The day Stephen Moore’s name was first floated as a Federal Reserve board nominee, I happened to walk by him in downtown Washington D.C.
You might think he would have been beaming—here’s a guy who just got appointed to the job of a lifetime, and one for which he was wildly unqualified.
The opposite was true: Moore looked utterly distraught, like he had just seen a ghost. Why, I wondered?He stared at me blankly."Didn’t you just get nominated to the Fed board?" I repeated."Congratulations."At first, I figured it was just the utter lack of preparation for such an eminent position in U.S.
But when I saw the rabidly chauvinistic and racist drivel he had spewed in the past, I wondered if it was not this deeper level of scrutiny, of the kind that ultimately tanked his nomination, that troubled Moore so on that sunny afternoon.What matters is his ultimate decision to give up on the job is a major victory for Federal Reserve independence, as well as sound economic policymaking in the future.
Still, the mere reality that Trump is throwing up nominees like Moore and former presidential candidate Herman Cain, neither of whom is anywhere near up to the task and both of whom have
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