Tag: george will
Biden's Federal  Reserve Nominees Come Under Right-Wing Attack

Biden's Federal  Reserve Nominees Come Under Right-Wing Attack

Washington (AFP) - Though set up as an institution operating above the partisan fray in Washington, the Federal Reserve has again become a political football, with Republicans and business groups attacking President Joe Biden's nominees to serve on the central bank's board.

Biden last month announced a slate of candidates who would at long last fill all the seats of the seven-member board, and include the first Black woman to hold the position since the Fed was founded 108 years ago.

If all three are confirmed, the majority of the board members would be women for the first time, and most would be named by a Democratic president.

Critics say the choices threaten to inject a political slant into the Fed's management of the economy just as it pivots to fighting inflation, which threatens to undermine the recovery from the Covid-19 pandemic.

But economists and Fed watchers say the criticisms are unfounded and in some cases racially motivated.

The Senate Banking Committee is scheduled to hold a hearing Thursday to consider the nominations of Lisa Cook, an economics professor at Michigan State University, who would be the first African American woman to serve as Fed governor.

Lawmakers will also consider Philip Jefferson, of Davidson College, who would be the fourth Black man to serve on the body.

For the powerful post of Fed vice chair for supervision, which oversees the nation's banks, Biden tapped Sarah Bloom Raskin.

She previously served as Fed governor and in a senior role at the Treasury Department under former president Barack Obama, as well as the top state bank regulator in Maryland. She is married to Rep. Jamie Raskin (D-MD).

Biden also renominated Jerome Powell to a second term as Fed chair, and named current board member Lael Brainard to serve as vice chair. They are awaiting Senate confirmation.

Race And Climate

The White House said the picks "will bring long overdue diversity to the leadership of the Federal Reserve."

But Senator Pat Toomey, the ranking Republican on the Senate Banking Committee, complained about a lack of "diversity" among nominees to the board, which does not have anyone from the energy industry.

His complaints, echoed by the US Chamber of Commerce, center on Raskin, charging she would be overly aggressive in focusing on banks' roles in fighting climate change.

She has called for the Fed to ensure financial institutions take climate risks into consideration, something Powell also endorses.

Toomey's concerns are the mirror image of opposition expressed by some Democrats to Powell's nomination for a second term at the helm of the central bank, who argue he is not focused enough on climate change.

Racially Motivated Attacks?

Conservative political commentator George Will has accused the Fed of being politicized, writing in a column that Cook's "peer-reviewed academic writings pertinent to monetary policy are, to be polite, thin."

However other board members, including Powell, are not trained economists.

"I just don't understand the backlash," said Diane Swonk, chief economist at Grant Thornton. "It just really seems to be pretty biased."

Cook and Jefferson have researched inequality in the labor market, a topic Powell has repeatedly highlighted as important, since the Fed works to ensure the benefits of economic expansions reach all parts of society.

Swonk called Cook a "phenomenal" candidate.

Biden's nominees "bring enormous depth to the Fed at a time when" the central bank is "finally acknowledging inequality and what it costs us," she told AFP.

Amid the attacks, the National Economic Association issued a statement supporting Cook and Jefferson, both past presidents of the organization, that called them "uniquely and exceptionally qualified."

Republican Support

David Wessel, senior fellow at The Brookings Institution and a longtime Fed watcher, dismissed the criticisms about qualifications, saying they impose a "double standard" on Cook.

"The whole point of having a seven-member Federal Reserve Board... is to represent a cross section of America," he told AFP.

"Nobody wants to have a Federal Reserve Board... that's all white guys who went to the same three Ivy League schools."

The nominees also have won Republican support.

Kevin Hassett, a top economist under former president Donald Trump, praised Jefferson as "exactly the type of economist who should be at the Fed at this difficult time."

Representative Patrick McHenry, the top Republican on the House Financial Services committee, which oversees the Fed in the lower chamber of Congress, highlighted Raskin's "long history of distinguished government service."

