Stephen Moore: "The left took me down with a sleaze campaign."

Channel: Fox Business
Published: 05/02/2019

Description
Economist Stephen Moore on his decision to withdraw his name from consideration for the Federal Reserve Board and his take on the outlook for Federal Reserve policy. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Mai...



Transcript
We told you a little bit earlier on the show that steve moore, the president's choice to join the federal reserve is taking himself out of the running and the president grudgingly accepting that seymour's joining us on the phone right now steve. What made you get to this point? I know well thanks for having me on, i mean it was very disappointing that this couldn't go forward, but you know the fac ...
is that this kind of sleeves campaign over the last three or four weeks was just really too tough for me and my family, and You know we just decided. It was much better for donald trump to select someone who doesn't have it. You know30-year paper trail. I mean it's people looking at things that i was writing 25 years ago and looking through my divorce records, and it just was. It was too difficult for us and i feel bad because i feel like i've, let a lot of people to another president. Most of all, he was incredibly nice and time and when i told them about this - and he understood - but you know i'm bummed out frankly that i'm not going to be over the fact, because i think i could have bought some ideas that the fed really needs. You don't see if you're very good with numbers. I think even your critics would say that, and maybe you werereading the math and support among republican senators might have been dicey that you, you might not have you know the number you need to get to get to the federal reserve, particularly among female senators. I was just talking to say, like capita of west virginia, that seems to think highly of your your credentials but had issues with some of the other stuff. Well, that's exactly right! That'S not! God wrote a couple columns. I mean by the way these were so low.

I'M not gon na most like nineteen years ago. I honestly, don't even remember, writing it, but you know big we're insulting to women and they were meant to be a joke. They weren't have tobe humorous and they weren't writings back that were humorous, but some of them were not so look i understand some of the senators. Many of them were, you know, upset and concerned about those writings. They were meant to be jokes. They were not. People in the media took them literally, but you know one of the things i would say about this, though neal is you know the growth amazing growth is caught out in the economy. You saw the number that came out today, neil that showed us big big big increases in productivity, which is fantastic. That means you know. Productivity is going to lead to higher wages, for course we're going to get another blockbusterjobs report tomorrow. This is an unprecedented, at least not in the last 20 years. Have we seen anything like that? Some how it made the case that you know growth is a women's issue that they increase in wages, movement and the increase in jobs.

Women tend to be the ones and families that do the family finances. You know that's vacation by household, they are totally attentive to the economic security of the family and and their kids, and so you know that's the most important thing i thought you know when the president called me about this. A month ago, we did have a vigorous debate about my economic ideas and that never really happened. It becamea kind of character, fascination and i think in part, because the left understood they couldn't beat me and i'm a guy. Yes well chuck schumer's comment on this development. Putting out a statement steve first kane, referring to herman cain now more obviously referring to you thank goodness night at were actually nominated. The only thing less funny than some of mr. moore's tasteless offensive. Sexist jokes was the idea. The president would even consider an board seat on the federal reserve. Now the president must nominate two serious candidates who will strengthen our economy? What do you think of that? Well, i mean look. This is kind of a victory lap for the last because they took medown with a smear campaign and you know, but it is interesting to me, i'm gon na go back to what i just said.

You know if they think my ideas were so you know out of the box, and so you know so why? Why didn't they debate me on the economic ideas? You know you remember. I was on your show back, i think way. Last year and i became very upset about the feds policies of raising interest rates back in december, there were a lot of people who were doing that, but that was one of the loudest voices and when people criticized me for being, you know critical of the fact And, of course you rememberwhat happened if the stock market fell back 23rd point that the fed. Actually, i have to admit that people like myself and president trump and others were right and in corrected course back in well, then you you took a different tune, though you know, with the last 24 hours talking about the president, who wants the federal reserve to cut Rates a lot, i think, he's at a full percentage point resume quantitative easing the one thing that he criticized during the campaign. Quantitative easing refers the federal reserve, buying treasury notes and bonds to forcibly bring interest rates down to darn near zero throughout much of the last decade. But you said you would not go alongwith it. You didn't think that was a good idea. Did that raise any hackles out of the white house? Oh no, i mean you know. The president iii often disagree with the president and i agree with them, but you know, but they already here by the way is people were saying: oh i'm just gon na be a you know, puppet for trumple birth, but bad, which is the furthest thing from the Truth look, do i think we should be cutting rates by one percentage point. No, i do think we should probably right away the fed made a mistake. I think yesterday i think they should have cancelled the december rate increase because i think that's heldback the economy. I'M a little bit more worried.

