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Pretty sure the covid stimulus passed while trump:Biden was/is president is like 2:1. Not giving either one a pass though because Biden reappointed Powell and
by 01100011 5y ago
Pretty sure the covid stimulus passed while trump:Biden was/is president is like 2:1.
Not giving either one a pass though because Biden reappointed Powell and failed to give Powell the political direction to raise rates late last year when it was obvious inflation was anything but transitory.
- jt_b 5y agoThe Federal Reserve is independent of the executive branch's political aims. Its mandate is to keep inflation and unemployment in check with the tools it has at its disposal (interest rates, balance sheet).
- 01100011 5y ago> The Federal Reserve is independent of the executive branch's political aims. That's the theory anyway. The fed chair is appointed by the president and still has some accountability to the political machine. It is independent in many ways but it is not truly independent. > Its mandate is to keep inflation and unemployment in check Yes and now it is also trying to fight climate change, wealth gaps, and other "ESG" goals.
- elephanteeee 5y agoEven if you’re right that’s kind of misleading. Trump’s stimulus and Powells actions were basically necessary to prevent another 2008style economic collapse. Biden’s came as “voluntary” unemployment was already high and during a recovery. Either way that was another example of the fed and exec branch working together. However anyone’s feelings are about politics and the things said, us policies were quite competent during the pandemic. For anyone interested trillion dollar triage is a great book.