Why Trump's Federal Reserve Pick May Surprise Him

Kevin Warsh learned his earliest lessons about politics while selling pencils at a racetrack.

As a high schooler in upstate New York, Warsh spent his summers working odd jobs at the Saratoga Race Course, the storied horseracing track frequented by New York's upper-crust clientele. After a few summers setting up beer kegs and delivering ice as a barback, Warsh secured a promotion to sell programs to race-goers near the entryway to the track. At the stall where he worked, Warsh developed a nifty sales trick: When patrons came to buy programs, he would also sell them a "lucky pencil," along with advice on which horse to bet on in the big race.