The WSJ reports Biden Nears Endgame on Fed Chair Decision
One group of Democratic lawmakers, which includes Massachusetts Sen. Elizabeth Warren, has called on Mr. Biden to install a new Fed chair because they want the central bank to take a tougher approach on bank regulation and to use those supervisory powers more aggressively to address climate change. They are also eager to see more diversity at the senior ranks of the U.S. government.
Other Democrats have lauded Mr. Powell’s response to the coronavirus pandemic and his focus on elevating the importance of tighter labor markets, which they say greatly benefits minorities and other potential workers that typically struggle to find jobs. These backers have said strong and unique bipartisan congressional support for Mr. Powell has insulated the central bank’s policies against more intense partisanship across Washington.
Sen. Jon Tester (D., Mont.) said on Sunday that it would be a mistake for Mr. Biden not to renominate Mr. Powell. “I think he would be confirmed by a large margin if the president appointed him,” Mr. Tester said on NBC’s “Meet the Press,” arguing that Mr. Powell has a “proven track record.”
Why the Delays?
The WSJ snips are self explanatory. But why the delays? Here are the scenarios.
- Biden wants to nominate Powell
- Biden is clueless. He does not know who he wants.
- Biden wants to nominate Brainard.
I rule out #1.
If Biden really wanted to nominate Powell, he would have done so already.
Biden has now extended an “announcement soon” message several times.
He may have done that once to appease the progressives like Warren (making it look like Brainard was in play). However, repeating such a tactic adds no value.
Is Biden Clueless As to Whom He Wants?
That is certainly easy to believe, but there are other issues that make things unclear.
For starters, Biden is pulled in two different directions, one by Warren, the other by Tester.
The key reason for the delay could be as simple as this question: “Can my nominee be approved by the Senate?”
This leads us to my top choice.
Biden Wants Brainard
The pieces all fit. Whereas Powell would easily be approved by the Senate, Brainard is iffy.
Biden wants Brainard but is one or two senators short. The delays are due to incessant hounding of the Democrat holdouts to get them on board.
Tester, are you being hounded?
Warren probably wants a Brainard nomination regardless of the outcome, but whoever is actually calling the shots for Biden (or Biden himself) likely doesn’t.
Nomination Determination
Opinions of the House Progressive Caucus don’t matter. This is a Senate only determination although it’s possible, if not likely, that someone like Obama is applying further pressure along with Warren.
If so, further outside pressure could add to Biden’s indecision.
If Biden nominates Brainard, it’s a signal that he, his staff, or Senate Majority Leader Chuck Schumer believes they have 50 votes with Kamala Harris casting the tie breaker.
If Biden nominates Powell, I suggest it’s because Brainard does not have the votes.
It’s also remotely possible Biden ultimately concludes Brainard has the votes when she really doesn’t. A Brainard nomination that fails would be messy.
Final Prediction
Brainard will fall short of the needed 50 votes. I expect this to be evidenced upfront by a Powell nomination. We need to reassess if Biden does nominate Brainard.
If Biden nominates Powell for Chair, expect Brainard to become vice chair for supervision replacing Randal Quarles, a Trump appointment. Quarles term expired in October.
The vice chair of supervision is the Fed’s top banking cop.
Progressives want more regulation and and they want more climate change activism from the Fed.
Biden’s Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR
Saule Omarova is President’s Biden’s Marxist nominee for Comptroller of the Currency.
I expect Omarova to go up in flames. Biden will not want another nomination mess, thus the delays on the Fed Chair.
In case you missed it, please see Biden’s Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR
Fed to Turn Markedly Left
One way or another, Progressives rate to get their wishes for more regulation as well as more climate activism.
Look for the supposedly independent Fed to turn markedly Left.
Thanks for Tuning In!
Like these reports? If so, please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen.
Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
You’re getting hung up on semantics. The main point is that mRNA vaccines do not possess the ability to alter the cell’s genetic information and as such they are safe to use.
inactivated germ into our bodies. Not mRNA vaccines. Instead, mRNA
vaccines use mRNA created in a laboratory to teach our cells how to make
a protein that triggers an immune response inside our bodies. That immune
response, which produces antibodies, is what protects us from getting
infected if the real virus enters our bodies.