Sen. Josh Hawley

'Bad To Worse': Hawley's 'Craven' Servility To Trump Is Doing Him No Good

Things have gone from "bad to worse" for Sen. Josh Hawley (R-MO), whose devotion to President Trump wavered not at all after the deadly Capitol riot that the president incited last week, according to an analysis from The Washington Post.. But then Hawley incited the violent mob, too.

Along with Sen. Ted Cruz (R-TX) and a handful of other Senate Republicans, Hawley voted against certifying the electoral votes that officially confirmed Joe Biden as the next President of the United States. At the time, Hawley's backing of the now twice-impeached president was seen as a sound political move for the little known freshman who is trying to pose as a serious 2024 presidential candidate. But now that Hawley has encountered a chorus of demands that he be removed from office, according to the Post, his ambitious plan appears to be sinking under .its own weight.

"Two new polls bolster that what may have seemed at the time like a sound political move — however craven — has earned Hawley few friends and many more enemies," explained the Post's Aaron Blake.

Though backing Trump was supposed to give Hawley a national profile, a new Economist/YouGov poll shows that he is still relatively unknown among American voters. "Hawley is still unfamiliar to many Americans, but among those who do have an opinion of him, it's 2-to-1 negative," noted Blake. "Thirty-five percent view him unfavorably, compared with 17 percent favorably."

According to the Post, an Ipsos poll commissioned by Axios revealed similar unflattering results.

"When people were asked whether they approved of the "recent behavior" of Hawley and other political figures, 68 percent disapproved, while just 24 percent approved," Blake wrote. "The Ipsos poll, in fact, shows that even Republicans are about evenly split on Hawley's recent behavior, with 49 percent disapproving and 46 percent approving."

Blake also points out that:

The YouGov poll is somewhat better for him, with 30 percent of Republicans having a favorable opinion of him and 16 percent having an unfavorable one.

But even in that survey, he doesn't seem to have won over many people. Just 21 percent of Republicans have a "very favorable" opinion of him. He seems to have done much more to alienate the other side, with 54 percent of Democrats having a "very unfavorable" opinion of him.

Hawley defying his oath of office by trying to undermine our democratic process has hurt him in more than just polls.

"Many Senators now despise him, the public saw a craven opportunist giving the mob a clenched-fist salute, his top sponsor [former Senator] Jack Danforth denounced him & a publisher canceled his book," tweeted Larry Sabato, director of the University of Virginia's Center for Politics.

On Saturday, Loews Hotels canceled a planned Hawley fundraiser at its Portofino Bay Hotel at Universal Orlando, reported the Orlando Sentinel.

"We are horrified and opposed to the events at the Capitol and all who supported and incited the actions," Loews said in a statement on Twitter. "In light of those events and for the safety of our guests and team members, we have informed the host of the Feb. fundraiser that it will no longer be held at Loews Hotels."

Back in Hawley's home state, The Kansas City Star also called for the Senator to be removed from office in a powerful rebuke of his misconduct:

No one other than President Donald Trump himself is more responsible for Wednesday's coup attempt at the U.S. Capitol than one Joshua David Hawley, the 41-year-old junior senator from Missouri, who put out a fundraising appeal while the siege was underway.

This, Sen. Hawley, is what law-breaking and destruction look like. This is not a protest, but a riot. One woman who was apparently part of the pro-Trump mob was fatally shot by Capitol Police as lawmakers took cover. Some of those whose actions Trump encouraged and later condoned brought along their Confederate flags.

And no longer can it be asked, as George Will did recently of Hawley, "Has there ever been such a high ratio of ambition to accomplishment?" Hawley's actions in the last week had such impact that he deserves an impressive share of the blame for the blood that's been shed.

