This annoys me. Moore and Cain have given no explanation of their switch because there is no explanation fo their switch other than that they are kowtowing to their political masters. I find David Beckworth's Scott Sumner's claim that he is "in no position to judge motives" is itself disingenuous: he is in a position to judge their motives. And that he claims not to be... erodes his credibility on all issues: Scott Sumner: Who Should Serve on the Federal Reserve Board?: "Moore and Cain were both quite hawkish when a more dovish policy was needed, and have recently become more dovish when there is far less need for monetary stimulus. Why?... President Trump is the only other person I can recall whose views on monetary policy switched from hawkish when President Obama was presiding over a weak economy, to dovish when Trump is presiding over a stronger economy.... I’m in no position to judge motives.... If their change of heart was motivated by political considerations, that would be inconsistent with the Fed’s traditional independence from the rest of the government. When politics influences Fed decisions, it can destabilize the economy...
#noted
