Well, howdy there, internet people, it spell again.

So today, we're going to talk about Trump versus hundreds of economists and the Fed.

Trump's move to oust Federal Reserve Board Governor Lisa Cook is creating waves all over the country.

First, her lawyer is attempting to get a block on the

firing and in a filing said Cook, quote, did not ever commit mortgage fraud. What may be more

important is that he's saying that federal entities had her mortgage details prior to her confirmation.

The filing noted, quote, The government has long known about the alleged facial inconsistencies in Governor Cook's

financial documents. It's going to be very hard to fire somebody for cause if the information

was known before they were ever confirmed.

The attorney did a good job of presenting Trump's allegations as a pretext to remove her

for not succumbing to his political pressure. Then, hundreds of economists from prestigious

institutions, including multiple Nobel laureates, federal reserve economists, and so on, signed an open letter backing up Cook.

Quote, we write as economists to express our strong support for Federal Reserve Board Governor Lisa Cook and for the long-standing

principles of central bank independence. Good economic policy requires credible monetary

institutions. Credible monetary institutions, in turn, require the independence of the Federal

Reserve. A large body of research confirms that countries with more independent central banks

achieve better economic outcomes.

Congress, through the Federal Reserve Act, enshrined that independence and designed the Federal

Reserve to be insulated from day-to-day politics.

By law, governors serve fixed terms and may be removed only for cause.

A high bar meant to protect the institution's independence.

That protection is not merely a legal formality.

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