I wouldn't advocate at least cut that rate, but but not not to the status quo position. They took. Look you know when i got over to the fed. If i had gotten there, you know i wouldn't want to the fed. Has the advantage of having access to a lot of data that that you and i don't have immediate access to so they might know something that i don't or that you don't but ya know i've been on record from the start. You know it was a mistake to raise the rate in december, so reverse it, and you know what i do worry about: whether we've gotenough dollar liquidity in the economy to keep it. You know we want three to four percent: real economic growth and a jump one spot. I don't know if we can get the five, but i think we're on a course of you know three three and a half percent growth. I think we can pump it up to four, and i was just summarize by saying the whole mantra and theme of my campaign for this job was trying to educate people on the fed economists - and you know just american people - that growth does not cause inflation and What you did you did still a healthy discussion about this pavlovian response. We have to growth, just raise ratesjust, you know and and make a lot of people think. But i'm wondering if this was also an attack in response to the president and his attacks in response to the federal reserve, particularly jerome and and saying you know, your apology. Should say that that wait, a minute we're gon na make this guy you pay for the unending, constant jawboning, second-guessing of the federal reserve from the white house.

Well, maybe there was a little bit of bad. I mean. Obviously, you know the democrats in the media, don't like donald trump very much. I think that they also don't like me very much as well. I mean i've been in this game a long time, 35 yearsi've been very outspoken and i think they were really afraid to have someone as outspoken for fremont, but the media's familiar with you see if you're, not a stranger here i mean it over the years. People on the left and right are aware of you. I don't know if they were where some of the personal stuff that came out, but did you raise that with any of the the anyone at the white house? Look this might come up or were they surprised? I heard one again: these are always dangerous, steve, unnamed whiteouts or saying we had no idea what happened well, you're right what this well. My ron here was the vetting process, because franklyyou know i got to tell you when the president asked me to do this job. I was very honored, i was thinking well gee, you know. Do i really want to be one of seven people on the feds? You know lack the way with a bunch of foreign economists. You know and quite a cloistered away, but i talked to some people been on the federal reserve board. They said this is an amazing job.

You know you'll really enjoy being over there and learning a lot about how the economy works and influence again, and so i agreed to do it and i got on the strewth. I never thought i'd be, maybe one day story stevemorris going over the head and then what happened was the flood gates just opened up, and if i had any sense that this would happen, people would be looking at my writings from 2025 years ago. I would have told the president wait a minute. I can't do it said the confirmation topic and i then you must have seen what happened to judge now: justice cavanaugh, you must have seen other examples, use that that did that drop has changed. In other words, we don't look at candidates for any substantial office to get to see. Another federal reserve is a substantial office. The way we used to and that maybe you should have should have told themhere's all my dirty laundry, i'm not saying it's dirty line. I'M just saying controversial comments, questionable battles with the irs. I i don't want to regurgitate all that, but that maybe you should have given them a heads up. I you know by the way some of that stuff that the media dug up. I didn't even really know about it, didn't even remember but yeah. I know which stuff didn't you know? Oh you know the stuff that wrote 20 years ago about you know this palin on women, but you know the i talked to the white house frequently about the process.

They they talked to the republican senators. They all you know, had a very highopinion of beard. The washington post wrote a piece one week after i was not anything he's got it in the bag and that's why they had to resort to the sleeves campaign because they think they couldn't be many economic ideas. You know, i feel very you know cellar full about this, because i do think i could have been a good voice over there. I think i would be. I would have brought a new perspective in the fed and i think that is very badly needed. There are too many keynesian is there who believe in the phillips curve and believe, and you know that we have to restrain growth every time we get higher wages andand. Now you have to spend to get the growth and now there's not going to be alternative voice. There might be, but if the president chooses guys like you or herman cain, that's one thing, but he likely might not to avoid controversy. Then what i don't know where he's going, but i know this: there are a lot of really highly qualified people. Judy shelton comes to mind that judy she writes all the time for the wall street journal. What are you going to do now? What will you do now? You never got this job.

I'M gon na come on. I'M gon na come on your show, the writing appearing media pundit, that sort of it but alsoyou know whatever the president wants me to do. I'Ve worked with them now. You know formally and informally, the in debater that you would still be involved with him. What way? We'Ll see we'll see, but it will not be a better appointment. All right. We shall see steve more. Thank you very, very much.


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