Here’s the deal:
Making a case in court against Powell will be tough. Not impossible, but tough. If Powell can be prosecuted for cost overruns in the Fed headquarters renovation, my guess is so can most cabinet secretaries and department heads.
Maybe it’d be worthwhile.
But the reality is we desperately need a new fed chair. Tillis is a lame duck with nothing to lose, and he’s declared that Warsh’s nomination isn’t going to proceed until DOJ drops the Powell case. It’s not my call, but I don’t think nailing Powell’s butt to a trophy wall is worth it.
Me neither. Just let the little weasel slither away and get the new Fed Chairman installed.
Powell will just be one vote if he stays. Ignore him and move on. Rates are stuck where they are for now no matter who is the Fed-Head. A strong majority of the FED agrees. Powell’s problem is his terrible communication skills. That problem is coming to an end.
So drop the case and when we get a new one in there, bring it back.
Powell does not have the law or tradition on his side. He is full of shit.
Actually, I hope he stays in his office so they can drag his sorry ass out by force.