And there was yet more ominous news for Hawley from the nation's most ferocious Never Trump outfit. Now that the president is almost departed, the Lincoln Project has labeled Hawley as its "public enemy No. 1," according to a tweet from Kyle Griffin, senior producer of MSNBC'S The Last Word with Lawrence O'Donnell.


MLB Games Keep Getting Longer: 4 Fixes To Pick Up The Pace

MLB Games Keep Getting Longer: 4 Fixes To Pick Up The Pace

When the world threatens to get you down, there is always baseball — an absorbing refuge, an alternate reality entirely unto itself. To a person of my temperament, the MLB package on satellite TV constitutes the entertainment bargain of the century. A man can read and write only so many hours a day.

Sit down, put your feet up, turn on the Red Sox, Cubs, Dodgers, etc. and it’s certain that He Who Shall Not Be Named, won’t be. Regardless of the follies and imbecilities on the news networks, the focus is on the never-ending narrative and deep minutiae of the game.

There can be controversy, even fierce argument. How dumb were the Red Sox not to sign a power-hitter over the winter? Can a third baseman be found to fill that void? Who to trade? You can’t get something for nothing.

On the tactical level, what was Farrell thinking about bringing Kimbrel on in the eighth? And so on. Any serious fan can talk about such things for hours.

To hear some people tell it, though, the sport’s in trouble. MLB Commissioner Rob Manfred worries that the pace of the game is too slow to tear millennials away from their iPhones. No less an authority than conservative columnist (and baseball savant), George F. Will complains that the games are too long: “This year the average nine-inning game is 3 hours and 4 minutes, up 4 minutes from last year and 14 minutes from 2010.”

Actually, that seems about right to me.

Will also frets that there are too many walks, too many strikeouts, too few balls put in play, maybe even too many home runs. Too many relief pitchers over 6-5 throwing 95 mph fastballs at batters swinging from their heels instead of bunting, executing hit-and-run plays, and playing old-fashioned, hit ‘em where they ain’t country hardball.

Few seasoned observers watching all those home runs flying out this season doubt that the baseballs have been “juiced” somehow — although people have been saying this since the 1950s to ritual denials.

If so, it surprises me that some enterprising physics professor can’t prove the contention one way or the other.

But hey, it beats arguing about steroid junkies and Pete Rose.

“MLB’s worsening pace of play,” Will warns, “will not attract generations shaped by ubiquitous entertainments.”

Problem is, nothing in the physical world will tear addicts away from their glowing screens. I sometimes used to tell people who find baseball boring that I found them boring. But the truth is that I became obsessed playing endless hours as a lad. If I’d been good enough I’d have kept playing until they retired my number.

My wife’s childhood friend Brooks Robinson did that, and I pretty much decided I needed to marry her when he gave us World Series tickets one year. She shyly asked would I take her? Um, yeah. I definitely will. Kids who play the game love the game. That’s basically how it goes.

OK confession time: one reason I don’t care so much about long games is that the DVR is my friend. If the broadcast begins at 6 p.m., I begin watching around 7:30, giving me 90 minutes to burn. I watch only commercials featuring Lilly, the endearing AT&T girl.

A reliever ambles in from the bullpen, takes eight warmup pitches, and then there’s a conference at the mound. I zip through the whole thing in maybe 30 seconds. Play ball!

On my TV, that three hour game runs maybe 2:15. Doesn’t everybody do this at home? Why not?

That said, there are several simple rule changes that would definitely perk up the action. First, and most obvious, a 20-second clock between pitches. Some guys just work too slowly on the mound. It’d make them concentrate better, and keep infielders on their toes. It’s already working in the minor leagues.

Second, designated hitters in both leagues. A few pitchers, like San Francisco’s Madison Bumgarner, can hit. So let him hit every day. The rest are wasting everybody’s time. The DH extends player careers and makes for more offense.

Third, keep instant replay, but limit umps to 90 seconds. They’re not negotiating the Treaty of Versailles.

No to robo-umps calling strikes. Humans play this game.

