Why Oh Why Doesn't Barack Obama Recess-Appoint joe Gagnon to the Federal Reserve Board of Governors?

It is a mystery to me.

Joe Gagnon:

Monetary policy: Joseph Gagnon on monetary policy: IT IS now apparent that deflation is a more serious risk for the US economy than inflation. Both headline and core inflation are well below the 2% level that central banks view as optimal for economic growth and that the Fed has adopted as its goal. Recent bad news on economic growth and employment further increase the risk of plunging into outright deflation.

The case for monetary stimulus is...