Fed Vice Chairman Stanley Fischer spoke first on Friday morning and made it clear that the Fed’s discretionary approach to monetary policy was to be preferred over a “rules-based” approach. That is, the flexible judgment calls of the economists at the helm of the economy are going to be more accurate than a mathematical model. Such arrogance, thinking that one can run an economy from the top, is typical of those in power positions.

Donald Trump had a good week in Washington, managing to get both a spending bill and his version of healthcare reform through Congress. Unfortunately good news for politicians is often bad news for Americans. The Republican plan simply tinkers at the edges of Obamacare, failing to address the systemic issues that exist after a century of government regulating the relationship between doctors and patients.