I don't know CNBC lives on my TV and I rarely read their stuff when I'm looking for information. That said, yesterday I found two pieces of theirs-- somewhat related-- worth passing on. Why don't we start with a specific piece of news-- Wall Street gives thumbs down on both Trump's FED picks-- and close with something a bit more general.
When Trump nominated crackpot Stephen Moore for a spot on the Fed, I was shocked. That's even a crazy move for Trump. What was I missing? I asked the smartest economist I know, Stephanie Kelton. All she would say is that "It’s not an inspired choice, to say the least. Paul McCulley would have been an inspired choice." Conservative economist Greg Mankiw was considerably more forthcoming on his thoughts about the nomination.Mankiw isn't famous because he teaches economics at Harvard, though he does.
The Obama administration worked hard to turn the economy around after Trump inherited an economy that would have been a dream for any president. He immediately set out to sabotage it and, unfortunately, his policies are finally kicking in strongly enough to wreck everything that Obama did to right the economy Bush left him-- and us. But before we get into Trump's disastrous policies, one little note: his utter and complete lack of leadership abilities are working hand in hand with bad policy to bring down the economy.
