David Malpass

So a couple of days ago, when he talked about the need for growth,

And he was complaining about the Fed leaning against growth.

What you described, Steve, was supply-side economics.

Remember, you have tax cuts, you have the trade that's changing, and you have, very importantly, the need for the Fed to be supportive or allow growth.

That was what helped Reagan so much in the early 1980s, was the Federal Reserve was able to cut interest rates, even though the growth rate was going

up.

But now we have the Fed locked into the idea of inflation targeting.

It's the opposite of supply-side economics.

What I want is a price rule where the Fed would be able to give assurances on the dollar, and that would allow lower interest rates across the board.

President Trump has put so much energy into a supply side reform of the economy that's supposed to help people and small businesses.

He's deregulating the economy.

The Fed on Thursday reappointed itself by its own authority, 11 of the 12 regional governments.

presidents of the Fed, banks across the country, and also 12 of the 12 first vice presidents.

So you've got the top two across the country that are locked in for another five years.

So they're Trump-proofing the Federal Reserve.

And that means that you're going to end up with rates higher and the dollar not as defended as it should be.

In the Fed's models, they don't defend the dollar.

And that means that the U.S.

is at risk, at risk to foreign competition.

And I think the president should forcefully be asking people,