Nick Timiraos

And that was Kevin Warsh.

And from that, he scores an appointment to the Fed board himself.

In 2006, at age 35, he became the youngest person ever to become a Fed governor.

quite representative of the Federal Reserve.

And then he has a ringside seat to the financial crisis in 2008.

He is disillusioned with some of the easy money policies that Bernanke is pursuing.

And so he becomes more critical of the Fed after he leaves.

The worry was that all of the money sloshing around in the economy

would show up either in inflation or asset bubbles.

Warsh writes regular essays, op-eds, gives interviews where he's pointing out what he thinks are the problems with the policies the Fed is pursuing.

Well, I talked to somebody who spoke with the president right as Trump was making that decision.

And this was somebody who said, I think you should pick Kevin Warsh.

And the president said, well, I want somebody who favors low interest rates.

So I think...

One way to read this is to say Trump saw the long track record, the written record that Warsh had published and said, well, maybe this guy doesn't actually want lower interest rates.

He also told people he thought Warsh looked too young.

Warsh is 17 years younger than Powell, the silver-haired former private equity investor.

And so even though Walsh was very well positioned, Trump saw Powell, saw somebody who had supported the lower interest rate policies of the previous years, and so he went with Powell.

Warsh flipped and said the Fed didn't need to raise interest rates anymore.

He began to be more critical of the policies Powell pursued.