Pondering the Pundits” is an Open Thread. It is a selection of editorials and opinions from> around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
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Paul Krugman: Why Does Trump Want to Debase the Fed?
The tax cut fizzled; send in the clowns!
As far as I know, the Federal Reserve — the world’s most important economic policy institution — doesn’t have an anthem. But if it were to adopt one now, the choice would be obvious: “Send In the Clowns.”
You see, the Fed’s governing board currently has two vacancies, and Donald Trump has proposed filling those vacancies with ludicrous hacks. If he succeeds, one of our few remaining havens of serious, nonpartisan policymaking will be on its way toward becoming as corrupt and dysfunctional as the rest of the Trump administration.
Stephen Moore and Herman Cain are, of course, completely unqualified — I say “of course” because their lack of qualifications is, paradoxically, a key qualification not just for Trump but for the G.O.P. in general.
There are plenty of genuine monetary experts with conservative political leanings, some of them quite partisan. But modern Republicans have shown consistent disdain for such experts, perhaps because of a sense that anyone with real expertise or an independent reputation might occasionally be tempted to take a stand on principle.
Court filings and congressional testimony show the attorney general left out a lot of Mueller’s findings.
When Attorney General William P. Barr released a four-page memo two weeks ago opining that “the evidence developed during the Special Counsel’s investigation is not sufficient to establish that the President committed an obstruction-of-justice offense,” we already knew enough to be sure that Barr was spinning the contents of the report his memo claimed to summarize, as multiple reports now say he did.
That’s because there was already public evidence at the time that undermined Barr’s conclusions. Barr’s letter may have been accurate, technically speaking. But based on what it omitted about two key associates of President Trump — his longtime adviser Roger Stone and his former campaign chairman, Paul Manafort — it was obvious that the attorney general had left whole areas of special counsel Robert S. Mueller III’s findings out of the summary. That Mueller’s team thinks Barr made the investigation’s findings look less damaging to Trump should not come as a surprise.
In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country,” because it produces “stagnation, corruption and often worse.”
Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans.
Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling to investors in the run-up to the crisis. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. [..]
To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.
If this isn’t socialism, what is it?
Jamelle Bouie: Who Is Left to Say No to Trump?
Kirstjen Nielsen is the latest one out of the president’s spiraling cabinet who expressed his cruelty but wouldn’t go as far as he wanted.
There’s no reason to mourn Kirstjen Nielsen’s departure from the Department of Homeland Security. She was an immigration hard-liner working aggressively to carry out President Trump’s restrictionist agenda. She spearheaded efforts to crack down on migrants and asylum seekers. She requested military assistance at the border. She limited the number of people who can legally present for asylum at ports of entry. And she vastly increased the number of immigrants in detention. [..]
For a more permanent replacement, Trump is reportedly considering Ken Cuccinelli, the former Virginia attorney general turned conservative television personality, and Kris Kobach, the former Kansas secretary of state notorious for his aggressively anti-immigrant policies.
With either choice, Trump would affirm the pattern of his administration so far, jettisoning people who act as if they were accountable to the public and replacing them with people who above all are loyal to Trump, willing to go in the “tougher” — and possibly illegal — direction he demands.
Michelle Goldberg: Cancel Kirstjen Nielsen
Her role in terrorizing children should make her a permanent pariah.
On Sunday evening, news broke that Kirstjen Nielsen was leaving her job as head of the Department of Homeland Security. The New York Times reporter Maggie Haberman tweeted that according to people close to Nielsen, one reason she hung on as long as she did was because “she was aware how awful life would/will be for her on the outside,” given her role in defending Donald Trump’s policies.
Let’s make it so.
Nielsen did not create Trump’s monstrous policy of separating migrant families, but she should be known forever as the person who carried it out. She put babies in cages, traumatized children for life, and then appears to have lied to Congress about what she had done. She did this evil work with either blithe incompetence or malicious sloppiness, failing to create a system to properly track kids who were ripped from their families. On Friday, the Trump administration said it could take up to two years to identify thousands of separated migrant children.