Meet Kevin Warsh, the man Trump may tap to wreck the American economy

[edhopper]

https://www.vox.com/policy-and-politics/2017/10/6/16428674/kevin-warsh-fed

At just 35 years old, Warsh had no background in monetary policy or economics at all. He was, instead, a Wall Street lawyer working primarily on mergers and acquisitions who in 2002 had come to Washington to work in the White House on financial regulation. Or, rather, given that this was the Bush administration in the mid-aughts he came to work on financial de-regulation. And he headed to the Fed with, presumably, the same mandate — to cut through the red tape that was overburdening America’s financial system and unleash the forces of financial innovation.

A couple of years after that, of course, it turned out that these deregulatory impulses had completely destroyed the economy of the United States of America and, indeed, of much of the rest of the world. Congress and the Federal Reserve staunched the bleeding with bailouts, and then Ben Bernanke, later followed by Janet Yellen, nursed the American policy back to health with a program of low interest rates.

But Warsh spent the crisis years being flagrantly wrong about the macroeconomic outlook in both public and private remarks. He excoriated the Bernanke Fed for being too aggressive in its efforts to stabilize the economy and too blind to the risks of inflation. He lauded the disastrous tenure of Jean-Claude Trichet at the European Central Bank, and eventually left the Fed to join a chorus of outside conservative critics who lambasted Bernanke and Janet Yellen for pursuing loose money policies that would allegedly debase the dollar and send prices spiraling upward (didn’t happen).

This is not hyperbole, Trump will likely nominate him, the Republican Senate will approve him and HE WILL DESTROY THE ECONOMY!