The Fed

Supply siders are about to get yet another seat on the Federal Reserve Board, but it could be a net loss for their cause. White House economist Lawrence Lindsey is the leading candidate to fill the Fed vacancy and ideological niche left by the departure of Manuel H. Johnson Jr. But Lindsey, a 36-year-old former Harvard tax economist with no background in monetary economics, isn't likely to have Johnson's smooth working style or clout. What's more, his departure from the White House deprives supply siders of their most persistent Administration supporter of a capital-gains cut.