UPDATE: Herman Cain withdraws bid to join Federal Reserve
Source: Washington Post
Herman Cain, President Trump's planned nominee for the Federal Reserve, withdrew from consideration on Monday, after a lack of Republican support in the Senate doomed his prospects for confirmation.
President Trump made the announcement on Twitter, writing, "My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!"
Cain would have needed near-unanimous Republican backing in the Senate for confirmation. But four Republicans have said they would not vote for the nominee, effectively killing his chances since Republicans hold 53 seats in the Senate and no Democrats were expected to support him. Cain had maintained as recently as late last week that he'd continue to vie for the role.
Trump's plan to pick Cain, a 2012 GOP presidential primary candidate and restaurant industry executive, was immediately controversial when the president announced Cain was his choice earlier this month.
Read more: https://www.washingtonpost.com/business/economy/herman-cain-withdraws-bid-to-join-fed-after-republicans-sink-trumps-pick/2019/04/22/b755a770-5d33-11e9-842d-7d3ed7eb3957_story.html
Original article -
April 22 at 12:23 PM
President Trump said on Twitter that former GOP presidential candidate Herman Cain would not be a candidate for the Fed seat.
The decision comes after four GOP senators refused to back Cain, all but dooming his confirmation and pausing Trump's effort to add political allies to the independent central bank.
This is a developing story. It will be updated.
https://www.washingtonpost.com/news/business/wp/2019/04/22/herman-cain-withdraws-from-consideration-for-the-federal-reserve/?utm_term.7e1342ed3e9c
Obligatory parting shot -
SharonAnn
(13,776 posts)C_U_L8R
(45,003 posts)PSPS
(13,603 posts)mahatmakanejeeves
(57,504 posts)BumRushDaShow
(129,124 posts)safeinOhio
(32,690 posts)German plan for the Fed.
TheCowsCameHome
(40,168 posts)Adios, moron.
elleng
(130,974 posts)Sens. Mitt Romney (Utah), Lisa Murkowski (Alaska) and Cory Gardner (Colo.)
brooklynite
(94,602 posts)BumRushDaShow
(129,124 posts)justhanginon
(3,290 posts)is probably going to take a few weeks off and vacation in beautiful Ubeki-beki-beki-stan-stan. Bon Voyage Herman!
no_hypocrisy
(46,130 posts)BumRushDaShow
(129,124 posts)Mr.Bill
(24,303 posts)Maybe Sarah Palin? How about Ted Nugent?
KY_EnviroGuy
(14,492 posts)With tRump, we know it will certainly be worse, not better.
The Dotard's comments are fake cover for him never admitting his mistakes. We can bet that Cain was instructed to withdraw.
muntrv
(14,505 posts)calimary
(81,323 posts)What will Becky say?
FakeNoose
(32,645 posts)One down, 999 to go.
jgmiller
(395 posts)let's not forget that Cain at least served on the KC fed before so he does have some clue and he didn't break the system. The real problem is Stephen Moore, that man is truly dangerous and I'm afraid that all this focus on Cain is going to allow them to push Moore through. I would have rather had Cain on there and not Moore if I had to choose between them.
Cain was the useful idiot wackadoodle to make fellow crackpot Moore look good enough by comparison that the latter can slide into a seat on the Fed. Moore will do real damage. If red don gets his way monetary policy will be further degraded to focus on maximizing his chances of reelection in 2020. The nation will be left without sufficient room to navigate out of the next recession.
maxsolomon
(33,345 posts)More noise, more space in the media taken up, more distraction, more more time wasted fighting absurdities, more institutions debased.
SunSeeker
(51,574 posts)They knew putting Cain on the Fed would be devastating to the economy--and their donors' pocketbooks.
Historic NY
(37,451 posts)Yo_Mama_Been_Loggin
(108,036 posts)gopiscrap
(23,761 posts)deep sixed!!!!
Roy Rolling
(6,918 posts)I was looking forward to more shucky-ducky on the Fed.
3Hotdogs
(12,393 posts)JohnnyRingo
(18,636 posts)Maybe Rush Limbaugh who has a calculator on his phone.
Sadly, Trump is just looking for someone who will follow his orders because no one on Earth knows more about economics than himself. There goes what's left of my pension to runaway inflation.
padah513
(2,503 posts)I think the choice was made for him. Either way good riddance. One down, one to go.
George II
(67,782 posts)kimbutgar
(21,163 posts)She was not going away and would hVe dragged him down further.
Next Stephen Moore needs to remove himself.
JustABozoOnThisBus
(23,350 posts)Herman is Herman's biggest fan.
muriel_volestrangler
(101,322 posts)I also started wondering if Id be giving up too much influence to get a little bit of policy impact, Cain wrote. With my current media activities, I can reach close to 4 million people a month with the ideas I believe in. If I gave that up for one seat on the Fed board, would that be a good trade-off?
https://www.theguardian.com/us-news/live/2019/apr/22/trump-news-today-latest-live-mueller-2020-updates-democrats-impeachment?page=with:block-5cbe29e08f085bb0e0de6579#block-5cbe29e08f085bb0e0de6579
WTF does he do now? Blolivate on Fox News, as far as I can tell.