Last weekend, rumors circulated that President Joe Biden was leaning toward appointing left-winger Lael Brainard to replace Jerome Powell as Federal Reserve chair, in part because Brainard pledged to push an absurd climate and “anti-racist” agenda at the Fed. Socialist Sen. Elizabeth Warren’s favorite Harvard-trained regulator also would pressure financial institutions not to make loans to any fossil fuel companies.
The legal authority for the aforementioned is dubious at best, but that likely would not stop an administration that’s ignored the rule of law all year.
But Biden surprised some earlier this week by re-appointing Powell while elevating Brainard to vice chair, likely as a consolation prize for the radicals. Many feel she’s next in line anyway at the Fed, or could replace the increasingly inept Jane Yellen as Treasury secretary.
Part of the reason for Biden’s decision could be concern about what inflation is doing to the country, as Powell is more inclined than Brainard to reverse easy money.
Liberal media routinely downplay inflation or turn it into a positive: ‘Slash your shopping burden’https://t.co/bwJTNpXsW7
— Fox News (@FoxNews) November 25, 2021
Four years ago, Donald Trump picked Powell over John Taylor, because Trump prefers easy money and low interest rates. When Powell took a step toward normalizing the interest rate cycle, Trump attacked him.
In response to soaring gas prices, Biden announced Tuesday that he will release 50 million barrels of oil from our “Strategic Petroleum Reserve,” which is meant for use only in national emergencies and offers only short-term relief.
Had the administration not killed vital, safe pipelines, or kowtowed to environmental radicals by blocking oil production on public lands, this wouldn’t be necessary, and gas would likely be under $3 a gallon nationally. Only a year ago, the United States was a net exporter of oil, yet here we are dipping into the emergency supply. I suppose this is what voting Democrat brings.
Even former president Jimmy Carter finally figured out late in his lone term that he needed to decontrol oil and natural gas prices and install a sensible chair at the Federal Reserve.
Meantime, we may be seeing an incipient “civil war” inside the White House between so-called Team Biden and Team Harris.
I’ve opined at length on the now-famous CNN piece about Kamala Harris’s reckless tenure as vice president. Due to so many anonymous quotes from within the White House, some believe the story was planted, perhaps by brazen Chief of Staff Ron Klain — often considered a “co-president” more than Harris; if not, he certainly did not disapprove or discourage the piece.
Some argue the vice president’s staff is amateurish, and thus not serving her well; others believe there are some tensions between the Biden and the Harris staffs.
Is friction between the vice president’s staff and the president’s staff rare? No. It reportedly happened during the Bush-Quayle administration, between Nixon and Agnew, and surely during other administrations. But with the woefully unpopular Harris, everything is magnified. And no, it’s not because she’s a female or minority; it’s because she’s an epic failure.
So Biden better move center, rather than continue his leftward lurch. He’s surely been warned by the remaining sane members of his party.
Chairman @Sen_JoeManchin‘s statement on President Biden’s decision to release oil from the Strategic Petroleum Reserve in an effort to lower gas prices.
— SenateEnergyDems (@EnergyDems) November 23, 2021
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