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Trump Lashes Out at Fed Chair Powell, Says 'Termination Cannot Come Fast Enough'

26 points by throw0101d 2y ago

throw0101d 2y ago
http://archive.is/https://www.wsj.com/economy/central-banking/trump-takes-aim-at-fed-chair-powell-7a013ba8 http://archive.is/https://www.wsj.com/economy/central-bankin... https://archive.is/ddyQf https://archive.is/ddyQf
deleted 2y ago
[deleted]
throw0101d 2y ago
Reminder that Trump initially appointed Powell (and Biden renewed him): * https://en.wikipedia.org/wiki/Jerome_Powell#Federal_Reserve_Chairman_(2018–present) https://en.wikipedia.org/wiki/Jerome_Powell#Federal_Reserve_...
- bediger4000 2y ago
  Another appointee follows the Trump Orbit Character Arc. It's really pretty consistent, from Jeff Sessions to Mark Mikey and about 5 secretaries of defense. Trump apparently believes appointees are there to do what Trump communicates he wants done, and to take the blame if those things don't work out.
duxup 2y ago
It's not even Idocracy at this point. Even President Camacho looked for help from smarter people. You don't adjust rates just because you want them to be lower, there's second order effects. I'd like them to be lower all the time, but there's consequences for that. Trump is going to keep making policy based off snap judgments, listen to nobody, and just keep digging economic holes.
- throw0101d 2y ago
  > You don't adjust rates just because you want them to be lower, there's second order effects. You can… in Turkey (Türkiye); from 2021: > Erdogan is openly averse to high interest rates, claiming high rates cause inflation, which stands in opposition to mainstream economic theory. > He has pressured the central bank to keep rates low to fuel borrowing and growth. Critics say the independence of the central bank has been severely damaged through political pressure. > Erdogan’s decree on Saturday appoints Sahap Kavcioglu as the new central bank head. Kavcioglu is a banking professor and a columnist in a pro-government newspaper where he has argued for low interest rates. * https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sacks-central-bank-governor-after-rate-hike https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sac... More recently in 2024: > The first woman to lead the bank, Erkan began raising interest rates when she was appointed in June last year, launching a 180-degree pivot away from years of low rates under Erdogan that had sent inflation soaring and foreign investors fleeing. * https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fatih-karahan-as-new-central-bank-chief-after-erkan-resigns https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fati... In 2024 a court ruled that the President could not just fire central bank heads: * https://www.brecorder.com/news/40306881/turkey-court-loosens-erdogans-grip-on-central-bank https://www.brecorder.com/news/40306881/turkey-court-loosens...
legitster 2y ago
Tanking the economy just so you can lower interest rates is like breaking your own legs so you can get painkillers. You cannot spill enough ink to explain how bad, dumb, and borderline evil this all is.
1970-01-01 2y ago
Wagging the dog isn't going to work on the Fed. The real question is: will Trump find out the hard way and go down with it or will someone with a braincell stop him before this?
woggy 2y ago
Goodnight, America

26 points by throw0101d 2y ago

http://archive.is/https://www.wsj.com/economy/central-banking/trump-takes-aim-at-fed-chair-powell-7a013ba8 http://archive.is/https://www.wsj.com/economy/central-bankin... https://archive.is/ddyQf https://archive.is/ddyQf

deleted 2y ago

[deleted]

throw0101d 2y ago

Reminder that Trump initially appointed Powell (and Biden renewed him): * https://en.wikipedia.org/wiki/Jerome_Powell#Federal_Reserve_Chairman_(2018–present) https://en.wikipedia.org/wiki/Jerome_Powell#Federal_Reserve_...

bediger4000 2y ago
Another appointee follows the Trump Orbit Character Arc. It's really pretty consistent, from Jeff Sessions to Mark Mikey and about 5 secretaries of defense. Trump apparently believes appointees are there to do what Trump communicates he wants done, and to take the blame if those things don't work out.

duxup 2y ago

It's not even Idocracy at this point. Even President Camacho looked for help from smarter people. You don't adjust rates just because you want them to be lower, there's second order effects. I'd like them to be lower all the time, but there's consequences for that. Trump is going to keep making policy based off snap judgments, listen to nobody, and just keep digging economic holes.

throw0101d 2y ago
> You don't adjust rates just because you want them to be lower, there's second order effects. You can… in Turkey (Türkiye); from 2021: > Erdogan is openly averse to high interest rates, claiming high rates cause inflation, which stands in opposition to mainstream economic theory. > He has pressured the central bank to keep rates low to fuel borrowing and growth. Critics say the independence of the central bank has been severely damaged through political pressure. > Erdogan’s decree on Saturday appoints Sahap Kavcioglu as the new central bank head. Kavcioglu is a banking professor and a columnist in a pro-government newspaper where he has argued for low interest rates. * https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sacks-central-bank-governor-after-rate-hike https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sac... More recently in 2024: > The first woman to lead the bank, Erkan began raising interest rates when she was appointed in June last year, launching a 180-degree pivot away from years of low rates under Erdogan that had sent inflation soaring and foreign investors fleeing. * https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fatih-karahan-as-new-central-bank-chief-after-erkan-resigns https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fati... In 2024 a court ruled that the President could not just fire central bank heads: * https://www.brecorder.com/news/40306881/turkey-court-loosens-erdogans-grip-on-central-bank https://www.brecorder.com/news/40306881/turkey-court-loosens...

legitster 2y ago

Tanking the economy just so you can lower interest rates is like breaking your own legs so you can get painkillers. You cannot spill enough ink to explain how bad, dumb, and borderline evil this all is.

1970-01-01 2y ago

Wagging the dog isn't going to work on the Fed. The real question is: will Trump find out the hard way and go down with it or will someone with a braincell stop him before this?

woggy 2y ago

Goodnight, America