And threatens to put tariffs on all of China’s $500bn export to the US, markets abruptly down in Europe…(it’s vacation time in Europe, so probably a pretty thin market, but anyways…)
Hopefully, Powell’s response will be: “Fuck you, Draft Dodger!”
If drumpf had even a smidgen of knowledge about economics, it might be worth taking note of his complaint. However, given his history of not having a clue about everything from tariffs to energy markets, we can safely disregard anything he might say related to economics. Even the Granny starver has a better handle on economics than drumpf does.
Central bank independence is a nuanced concept. Certainly it is necessary for both the Fed and the ECB to be walled off from political pressure. This was provided for by treaty https://www.ecb.europa.eu/explainers/tell-me-more/html/ecb_independent.en.html in the EU and by statute https://www.federalreserve.gov/faqs/about_12799.htm in the US.
Both these documents set out objectives for the bank in question. However, in the US, these objectives were established by a government body–Congress. The Fed is therefore accountable to Congress and must report to it. This structure is less of a danger, regarding political pressure, than the possibility of a chief executive leaning on the chairman, which the article points out has happened in the past.
Only Congress, however, has statutory power over the Fed. In the case of uninformed comments like the ones our president is now making, the chairman has the duty to push back.
Why not “Fuck you, Bankruptcy King!”?
Sorry Trump, it’s a direct result of your tax cut. If you’d skipped having one, or you’d had a smaller one and focused it on poorer people who desperately need a wage increase to start with, they wouldn’t be having to raise rates.
Gentlemen!!! Why not both?
It takes real, serious effort to be this ignorant of absolutely everything. I thought most Americans picked up at least a rudimentary understanding of the Fed’s rate-setting just by intellectual osmosis.
Trump prides himself in being a super negotiator. He doesn’t negotiate, he rants.
What he actually meant to say is “I’ll rant so much, you’ll get tired of ranting!” And he was right.
“We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns,” Powell said. “We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently.”
Buckle up, Jerry.
The China shop has replaced its inventory and is now ready for the bull once more.
If Donald really cared, he would (have someone) put it into a tweet.
The Fed has been massively stimulating the economy for quite a while. If you throw on top of that a fiscally irresponsible, deficit-ballooning tax cut, then yes, of course the Fed is going to tap the brakes. Only an idiot would expect… uh… never mind.
It’s all about donnie’s ratings …
Biggest economy ----
Hottest economy —
" I beat Obama’s economy " !
There is no concept … what-so-ever … about consequences ----
Those are for little people —
And if there are … he’ll just deny any exist as fake …
and blame Hillary —
There’s nothing Trump won’t make about himself. Now he’s complaining about a strong dollar. Ugh. Make this man go away.
Most Americans don’t understand the Fed and how it works.
A substantial number of Americans believe that the Fed is a private bank controlled by the Rothschild family and that it is destroying the country.
Americans can be a remarkably stupid populace.
Trump can’t negotiate.
All he has is ranting, with a generous helping of bullying.