This is Brad DeLong's Grasping Reality—my attempt to make myself, and all of you out there in SubStackLand, smarter by writing where I have Value Above Replacement and shutting up where I do not… Lisa Cook Is Not Yet Evicted from the Federal Reserve BoardIt was such a huge mistake in 2021 not to expand the Supreme Court. The lawless Republican justices had already said who they were: lawless partisan hypocrites. And yet Manchin and company would...It was such a huge mistake in 2021 not to expand the Supreme Court. The lawless Republican justices had already said who they were: lawless partisan hypocrites. And yet Manchin and company would not listen. That may have been one of the key failures that future historians will say ended American democracy as we had known it…Unexplained lawlessness at the Supreme Court continues. The ruling principle is now: Trump wins rapidly when he cares enough to double-down on the issue, except in the case of the Federal Reserve, where he does not win rapidly, but we will not say anything more than that:
How is this different from any of the other removal cases. It isn’t. A Supreme Court that was an umpire—that called balls and strikes—would say: in all removal cases Trump’s dismissals are properly enjoined, because Humphrey’s Executor is good law right now, and whatever you think of the legitimacy of the Supreme Court’s power to rule and make and unmake law from the bench, that making and unmaking has not yet happened, and so does not cast a shadow backward in time to the present. If reading this gets you Value Above Replacement, then become a free subscriber to this newsletter. And forward it! And if your VAR from this newsletter is in the three digits or more each year, please become a paid subscriber! I am trying to make you readers—and myself—smarter. Please tell me if I succeed, or how I fail…#lisa-cook |
Lisa Cook Is Not Yet Evicted from the Federal Reserve Board
Wednesday, 1 October 2025
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