Here’s the million trillion dollar question, the only one worth that much, and the one that matters for America’s future: who will be the next chair of the Federal Reserve System?
I was just asked by a couple of blokes putting together an article on that question to comment on the likely contenders, and to add a name if I had one.
Since my comments aren’t likely to be published without significant edits, or at all, I’ll give you them straight from both barrels right here.
Stand back, there’s going to be some splattering here.
I think Trim Tim, the former Treasury Secretary would love the job, and he’s lean and mean enough to put up a good behind the scenes fight for it. Will he get the nod, yes he will, from the bankers and brokers whose backs he’s scratched for far too long. But from the president? Hope not, because he’s young and his future ambitions will include mega-wealth, which he will be entitled to for using his offices as tools for giving the banks and brokers he serves mega riches of their own, from which they would gladly siphon off some tens of millions to get the diminutive one to stand tall as a chairman or CEO of some vast infinity bonus pool.
Larry the Lame has about as much tact as a gigolo would have at a society women’s old age home. He lives for the podium to pontificate… too bad he’s always looking out at his audience to see if there are any hedge fund honchos he might consult for. Consult? Yeah… as in, pay me now and I’ll make you richer if I get into any power slot anywhere, and then hire me after to thank me, deal? Oh yeah, he’s done that deal. Don’t forget, Larry was once featured on the cover of Time as one of their three in the “Committee to Save the World.” The other two: Robert Rubin and Alan Greenspan. And if you don’t know how the three of them caused the credit crisis and the Great Recession, go stick your head back in the sand.
My guess is that, as the current vice chair, Janet has a good chance at getting the nod. She’s a mild-mannered bank boot licker who never met a printing press she didn’t know how to operate.
The truth about the former chair of Obama’s Council of Economic Advisers is that she has made more predictions that were wrong in her career than a deaf and blind weatherman forecasting from a windowless studio. In other words, Christina would be perfect to run the Fed, since their predictions of where we are, where the economy is going, and whether the fog they laid over the country’s future will ever lift have as much a chance of being right as I do of beating Tiger Woods at Augusta.
Roger Ferguson? Who’s that? Oh that Roger… the former vice chair of the Fed from 1999 to 2006. No, he won’t cut it, he’s too pliable and too good at losing money for big institutions. Nice guy, for sure, I’m just not sure of his talents… as in, what talents?
The one man we need as the Fed Chairman will never get looked at because he’s too independent, too smart, too honest, too much of a free market guy, and too dangerous to the status quo.
He’s David Stockman, and if you haven’t read his new book “The Great Deformation,” you might want to read it on account of its magnificently clear historical perspective on how we got to where we are (at The Great Deformation), and what will happen to us if we don’t curb the Fed’s power and the crony capitalism it’s manifested.
As Fed chairman, David Stockman would shake, rattle, and roll this country back into its destiny. But I have a better chance of beating Tiger Woods major wins record as Stockman has the chance of being offered the job.