Outside The Line

(Outside The Line)

The other day, it was mentioned that President Biden had the demeanor of an amateur compared to present company. As the saying goes, "God save us from amateurs." This morning, there was a worse than expected inflation report meaning that the Federal Reserve will continue to be active in raising interest rates. Not good news for Wall Street and as of now, all major Averages are displaying significant declines. As it also happens, the Vice Chair position at the Fed is currently vacant. The Biden Administration has announce that, in the name of equity, that will be the criteria for filling that spot.


God forbid that one find a competent economist but the Administration has to check a requisite number of "boxes." Pete Buttigieg is gay and married. Kamala Harris is black. The reason the Biden Administration has been so in-effective is that it checked those boxes first. Now the same approach is about to be applied to the Fed.


To be sure, Fed Chairman Jerome Powell has stated emphatically that the organization is not one to commit to climate change or other "woke" causes. That will. not be the case with the nominee for Vice Chair who will make his or her own reflection as to Administration preference and that perennially is their pursuit of social and all other kinds of "justice," regardless of what lack of talent or capability it can produce in the end.


People get what they pay for but because the Biden White House insists on pursuing non-traditional approaches where race and sex are given precedent over merit, how does one expect performance to any degree ? Now, to be sure, these concepts are not bad in themselves but it is their universal application to the exclusion of all other considerations that is a problem.


Who will become the Vice Chair at the Fed remains to be seen. The candidate will be vetted thoroughly and just how that individual fits into the Fed will be examined. How much Fed related and how much would be extraneous. In the end, if he or she is a gay minority, that will prove the advantage.

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