Why Stephen Moore and Herman Cain are poor picks for the Fed
more than a few echoes of the Nixon era in the presidency of Donald Trump. Monetary reverberations are among them. Facing re-election in 1972, Richard Nixon felt he needed a strong economy at his back, and made a habit of haranguing Arthur Burns, the chairman of the Federal Reserve at the time.
Yet even as independence became more common, it remained incomplete. Governments are often responsible for setting central banks’ mandates, appointing their heads and determining what tools they can use to do their jobs. Many elected leaders have succumbed to the temptation to jawbone monetary policymakers. In the months before the election of 1992, George H.W. Bush urged Alan Greenspan to cut interest rates; he later blamed the Fed for his loss at the polls.
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