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Old 04-11-2019, 07:05 PM
 
5,269 posts, read 6,370,876 times
Reputation: 10090

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B.S. in Mathematics
M.S. in Computer Science
Successful careers as an analyst and a CEO.
Previous positions served on FED in KC.
Presidential candidate.
Talk show conservative.

So I don't get why the problem with him being on the FED board. Why they call him unqualified?

Am really seeking an informed answer from you economics folks. maybe you have a better grasp than other forums. I am serious here. What are the qualifications? and why does he not meet them?

thanks,

Last edited by theoldnorthstate; 04-11-2019 at 07:37 PM..
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Old Yesterday, 04:53 AM
 
3,487 posts, read 2,963,322 times
Reputation: 7096
He has consistently shown his lack of understanding of things economic on his daily radio show. Some of his ideas are really kooky and he has a hard time expressing his ideas coherently. The point is moot however as he has withdrawn his name from consideration.
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Old Yesterday, 05:55 AM
 
Location: Thailand
5,652 posts, read 2,711,098 times
Reputation: 10545
Quote:
Originally Posted by theoldnorthstate View Post
B.S. in Mathematics
M.S. in Computer Science
Successful careers as an analyst and a CEO.
Previous positions served on FED in KC.
Presidential candidate.
Talk show conservative.
There are two sides at play here. He's getting appointed by Trump as a reward for his loyalty and support, which (unfortunately) is fine it happens all the time in politics. On the other side there is an implied morality threshold that is being used to deny him the position, also something common in politics and in other professional pursuits like being a member of state bar.

I think (not sure on all) most members of fed board have academic credentials more aligned with economics than hard sciences like math. I have no idea why you think "presidential candidate" or "talk show conservative" make him qualified.
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Old Yesterday, 06:55 AM
 
5,269 posts, read 6,370,876 times
Reputation: 10090
^^^

those added were not to make him appear more qualified but to be accurate (as far as I know his resume) in order to be complete in my question.

I don't know much about him but am willing to learn from those who know more about economics than I.

So far it seems, "that's politics" is the real answer. Unless he is willing to fight to show why he is qualified and that he understands the FED, economics, etc then he may as well pull his nomination.

but thanks for the responses.
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Old Yesterday, 08:49 AM
 
Location: Niceville, FL
7,540 posts, read 15,824,202 times
Reputation: 7468
One of my old college professors spent time on the Fed after I graduated. He had a PhD in economics from Yale, previous time as a Fed underling, and taught at the university level for 20 years. Shortly before his death, he published a book on the coming subprime mortgage crisis at a time when everyone else was in 'real estate always goes up mode'

https://en.wikipedia.org/wiki/Edward_Gramlich

He was a guy who spent his entire adult life trying to figure out how to make the US economy and financial systems work better, and that's the kind of person we want on the Fed board, not a CEO with very limited experience in that realm.
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Old Yesterday, 09:06 AM
 
3,487 posts, read 2,963,322 times
Reputation: 7096
Remember Herman's 9-9-9 tax plan when he ran for President? 9% income tax, 9% corporate tax and 9% sales tax. That should give you some insight into his economic genius.

He said he wanted his Secret Service code name to be Cornbread. Really.


How about this classic interview with Herman.
https://www.youtube.com/watch?v=WW_nDFKAmCo
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Old Yesterday, 09:31 AM
 
1,173 posts, read 245,772 times
Reputation: 1927
Quote:
Originally Posted by theoldnorthstate View Post
B.S. in Mathematics
M.S. in Computer Science
Successful careers as an analyst and a CEO.
Previous positions served on FED in KC.
Presidential candidate.
Talk show conservative.

So I don't get why the problem with him being on the FED board. Why they call him unqualified?

Am really seeking an informed answer from you economics folks. maybe you have a better grasp than other forums. I am serious here. What are the qualifications? and why does he not meet them?

thanks,
Don't forget Cain was Chairman of the Federal Reserve Bank of Kansas City Omaha Branch from 1989 to 1991.
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Old Yesterday, 12:19 PM
 
Location: Aurora Denveralis
6,020 posts, read 2,125,687 times
Reputation: 9369
The primary problem here is anyone - Joe Citz or D. Trump - thinking that CEO experience is ideal for a critical regulatory position. If nothing else, the last 3 years have amply demonstrated that "run government like a business" is a stupid, self-serving and nonsensical idea.

Putting a biz guy in charge of the one agency that might be the most... critically controlling of business in general is so far beyond fox in the henhouse - or most other Trump appointees - that it's appalling. But we ran out of appal a long time ago.
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Old Yesterday, 12:47 PM
 
7,665 posts, read 7,075,392 times
Reputation: 5928
He probably won't get in since he's not a banker or economist. He served on the KC Fed to represent a segment of the business community. Placing him on the board of governors eliminates any pretense that the regulators are independent of influence.
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Old Yesterday, 08:48 PM
Status: "5 breweries within 6 blocks of my house" (set 12 days ago)
 
Location: The Berk in Denver, CO USA
13,797 posts, read 19,800,301 times
Reputation: 22156
He believes in the gold standard.
Want to crater the economy? Go back to gold.
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