One Giant Central Planning Squid

Back in the 1980s, Donald Trump stepped up to the plate to help New Yorkers by renovating and restoring the famous Wollman Skating Rink in Central Park.It was a landmark. Millions of people visited it every year. Yet the rink had been left in disrepair for years, run down and ignored.New York politicians talked about restoring it, but they could never get it done, bogged down in all kinds of crazy negotiations — mostly with each other.Then, the famed builder, Mr. Trump, stepped in, and fixed and restored the skating rink in less than six months.Down through the years, President Trump practically changed the skylines — of both the East and West sides of Manhattan.He was a fabulous builder. And when he ran for president, one of his great lines was “let me do for America what I’ve done for New York City.”So today, he personally visited the Federal Reserve construction site — which is plagued by cost overruns approaching a billion dollars.This new Taj Mahal is renovating two of the three Fed buildings, adding a 5-story addition and a 3-story parking garage, bumping into all kinds of regulations and unforeseen problems with asbestos, toxic soil, higher ground water tables, adding square footage, and now costing — as Mr. Trump believes — $3.1 billion.So Mr. Trump’s plan was to pay them a call, and take a look at the story, and maybe show them how to handle complicated construction. How to cut costs. How to cut back on non-necessities. In short — how to do it. Hands on.While there, he met with Fed head Jay Powell and reminded Mr. Powell that the Fed’s interest rate target is way too high.And I’ll bet Mr. Trump has been briefed by his Treasury secretary, Scott Bessent. Mr. Bessent has already publicly suggested the need for a top-to-bottom review of Fed operations outside of monetary policy.Hopefully, that review would include regulations, a thorough look at the district Federal Reserve bank operations, the huge increase in staffing throughout the central bank system, and why Federal Reserve finances are in a complete shambles, losing money hand-over-fist on a daily basis, with a bond portfolio deep underwater, and interest expense way above interest payments received.This is the same Fed that controls the money printing presses but even with that privilege — they can’t even make any money, for themselves.In effect, the Fed in recent years has turned into one giant central planning squid.And while these reviews are going on — presumably under a new chairman — how about taking a look at monetary policy itself?Or working with Congress, which is supposed to control the value of our money, and perhaps establishing a monetary commission that would call for any number of reforms regarding economic models that never work and the real value of our money that keeps declining over the years. I’m glad Mr. Trump went over there to check out the Taj Mahal construction site.Maybe he’ll offer a few more suggestions to Mr. Powell after his visit.From Mr. Kudlow’s broadcast on Fox Business Network.

One Giant Central Planning Squid

One Giant Central Planning Squid

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