Good day all. Recently, President Trump fired Federal Reserve governor Lisa Cook for apparent mortgage fraud. She is currently trying to find a Democrat Judge to get her job back. In the mean time we’re seeing all the elitists coming out and saying that President Trump should not have fired her in the first place.
One group of elitists are professional economists. A group of about 600 of them have written a letter supporting Cook and the Federal Reserve. Here are the details from Fox Business News:
Nearly 600 economists have signed an open letter voicing support for Federal Reserve Governor Lisa Cook, emphasizing the importance of protecting the central bank’s independence from political pressure.
I wonder if these idiots have bothered to actually review what Cook is alleged to have done? I suspect not since they probably have done or would do the same thing because they are “Special People” who, because of their exalted status as “Senior Economists” don’t have to follow the same rules everyone else does.
The signatories — including Nobel laureate Joseph Stiglitz and former Chair of the Council of Economic Advisers Jared Bernstein — warn that attempts to undermine Cook’s position could erode confidence in one of the nation’s most critical economic institutions.
What confidence? Certainly not mine. Anyone who has studied the Fed knows that they have failed in their mission since the day they started business.
“Recent public statements about Governor Cook—including threats of removal and a claim that she has been fired—have arrived alongside unproven accusations,” the group of more than 590 economists wrote on Tuesday.
“This approach threatens the fundamental principle of central bank independence and undermines trust in one of America’s most important institutions,” the group added.
First, regarding the accusations against Cook, yes, she hasn’t been charged yet, but that isn’t surprising. The DoJ is still in the investigative phase. Second, things seem to be going from bad to worse for Cook. There are reports that the “Primary Homes” she’s bought, besides the fact she’s never lived in any of them, are being rented out. Further, it looks like she might not have paid taxes on the income from those rentals. Third, there are other reports that her “Scholarly work” was a pile of steaming manure and that she may have plagiarized sections of it.
The letter was organized by Tatyana Deryugina, an associate finance professor at the University of Illinois at Urbana-Champaign, and comes as Cook sues President Donald Trump in federal court after he moved to fire her over mortgage allegations.
“I organized this letter because I know that most economists learn about and understand the importance of central bank independence. But it may not be obvious to the American public and at least some politicians how important that independence is for economic stability and what independence from political influence should look like in practice,” wrote Deryugina in a statement to Fox News Digital.
“I wanted the letter to illustrate the consensus in the profession to the President, Congress, and the American public,” Deryugina added.
I did a little digging into Ms. Deryugina. Surprising no one, it doesn’t appear that has has worked a day in her life in the Dreaded Private Sector. She is just another ivory tower intellectual with not a lot of clues how the real world works.
As it stands, Trump says Cook is fired, effective immediately. But Cook and her lawyers argue that Trump has no legal authority to remove her. And so, the unprecedented case is likely bound for the Supreme Court.
As I understand it, the President does have the ability to fire governors over malfeasance. However, this will be going to SCOTUS and that could end up being very bad, not just for Cook, but for the Federal Reserve itself. For all intents and purposes, there is no congressional or executive oversight of the Federal Reserve Board. They are, again for all intents and purposes, a law unto themselves. This would put them in opposition to the Constitution. It isn’t beyond the realm of possibility that the court could rule that the Federal Reserve is an illegal institution.
Cook’s appointment was a historic first, as she became the first Black woman to serve as a governor on the Federal Reserve Board of Governors, commonly known as the Fed board.
She was nothing more than another Biden Maladministration DEI hire. Her only qualifications were her skin color and her gender.
Congress designed the Federal Reserve to stand apart from politics, granting its top members a staggered 14-year term, longer than any presidency, to shield the institution from partisan influence.
And this is what may sink the Federal Reserve in the end. Congress can’t delegate powers like this under the Constitution. I recall a similar case involving the Consumer Financial Protection Bureau (CFPB) That may be used as precedent in the removal of Lisa Cook.
Finally, this could all become moot if Cook is actually indicted and arrested. She could technically win, at least in the Obama or Biden courts, and as she and her lawyer are crowing about beating Trump, the cuffs are snapped on her wrists and she’s carted away for booking. Personally, I think it’s time to End the Fed and the best thing to do is to send in the DOGE auditors and see what games the Federal Reserve has been doing since it’s inception.
Thatisall
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