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> It's truly pathetic how Congress and the media are giving the Biden administration a free pass on refusing to acknowledge that the endless interest-rate hikes

> It's truly pathetic how Congress and the media are giving the Biden administration a free pass on refusing to acknowledge that the endless interest-rate hikes AREN'T WORKING. The President doesn’t control interest rates, the Federal Reserve does. And the President does not control the Federal Reserve. The President nominates the board of governors and the Senate confirms them. The current Federal Reserve chair is actually a Republican first nominated by Trump and then nominated for a second term by Biden (in fact, against pressure from the more left-leaning Democrats like AOC and Warren). Laying the interest rate hikes solely at the Biden administration’s feet expresses a lack of understanding about how the Federal Reserve and interest rates work in the US. There’s plenty of blame to go around here. Edit: here’s a link to the vote for the current chair’s renomination (https://www.senate.gov/legislative/LIS/roll_call_votes/vote1172/vote_117_2_00176.htm https://www.senate.gov/legislative/LIS/roll_call_votes/vote1...) I think it’s interesting because you see as diverse a group as Cruz, Hawley, Rubio, Sanders, and Warren voting together (nays) against the overwhelming majority of yeas (80 to 19 with 1 senator abstaining).

junofan 3y ago
As Truman once said, “The buck stops somewhere else. Probably with the other party. You just don’t understand how these things work.”
- derstander 3y ago
  You’re in good company misinterpreting Truman’s famous desk sign: https://nymag.com/intelligencer/2012/10/buck-stops-here-clinton-obama-truman.html https://nymag.com/intelligencer/2012/10/buck-stops-here-clin... Or directly from Truman’s library: “In his farewell address to the American people given in January 1953, President Truman referred to this concept very specifically in asserting that, "The President--whoever he is--has to decide. He can't pass the buck to anybody. No one else can do the deciding for him. That's his job.” Funny enough, Trump gave his own version of the phrase around the looming 2019 shutdown with “the buck stops with everyone”.
ShadowBanThis01 3y ago
I'm not laying interest-rate hikes on the administration. I'm blaming them for neglecting to take sufficient action against monopolies, and their failure to communicate with the public on the issue. Apparently their "strategy" is to sit back and let the Fed flail, instead of admitting that it's not working and proposing another approach.

junofan 3y ago

As Truman once said, “The buck stops somewhere else. Probably with the other party. You just don’t understand how these things work.”

derstander 3y ago
You’re in good company misinterpreting Truman’s famous desk sign: https://nymag.com/intelligencer/2012/10/buck-stops-here-clinton-obama-truman.html https://nymag.com/intelligencer/2012/10/buck-stops-here-clin... Or directly from Truman’s library: “In his farewell address to the American people given in January 1953, President Truman referred to this concept very specifically in asserting that, "The President--whoever he is--has to decide. He can't pass the buck to anybody. No one else can do the deciding for him. That's his job.” Funny enough, Trump gave his own version of the phrase around the looming 2019 shutdown with “the buck stops with everyone”.

ShadowBanThis01 3y ago

I'm not laying interest-rate hikes on the administration. I'm blaming them for neglecting to take sufficient action against monopolies, and their failure to communicate with the public on the issue. Apparently their "strategy" is to sit back and let the Fed flail, instead of admitting that it's not working and proposing another approach.