Elon Musk endorses plan to let presidents meddle with Federal Reserve after Trump election win
Elon Musk endorses plan to let presidents meddle with Federal Reserve after Trump election win
During his first term as president, Donald Trump was not shy about publicly disparaging Federal Reserve Chair Jerome Powell and his policy decisions.
i sincerely hope these asinine morons try fucking with the fed
Trump bullied that hack Powell into keeping rates near 0% for way past any reasonable timeframe. Corporations got nearly free debt for 14 years. THAT'S why we ended up with 40 year inflation. And that's using their bs metrics which they also changed to not capture the preceding two years, only one.
And then Powell and Yellen went around talking out of their asses that inflation was transitory, while Americans starved and/or couldn't heat their houses.
And President Biden had the opportunity to throw Powell out on his ear, and instead let that bum keep his job! It was debacle after debacle after debacle.
keeping rates? it was 3 or 4 percent at the end of obama. he got them to drop it to zero and then keep it there in time for covid.
Trump bullied that hack Powell into keeping rates near 0%
i understand why people might believe that the president has any power whatsoever over what the fed does--because that's what everyone's been led to believe intentionally
powell and any other "chairman" of the fed are just public-facing flapping mouth-holes
Trump had good "economic stats" as a result of bullying low interest rate high deficits with tax cuts for the rich, while keeping QE. There was little investment in economy other than a housing boom driven by those low interest rates.
Trump, this year, threatened to fire Powell if "he did not cause a recession" for electoral manipulation. Powell, essentially obeyed by waiting until "last minute" to lower rates.
With all of Trump's electoral lies, it is quite amazing that he is surrounding himself with anti-empire/war activists, who seem serious on ending the war on Russia. That is by far the biggest mistake in US empire history, and the self-destruction that also funded oil and weapons oligarchs to support GOP opponents, and complain about inflation and high rates as a result of the demonism.
Low rates is good for US economy, even though it is unlikely to reindustrialize. Renewables gain much more of an advantage over FFs with low rates. Housing is a lot of jobs, assuming population is not kicked out of the country.
??? He tried last time. This time he will succeed because there's no checks and balances on him.
there have never been checks and balances on the fed. call it a hunch, but if there's one truly untouchable thing in this country, it's the federal reserve
he did succeed last time. he bully pulpited the rates to zero before covid.
Are we witnessing a "become worse than Russia speedrun"? Victory condition, more than 20% of people mustn't have running water and thus shit outside. Can it be done? Can the US oligarchy take apart the US for every penny fast enough?