Good sport

Jim Newton

Itasca

A MASH TV series episode featured their two head surgeons, “Hawkeye” and B.J. Hunnicut refusing to bathe as part of a protest. Banned from the mess tent due to their pungent scent, they dined at a table outside. When the affable Father Mulcahy greeted them on his way to dinner, and the surgeons invite him to have a seat, the chaplain politely declined. Reminded by “Hawkeye” that “Jesus ate with the lepers”, Mulcahy replies, “He was an exceptionally good sport.”

Being a good sport after losing is as rare today as magnanimity is among winners.

Beleaguered Federal Reserve Chairman Jerome Powell, whose term ends May 15, 2026, has been an exceptionally good sport. Opinions on his effectiveness are mixed, but even some detractors credit Powell for his independence and stewardship through difficult times. Furthermore, Powell wouldn’t be the first Fed chair to look better in retrospect. President Reagan wanted to keep then-Fed Chairman Paul Volcker from raising interest rates, and President H.W. Bush blamed Alan Greenspan for his 1992 presidential election loss. Federal Reserve and presidential discord dates back to Herbert Hoover.

However Powell’s legacy evolves, he leaves the Fed as arguably the most mature member of an administration beset by manchild misfits. Whomever replaces him deserves a chance to prove himself. But if you’re a fan of Federal Reserve independence, remember that he (or she) will serve at the pleasure of President Trump. Don’t celebrate too soon.