What else mattered while you weren't watching? The Federal Reserve Board
Something else happened last week that mattered quite a lot. Given yesterday's post, this may seem anticlimactic, but this did matter. Pay attention. The Federal Reserve Board matters. More than anyone else in the government, they influence the direction of the economy. Prior to the COVID-induced recession, the economy was chugging along beautifully, so of course, Trump wanted to take not only credit, but sole credit for the economy, and presidents always try to take credit for a good economy while skirting blame for a bad economy. Voters, after all, punish incumbents for a bad economy while rewarding them for a good one. Yet, as I must often remind people, the economy is not a machine with the president sitting at a control board, pressing buttons and centrally planning it. That'd be communism. The whole point of capitalism is that the president doesn't do that. The whole point of capitalism is, as much as possible, to divorce the economy from governmental con