Mr Biden. The Choice of Fed Chairman

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Your final decision is getting close.

It’s down to renaming Jerome Powell or choosing Leslie Brainard.

Here’s my argument for Powell:

He’s done an excellent job. The markets are moving in the right direction and he’s earned the respect of most people. His detractors, Senators Sanders and Warren figuring prominently, are at the core of the left wing of the party, the same wing that has played a big role in delaying legislative negotiations and for which you’ve paid a price in the drop of your approval rating.

Thankfully, the infrastructure bill finally passed last night, after strenuous effort on your part.

Powell has done what he can about inflation.

The fact that people are choosing not to return to work because they have money in their pockets, is not his creation. The pandemic required monetary stimulus and he did it. He’s now begun to decrease the purchase of bonds.

How high will inflation rise is anybody’s guess. With both Powell and Brainard the Federal Reserve will be in good hands, but Powell has the advantage of having been in the thick of the battle. And it is not over yet.

From what I can see you need to be careful with the perception that the left wing has much influence over you.

The whole lot could have done a little more for you countering the harsh criticism you’ve got for getting us out of Afghanistan, which I believe was the right choice. Maybe I missed it, but did Sanders and Warren and AOC and the leader of the progressive caucus step up to offer a word of support? Just one word? Don’t think so. Why not?

You beat Trump but still he got 74 million votes. That’s a whole lot of votes. And they may even forgive him his role in the Capitol riot on 1/6/2021. Unbelievable but there it is.

You don’t have much margin to play with. This could go against you easily. And then we’ll have to wring our hands the last two years of your presidency because nothing can get through unless Mitch McConnell gives his consent.

You’ll get tired of inviting him to the Oval Office where he will listen and grin, then say, ‘Well, Mr President, that’s what my constituency believes. So sorry.’

You’ll look down and think to yourself, ‘How in hell did it get away from me?’

Best

Oscar Valdes.      Oscarvaldes.net