Fourth, and maybe most controversial, do away with formerly rare, now-ubiquitous (and stifling) defensive shifts. You want more situational hitting? More singles, doubles, hit-and-run plays? I’m with Yankees manager Joe Girardi: The rule should be two infielders positioned on either side of second base.

Mets general manager Sandy Alderson has another idea. “I would require a pitcher to throw to three hitters,” he told the New York Post. “One, it would speed up the game. Two, and more important, it would change the dynamics of the game in the late innings.”

Boy, would it. Alas, too much to be acceptable to traditionalists like me.

Sharp 2014 Growth Proves Right-Wing Predictions Flat Wrong

Sharp 2014 Growth Proves Right-Wing Predictions Flat Wrong

As 2015 commences, America is moving steadily toward full employment for the first time since a Democrat last occupied the White House, during the Clinton presidency. The past 12 months marked the single strongest year of job increases since 1999, with unemployment down from 7 percent to 5.8 percent. The national economy is currently growing at an annual rate well above 4 percent, the Dow Jones average has surged above 18,000, and consumer confidence has reached its highest level since 2007 – before the onset of the Great Recession.

Although too many Americans remain unemployed or underemployed, and wages have not yet begun to reap the share of productivity that workers deserve, the economic news is nevertheless encouraging – except to the right-wing politicians and pundits whose predictions of recession, joblessness, and generalized doom have been proved entirely wrong.

For years now, the most prominent figures on the American right – from John Boehner and Mitch McConnell to Rush Limbaugh, George Will, and Sean Hannity, along with every right-wing think tank and media outlet – have warned the public that the tax, health care, and spending policies of the Obama administration were killing jobs and wrecking the economy.

Meanwhile, their own agenda of political obstruction and austerity policies did much to harm the economy and employment, especially when they drove debate over the budget and debt ceiling toward the brink of default – and insisted on enormous cuts in spending by the federal, state, and local governments. As recently as last spring, the Republican line recited by Will and Limbaugh — and parroted by Boehner and McConnell — was that Obamacare would surely destroy at least 2 million jobs.

Last February, Boehner’s office tweeted that the Affordable Care Act is “expected to destroy 2.3 million jobs.” On the radio, Limbaugh barked that the implementation of health care reform would cost “2.5 million jobs, minimum,” which he called “a literal tragedy for the country.” In an editorial, the Wall Street Journal agreed that Obamacare is “a job destroyer.” And on Fox News, Charles Krauthammer gloated that this White House unemployment debacle would be “emblazoned on the tombstone of liberalism.”

Overblown rhetoric aside, the 2 million-plus figure came from a Congressional Budget Office report, which the Republicans then distorted beyond recognition to scare and depress the public. But that episode was only one example among many of partisan trash-talking about the economy — a tactic that dates back at least to the first Clinton budget in 1993, when congressional Republicans predicted a severe recession or worse. (They were totally wrong then, too.)

In fact, the deep thinkers at the Heritage Foundation and the Cato Institute made similarly frightening predictions when President Obama and the Democrats in Congress insisted on letting the Bush tax cuts expire and limiting deductions for the wealthiest taxpayers. A Heritage tax expert said ominously that “we’re going to have a slower-growing economy, we’re going to have fewer jobs, less opportunity for Americans of all income levels.”

Yet while the right-wing doomsaying about Obama and Obamacare continued to amplify right through the midterm elections — with little salutary contradiction from mainstream media — the economy has kept improving until the facts can no longer be ignored. So far, the president has 12 million jobs to his credit and a string of additional accomplishments, including millions of American families now enjoying health insurance — without any detectable damaging impact on prices, growth, or employment.

The question that the country now faces is whether Republican control of both the Senate and the House will encourage still more right-wing debt brinksmanship – or whether McConnell and Boehner can enforce a newfound moderation on their most addled members. Perhaps this time, if Republican mischief hinders full recovery, the public will understand where to lay blame.

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