

People who watched the 2012 presidential campaign may remember Cain when he argued that people “need a leader, not a reader” and said he didn’t care who “the president of Ubeki-beki-beki-beki-stan-stan” is. He also touted his 9-9-9 tax plan based on false information. Cain quoted Pokemon in his departure from the campaign and then turned his mailing list into peddling suspected scams after he quit. During DDT’s campaign, Cain was a supporter, calling DDT a “shucky-ducky kind of candidate.” And it got worse from there. In 2015, Cain told Glenn Beck that Muslims should not be able to serve in government until they took a loyalty oath.

Cain dropped out of his 2012 campaign after allegations of sexual harassment. He denied them by saying that thousands of women he worked with would not make that claim. Cain’s lawyer, however, said that any women considering such accusations should “think twice.” Slate legal editor Dahlia Lithwick pointed out how this statement only exacerbates the threat of patriarchal power—something that DDT is still wielding.

Cain has a pattern of selecting people who may participate in sexual misconduct like DDT has. Sharon Bialek said that Cain told her she had to put up with his running his hand up her skirt if she wanted a job. Karen Kraushaar said that Cain groped her in the 1990s. Cain denied these allegations last week by stating that he would “be able to explain [the allegations] this time, where they wouldn’t let me explain it the last time. They were too busy believing the accusers.”

Others:

  1. GOP Senators confirmed Brett Kavanaugh for a Supreme Court position after three accusations of sexual misconduct.
  2. Andrew Puzder dropped out as a nominee for Secretary of Labor only after a publicized video showed his ex-wife in an Oprah Winfrey show called “High Class Battered Women.”
  3. DDT replaced Puzder with Alex Acosta, a billionaire pedophile enabler.
  4. Bill Shine acted as “fixer” for Fox executives accused of sexual misconduct.
  5. Barry Myers, nominee to lead NOAA, was chief executive for a family company that paid $290,000 after being found guilty of subjecting women to sexual harassment.
  6. Steve Munoz, accused of sexually assaulting five men at The Citadel military college, is still listed as assistant chief of protocol of visits for the State Department.

None of these men, including DDT, exhibited any remorse about their actions.

A CNBC survey of Wall Street shows that a majority of them doesn’t want either Moore or Cain on the Federal Reserve board. Results opposed both Moore by 60 percent and Cain  (53 percent). Kathy Bostjancic, chief U.S. Financial Market Economist at Oxford Economics, wrote that the men’s confirmations “would be very disruptive at a time when monetary policy is at an important crossroads.” Fund managers, economists and strategists participated in the polling. They also predicted the confirmation of Moore by 51 percent and Cain by 49 percent. Forty-seven percent of respondents think that nominations combined with DDT’s directing the Fed are “reducing the central bank’s independence” with implications for markets and the economy. Diane Swonk, chief economist at Grant Thornton, said, “Stacking the Fed with partisan hacks would alter how the market views the Fed’s decisions.”

DDT wants to people on the Federal Reserve Board who will cut interest rates for personal financial and political benefit. His recommended idea, quantitative easing by buying Treasury bonds and mortgage-backed securities used to get out a recession, would give the economy a sugar high long enough, DDT hopes, to get him elected. These nominations for a supposedly independent agency bodes poorly for the vast majority of people in the nation and around the world.

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