So here’s a bit of news you may have missed.
It seems, at its January meeting, the Federal Reserve Board agreed “that it intends to continue to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve’s administered rates and in which active management of the supply of reserves is not required.”
No doubt this upsets you as much as the rest of us.
While members of the Federal Reserve may look professional in their tailored suits, it doesn’t take a Harvard MBA to recognize they cannot be trusted managing the financial system of the United States.
All that gibberish about interest rates and monetary yet not one mention – not one! – of the quality and sanctity of women’s basketball.
Two words come to mind when women’s basketball and the Federal Reserve are included in the very same column: SUBSCRIPTION REFUND.
But stick with us here. It’s buried deep, but there is a point.
You may have missed the news that Stephen Moore was under consideration for the Federal Reserve Board. Mr. Moore is an economist, writer and TV commentator. Given his credentials and work history, President Trump floated his name as a nominee for the Federal Reserve Board.
And that makes some sense.
Mr. Moore served as an advisor to President Trump and played a role in developing his administration’s economic policies. He was involved with devising the tax cut package approved last year.
So far, things have worked rather well.
The country is enjoying record low unemployment and the economy is growing nicely. In fact, the speed at which the United States economy recovered under the current administration – at a time when the rest of the world struggles – has surprised even the most ardent Trump critics.
Given all that, one would think Mr. Moore would receive serious and respectful consideration for a seat on the Federal Reserve Board.
But then, one would be wrong.
That’s because Mr. Moore once made snide comments about women’s basketball. Seriously. Women’s basketball.
In a column, one of hundreds he’s written, Mr. Moore confessed he did not like women’s basketball. What’s more, he said he didn’t know anyone who liked to watch women’s basketball.
Never mind that television ratings prove this true, this caused quite a fuss. The Speech Police were offended.
As we see often of late, any wisecrack, any criticism, any comment at all that is deemed unfit by the Speech Police – and the guilty party is destined for the trash bin.
And that’s what happened to Mr. Moore.
Once his opponents seized on his snip about women’s basketball, he was done. Critics harped at members of the Senate – once said to be the Greatest Deliberative Body in the World – and game over.
The Speech Police had claimed another victim.
Alright, we understand, it’s hard to get excited about who serves on the Federal Reserve Board. Those meetings gotta’ be more boring than – oh, I don’t know – a WNBA game.
But there is a problem when an innocuous statement, likely said in jest, can derail a person’s career simply because somebody desired, craved and sought to be offended.
The Federal Reserve will survive. A qualified candidate, who has not offended one of the Blessed Groups, will be nominated and confirmed.
That person will join the board and captivate colleagues with talk of non-reserve liabilities and security holdings – right before the bunch of them flip a coin on where to set interest rates.
The question is, can the rest of us survive the Speech Police?
DAN HAMMES, who was a pretty poor basketball player, is publisher of the Gazette Record.