Perspective: Herman Cain is a joke that the Fed can’t afford
President Trump said on April 4 that he is recommending Herman Cain, shown here at the 2014 Faith and Freedom Coalition's Road to Majority event in Washington, for a seat on the Federal Reserve board. By Matt O'Brien Matt O'Brien Reporter covering economic affairs Email Bio Follow Reporter April 10 at 6:00 AM At first it seemed strange that President Trump would nominate Herman Cain to the Federal Reserve.
No, the real reason it was slightly confusing that Trump would want Cain on the Fed is that Cain has wanted the Fed to do the opposite of what Trump does. Which is to say that he’s called for it to raise interest rates, whereas Trump has made it clear that he vastly prefers for them to be lower — at least while he’s in office. Things begin to make more sense, though, once you realize that Cain has set up a super-PAC devoted to defending Trump.
But Cain didn’t seem overly concerned about any of this even though literally every top economist in the University of Chicago Business School’s poll of them would tell you that the gold standard is a bad idea. Instead, he celebrated what he thought was the fact that the higher interest rates it would cause would make it harder to bring about bigger government .
That is absurd as it gets once you consider that prices are rising faster now than they were when Cain and Moore were both warning us that we had to raise rates lest we turn into Zimbabwe.
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