At the risk of blowing a fastball with a high letter, or hitting completely, I want to write a short note about this Jay Powell quote business, hoping that calmer heads will prevailthe whole issue will go away and we can have an orderly transition to a new Fed chairman as soon as possible.

Mr. Powell has done more to undermine the Fed’s independence than anyone I can think of in recent memory, as I’ve written many times before. I don’t want to repeat the bill of goods against Powell, a terribly political Fed chairman. But to hasten his departure, my longtime friend Jeanine Pirro, now U.S. Attorney for the District of Columbia, can play a key role.

There is no one better than Jeanine. But as she herself has been subpoenaed, the subpoena served on Jay Powell and the Federal Reserve may have prematurely started a legal process that, she told Fox Digital, “is not a threat.”

Let me continue Reading Jeanine’s statement “The word ‘indictment’ came out of Mr. Powell’s mouth, no one else’s. None of this would have happened if they had just responded to our communication.”

It appears that two emails were sent to the Fed over the winter break for information on Taj Mahal cost overruns, but with no urgency or mention of a criminal investigation. That was before the Fed got the subpoena. So at that point, with no supposed response from the Fed, one of the smartest people I know, and one of my favorite prosecutors, Jeanie Pirro, may have pulled the trigger a little too quickly. And then, when all hell broke loose, he said quote “this office makes decisions based on merit, nothing less. We agree with the chairman of the Federal Reserve that no one is above the law and so we expect his full cooperation.”

Well, I agree with my favorite prosecutor, that decisions should be based on the merits. But a cost overrun in Washington DC doesn’t seem particularly meritorious. If this is a criminal action, most people in and around DC will be in jail. But the prisons are not big enough. Cost overruns are the currency of the kingdom, and everyone knows it. I don’t want to justify it; I’m just being realistic. Also, although I cannot fully confirm, it is alleged that Ms. Pirro’s office did not inform the main Justice Department before taking this controversial action. If that’s true, it’s a no no.

But here’s the thing, as far as we know, no grand jury has been called yet. No charges have been filed against Mr. Powell or the Federal Reserve. And the president himself has put forth plausible deniability when he said he knows nothing about it and denied involvement in the DOJ’s Fed subpoenas.

So I’m just saying that the stage can be set for a quick fix. Maybe Ms. Pirro would call a meeting with Mr. Powell to discuss Fed cost overruns. And then it’s all over.

There really isn’t any, there. Then we can get on with the crucial business of appointing a new Fed chairman to steer the booming economy of Mr. Trump and an independent Fed.