Larry Kudlow gives us some boots on the dais reporting on Trump’s speech today at the Economic Club of NY, Larry and Tim Pawlenty offer some thoughts on the tightening of the presidential race, Hillary’s medial story, and Larry’s new book, JFK and the Reagan Revolution: A Secret History of American Prosperity.

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There are 4 comments.

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  1. Koblog Inactive
    Koblog
    @Koblog

    Larry, Tim,

    You both mentioned that we need to know more about the Federal Reserve. Can’t agree more.

    Why do we have a Fed? Who created the Fed and when? What is their power? Who regulates the Fed? Why is our cash “Federal Reserve Notes” instead of U.S. currency? Why does a NGO like the Fed have power over our currency? How does the Fed create money, and how does the Fed “quantitatively ease” our money and how is that not inflation?  How does the fiat currency created by the Fed enter the money supply? Who gets the money first? Who is getting rich? I.e., follow the money. The Constitution calls for Congress to coin money. Does Congress control the Fed? Why does the Fed have the power to set interest rates? Why does the market not control interest rates?

    I’m sure there are many more questions that need answering about “the creature of Jekyll Island.” Please do so.

    • #1
  2. I Walton Member
    I Walton
    @IWalton

    They both exaggerate the impact of simple tax cuts.  The juice will be in deregulation and budget cutting.  While I’d prefer the corporate profits tax be eliminated and corporate profits treated as income of the holder of record, cutting them to 15% is better than not cutting them.  The thing must be broadened as well to reverse Bush’s gutting of the low brackets and creating the perverse set of incentives for a majority of  income earners.   While the Fed isn’t beholden to the politicians, they can’t ignore them completely and the board members and staff economists have ideologies and biases which are not independent of the same biases that drive the political class.  They believe in central control, that they can micro manage the economy, reverse recessions, spur growth, monitor financial risk, and spur or dampened investment.   I think they are wrong and that we would be better off if we could return to gold, which won’t happen but we do, as they admit, need a rigid rules based monetary policy and the Fed should be removed from bank regulation, and the idea that it can foster maximum employment.   We do not need detailed money management following complex models which are illusions at best, nor do we need detailed bank regulation.  Just fix accountability so that bank managers and owners are on the hook for lending.  They’ll pay attention to risk.  The idea that the Federal government can centrally manage risk is crazy.

    • #2
  3. I Walton Member
    I Walton
    @IWalton

    Koblog:

    I’m sure there are many more questions that need answering about “the creature of Jekyll Island.” Please do so.

    Indeed.

    • #3
  4. Skarv Inactive
    Skarv
    @Skarv

    Kudlow says it is part of the Constitution that the FED chairman testifies in front of congress.

    Nothing against that but isn’t it a bit of a stretch to claim it is part of the Constitution? Maybe I am missing how FED is part of the Constitution? If it is, I appreciate to learn more.

    • #4
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