Prion diseases or transmissible spongiform encephalopathies (TSEs)
are a family of rare progressive neurodegenerative disorders that affect
both humans and animals. They are distinguished by long incubation
periods, characteristic spongiform changes associated with neuronal
loss, and a failure to induce inflammatory response.
The causative agents of TSEs are believed to be prions. The term
“prions” refers to abnormal, pathogenic agents that are transmissible
and are able to induce abnormal folding of specific normal cellular
proteins called prion proteins that are found most abundantly in the
brain. The functions of these normal prion proteins are still not
completely understood. The abnormal folding of the prion proteins leads
to brain damage and the characteristic signs and symptoms of the
disease. Prion diseases are usually rapidly progressive and always
fatal.
The mRNA and the spike protein don’t last long in the body.
Human gene therapy seeks to modify or manipulate the expression of a
gene or to alter the biological properties of living cells for
therapeutic use
or cure disease. Gene therapies can work by several mechanisms:
Gene therapy products are being studied to treat diseases including cancer, genetic diseases, and infectious diseases.
cure disease or improve your body’s ability to fight disease.
altering the patient’s genetic material. Most often, gene therapy works
by introducing a healthy copy of a defective gene into the patient’s
cells.
In the
middle of 2020 the CDC changed their definition of gene therapy it seems so you
are technically correct. I was not aware of the change in definition. However
if you do a search of papers one before June 2021 you see that mRNA therapy was
considered to be a form of gene therapy so I am correct too. The president
of Bayer’s Pharmaceuticals Division in the talk was saying what he and
the audience know is true. When they started to work on the vaccine they all
saw it as gene therapy and as he pointed out it was necessary to not market
them as such.
All vaccines produce side effects in at least a few people
but I am not one of those that believe the vaccines are killing wide swaths of
people. I never look in the VAERS files.
Yes I meant prions. Take it as a typing error.
“You seem
to be saying that the messenger RNA can have transcription errors (presumably
while it’s doing the protein creation thing,) and will produce random
proteins. I think you meant to say Prions and not Pions? Diseases
like CJD?”.
Yes, that is my worry.
link to pubmed.ncbi.nlm.nih.gov
Prion diseases are caused by abnormal folding of proteins.
The worry I and others have is that the mRNA would through variation creation
give orders to the ribosome to fabricate proteins that are not a replica of the
spike but one that could become a prion and that the effects would only become
apparent after several years. For people of our age that is less of a problem.
For people much younger it is. Forcing everyone to take the vaccine is folly
because these possible effects have not had the time to be studied.
“The mRNA and the spike protein don’t last long in the body.”
Not important since the problem is not the spike protein but
possible manufacture by the ribosome of prion-like proteins.
“Gene therapy products are being studied to treat diseases
including cancer, genetic diseases, and infectious diseases.”
Till now they were used for people whose long-term prospects
were not good and not on a population of heathy people.
Seneff is right in that we have to look at the
risk/reward. Covid is above all a killer of people with two or more
comorbidities. Most of them are old like us. It is very rarely a killer of the
young and healthy nor of children. It doesn’t make sense to make them run the
risk.
Low bond yields and rates from The Fed’s QE has caused massive inflation, admittedly its most visible in many assets they don’t count, but the easy financial conditions have also setup the perfect environment for inflation to take hold on many fronts.
Look for the supposedly independent Fed to turn markedly Left.”
“It is most important to recognize that no market is ever truly unregulated in that the self-interest of participants generates private market regulation.” – Greenspan in 1997.
How’d that work out?!
2019: “The financial crisis even prompted the Republican Greenspan, a staunch believer in free markets, to propose that government consider tougher regulations, including requiring financial firms that package mortgages into securities to keep a portion as a check on quality. He said other regulatory changes should be considered, too, in such areas as fraud.”
unregulated in that the self-interest of participants generates private
market regulation.” – Greenspan in 1997.