On Thursday, The New York Sun posted an editorial by Larry Kudlow about the Federal Reserve.
The editorial states:
Can we please get a Federal Reserve with a backbone? Here are a couple thoughts on today’s wussy Fed announcement that it is going to move faster on tapering bond purchases and there might be three little bitty rate hikes next year. And, oh yeah, Jay Powell told the press conference he was confident inflation would drop to two percent by the end of next year.
Wanna bet? On that bet, I’m taking the under. Know who the best inflation forecaster in the country is? Senator Manchin. Numero uno. I don’t even know if he talks to economists, but since last winter when the $2 trillion Democrat so-called relief package was implemented, Joe Manchin has been warning about inflation.
That’s why he has argued consistently all year that President Biden’s big government socialist bill should be paused until inflation is clearly falling. Which it is not. CPI up 7 percent, PPI up 10 percent, and today we got another whopper, with an 11.7 percent rise in import prices. How about that?
Joe Manchin, by the way, in his original memo to Senator Schumer, called last summer for the end of quantitative easing.
Mr. Manchin makes me feel proud to be a former Democrat, as were both of my presidential bosses — Ronald Reagan and Donald Trump.
The editorial continues:
Finally, I have another idea for a new Fed chairman if Joe Manchin won’t take the job. How about Elon Musk? Time Magazine’s man of the year. How can I say such an outrageous thing? Several reasons. I worked with him several times in the White house and he’s very smart and savvy.
The mere fact that socialist Senator Warren is attacking him for not paying his “fair share” of taxes is by itself a fabulous endorsement of Mr. Musk’s philosophy, business prowess.
Am I saying anybody Mrs. Warren opposes gets my stamp of approval? Yes. I’m tired of her left-wing progressive woke whining. And her desires to tax and regulate anything that moves in business and the economy.
Meanwhile, Mr. Musk, who’s the biggest E-V car seller in the country, has said publicly he does not want E-V auto or battery subsidies from the federal government. Indeed, he has come out against the entire reckless tax, spend, and regulate Biden policies.
Unlike GM and the unionist car-makers, Mr. Musk is non-union and will not put his nose into the public trough.
My kind of guy. I doubt if he ever talks to economists. That’s probably why he’s such a good conservative, libertarian thinker.
And incidentally, Mr. Musk has been selling about $3 billion worth of stock at the prevailing capitalist gains tax rate of 23.8%. The Musk stock sale would generate $714 million of revenues to the federal government.
Mr. Kudlow also notes that the Federal Reserve is continuing Quantitative Easing, the practice of buying up the debt and pumping up the money supply, at a time when inflation is rapidly increasing. We need someone at the Federal Reserve that will put the brakes on that practice so that we can being to rein in inflation.