Should-Read: I remember when Larry Lindsey wanted to be a...

Should-Read: I remember when Larry Lindsey wanted to be a professional economist, rather than an affinity fraudster: Lori Ann LaRocco: Bush tax-cut architect dismisses JCT scoring of the Senate tax bill a 'fraud': "An exclusive note from George W. Bush's former economic advisor, Larry Lindsey...

...accusing the tax committee of attempting to thwart the tax bill. Lindsey said the parameters of the committee's model have never been made public; because they cannot be scrutinized, he says JCT has unbridled power... accuses the Joint Committee on Taxation of "playing games" to thwart the tax bill....

In effect, the results of the model are just what the staff decides they are since they are the ones in control of the parameters of the model. The staff uses the artifice of a black box model to come to whatever conclusion they want.

He called the JCT's prediction of an "aggressive" Fed response to the tax legislation "absurd"....

If anything, the signals and market view have all been that the Fed will be less aggressive. Some members have even speculated about the advantage of raising the inflation target in order to allow a slower response. Markets have consistently priced in far fewer interest rate hikes than what the FOMC projects.... The JCT has long been part of the swamp...

and calling on Congress to reform the committee "when their model is proved to be a fraud."

In prior appearances on CNBC and in a previous note, Lindsey told his clients that if tax reform was passed, "The political and economic policy implications would be massive and far reaching..."