Christie has maintained a cordial and clear-eyed relationship with the president. Though he carries some political baggage from his time as governor, he had credentials that few of the others considered for the chief of staff position could offer — skills that Trump likely will need in the year ahead. Among them were
- executive experience,
- political experience,
- communications skills,
- independent political relationships and, above all,
- legal experience as a former U.S. attorney.
.. Christie apparently concluded this was no time to go inside the Trump administration and to work for a president who rarely takes the advice of his advisers and whose volatility and unpredictability could prove to be even more detrimental in the months ahead.
.. The decisions by Ayers, Christie and others underscore the precariousness of Trump’s position. At a time when he will need all the strength, wisdom, firepower and support directly around him, Trump presides over a White House that is thinning out rather than beefing up.
.. The White House Counsel’s Office is understaffed heading into a year that could bring multiple requests for documents from congressional committees and the possibility of impeachment proceedings, if what special counsel Robert S. Mueller III ultimately reports rises to that level. So far that is an open question. Others already have moved out of the White House to jobs on the Trump 2020 campaign or the private sector. More could follow in the months ahead.
.. Some loyalists remain. Among them are
- Kellyanne Conway,
- Sarah Sanders, and the president’s daughter
- Ivanka Trump and son-in-law
- Jared Kushner.
But on the issue of fresh recruits, the question is: Who would want to come to work for a president at this moment, knowing that could result in sizable legal fees as a side benefit?
.. For Trump, a group of people he once counted as among his most trusted advisers has been turned into a weapon in the hands of prosecutors
.. Another person who once protected the president and is now on the other side is David Pecker, of American Media, the publisher of the National Enquirer
.. Equally worrisome for Trump could be the role of Allen Weisselberg, the Trump Organization’s longtime chief financial officer and the person who must know as much as anyone about the inner financial workings of Trump’s empire. He has been granted immunity from prosecution in return for his cooperation.
Ms. Yellen has a possibility of being renominated, according to this consensus, but it is only 22 percent; experts think that Kevin Warsh, a former Fed governor with deep Republican ties, has a slightly better chance at 23 percent.
.. The case for renominating Ms. Yellen is straightforward.
She has presided over four years of steady economic expansion and rising financial markets. She moved cautiously toward raising interest rates even though the economy seemed to be approaching full employment. By contrast, some more conservative contenders for the job have indicated they want to raise rates more quickly, which could endanger the economy as President Trump approaches midterm elections in 2018 and a potential re-election battle in 2020.
.. Moreover, as President Trump dabbles in making deals with Democrats, reappointing Ms. Yellen could serve as an expression of good faith to Democratic senators. As administration officials focus on tax legislation and other priorities on Capitol Hill, it might be helpful to them to nominate someone who might sail through confirmation, rather than demand a bruising, time-consuming battle.
.. The case against Ms. Yellen is similarly straightforward: She is a liberal economist in a government dominated by conservatives. She is a cerebral academic serving during the presidency of a bombastic businessman. And she is a staunch defender of the work the Fed and other bank regulators have done to try to limit risk in the financial system — including in a high-profile speech last month — amid an administration focused on deregulation.
Kevin Warsh: well connected, but with baggage
He has a law degree, but no advanced degree in economics.
.. Mr. Warsh has been a skeptic of the Fed’s efforts to boost the economy through quantitative easing and has advocated raising interest rates more quickly. He also has a regulatory philosophy more in line with the administration’s.
.. Mr. Warsh’s father-in-law is Ronald Lauder, of the Estée Lauder cosmetics fortune, a major Republican donor with longstanding ties to Mr. Trump.
.. If Mr. Warsh is nominated, expect significant blowback during the confirmation process from Democrats, who are likely to accuse the 47-year-old Mr. Warsh of being underqualified, of being responsible for the 2008 bank bailouts and inclined to regulate banks too lightly now, and of being too overtly political for the traditionally nonpartisan Fed chairmanship... Democrats would be eager to criticize the administration for naming a recent top executive at Goldman Sachs to be the nation’s most powerful financial regulator. Some populist Republicans might join them... Foremost among them are several of the names we would probably be hearing about if a conventional Republican president were in the White House.. John B. Taylor is a respected economist at Stanford who worked in the George W. Bush administration and has been an influential voice among congressional Republicans who want to see the Fed bound by stricter rules governing its actions.
Glenn Hubbard was a top economic adviser to Mr. Bush who is dean of Columbia Business School.
Larry Lindsey was another top adviser to Mr. Bush and a former Fed governor with an economics doctorate from Harvard.
.. Their doctorates and affiliations with top universities may actually be downsides in an administration that has shown disdain for academic expertise... other names has emerged in various reports, including the F.D.I.C. vice chairman Thomas Hoenig and John Allison