Reflect on this for a moment. Four more years. The Senate voted 80-19 last week to confirm Jerome Powell for a second term as chairman of the Federal Reserve, in a bipartisan vote that was largely expected.
19 senators voting against confirmation consisted of Republicans who weren’t happy with Powell’s performance on inflation, but also a sprinkling of progressive Democrats like Elizabeth Warren who objected to him for not doing enough on other things, like bank regulation or climate risk.
People give Powell a lot of credit for following the playbook of his predecessor, Ben Bernanke, when faced with the challenge of the COVID-19 pandemic—print money like crazy and hope for the best.
It worked, except we now have runaway inflation, perhaps due to an excessive amount of money creation.
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