President Trump has been absolutely horrific in his personnel decisions, but at the top of the list for bad decisions is his nomination of Marvin Goodfriend to join the Federal Reserve Board of Governors.
Goodfriend is not only a Keynesian but he holds the off-the-wall view that during a recession bank holders should be charged for keeping money in their accounts, that is, he favors a negative interest rate on bank account cash at such times.
Got that?
When the Fed has screwed things up so bad that we are in another recession and you want to hold a little cash cushion just in case you lose your job, this nut job wants to tax some of the money away via negative interest rates.
The Senate Banking Committee holds a confirmation hearing for Goodfriend on Tuesday.
Here are the members of the Senate committee. Blast them with emails and let them know what kind of nut job they will have in front of them and that he should be questioned about his bizarre anti-consumer views.
Even Elizabeth Warren could be an ally with us on this one.
-RW
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