Monday Links - December 9, 2024
Links on Trump vs Fed, the murder of Brian Thompson, Trump finreg appointments, the Mitch McConnell biography, and lighter blogging for big adventures
Here’s what I am thinking about and reading this week.
Donald Trump says he won't try to remove Fed chief Jerome Powell, NBC News, December 8, 2024.
In a long and often meandering interview, President-elect Donald Trump spoke to Meet the Press’s Kristen Welker about many topics, including his plans ( vel non) to remove Fed Chair Jerome Powell. I take the declaration that he essentially would not seek to remove him as enormously good news. Powell despises the political spotlight but has handled it masterfully. His FOMC declaration that the President lacked the legal authority was more definitive than most lawyers (myself included) think is correct, but it is also the kind of posture that we want to see from a Fed Chair. The political path will continue to be a circuitous one, but I continue to bet on the Fed.
A sickness in the wake of a health insurance CEO’s slaying, Washington Post, December 8, 2024
I thought this editorial was exactly right. Three things can be true and independent of each other. First, the murder of Brian Thompson is a crime and a tragedy. The killer, potentially now apprehended, should be brought to justice.
Second, the US health insurance market is too expensive and in need of reform. I have no expert views to offer on this subject, but I do not take offense by the observation.
Third, there is a toxic disease in our country that thirsts after violence and vengeance as a way to solve public policy problems.
What isn’t true is the connection between the first and second points that the third pathology foments. People who treat Thompson’s killer as a hero or otherwise praise vigilante justice are behaving abominably.
How can Trump overhaul US financial regulators when he takes office?, Michelle Price, Reuters, November 26, 2024.
There has been little movement during the transition on potential financial regulation appointments. So far, we have the nominee for Treasury (Scott Bessent), Deputy Treasury Secretary (Michael Faulkender), NEC Director (Kevin Hassett), and SEC Chair Paul Atkins. Also David Sack as something called a “crypto czar” (David Sacks).
Of these, only the SEC Chair is truly a finreg appointment. But the rest, besides Sacks (of whom I know almost nothing except his history from the PayPal founder era and that he has a real affection for posting everything that crosses his mind), are remarkably mainstream. That is not something I would say about either Donald Trump or JD Vance.
The real action will come in a trio of appointments that could be announced at any time: Comptroller of the Currency, FDIC Chair, and Director of the CFPB. (The one we really want to see, of course, is Vice Chair for Supervision at the Fed, but let’s just say that that one is a bit complicated.)
Will the others be more like Vance? Musk and Sacks? Or like Bessent and Hassett? Time will tell.
The Price of Power: How Mitch McConnell Mastered the Senate, Changed America, and Lost His Party, by Michael Tackett, Simon & Schuster (2024)
This powerful book about one of the most significant political figures in modern US history is a page turner. I am almost done with it after just a few sittings. I’ll have more to say later about what I gather to be the key insights into this extraordinary cryptic politician.
This one is unlisted because I am going on my first century this week, the cycling equivalent of a marathon. I am probably not going to die. I’ll have more to say about this one too.
As a result, there will be lighter blogging this week before I return next with some final reflections on the year. Keep the questions coming and see you in a few days.