Steve Moore on Government Intervention in Markets and Federal Reserve Independence

Opposition to Government Stake in Private Companies

• 💡 Steve Moore strongly opposes the idea of the government taking ownership stakes in private companies, advocating instead for privatization and letting the free enterprise system work.
• 🚀 He draws a parallel to the internet's growth, where government non-interference led to hundreds of companies and US dominance, suggesting a similar outcome for the microchip, robotics, and AI ages.
• ⚠️ Moore argues that the government historically picks losers, not winners, and that adopting policies from countries like Japan and Europe, which have national industrial policies, has led to stagnant markets compared to the US.

Concerns About National Industrial Policy

• 🎯 The concept of a national industrial policy is criticized as a potential creation of a corporate welfare state, which has failed in other countries.
• 🚫 Moore likens this approach to economic fascism or corporatism, noting that even Bernie Sanders is a proponent, which he finds telling.
• 🇺🇸 He emphasizes that the US has thrived by avoiding such policies and should not adopt those of perceived "losers."

Federal Reserve Independence and Politicization

• 🏦 Janet Yellen's criticism of attempts to politicize the Federal Reserve is discussed, with Moore agreeing that the Fed's independence is crucial.
• 📉 However, Moore contends that Jerome Powell has been the most significant politicizer of the Fed over the last 50 years, citing interest rate cuts before elections and attacks on the Trump economic agenda.
• 📈 He also points out that Powell's tenure has seen a significant rise in inflation, with prices increasing 22% under Biden.

Allegations Against Fed Governor Lisa Cook

• ⚖️ The discussion touches on allegations of mortgage fraud against Federal Reserve Governor Lisa Cook, with Moore agreeing that such accusations are serious.
• 🏠 He stresses that having someone accused of mortgage fraud on the Federal Reserve Board is problematic, referencing how mortgage fraud contributed to the 2008 meltdown.
• ❓ Moore questions why Cook hasn't provided her mortgage forms to clear her name if the allegations are false, suggesting she is playing the victim.