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Trump hints at firing Fed Chairman Jerome Powell. THE CHAIRMAN IS DOING HIS JOB STUPID!
1
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Feel free to reply to any comment by clicking the "Reply" button.Trump would be doing Powell a huge favor b/c otherwise Powell will preside over the next financial collapse.
callmedubious
Level 8
Dec 23, 2018
0
What does Trump do? He looks for someone to blame for his own failures. Government shut down, that he said, on tape, on national TV, he'd gladly take the credit for, is the Democrat's fault. Republican majority in the Senate, the House and a Republican president, and the problems are the fault of the other guy. Same thing here.
david75090
Level 7
Dec 22, 2018
2
If trump really had the balls he’d dissolve the whole federal reserve since its not a government agency that way he could dissolve the IRS which is a government agency that feeds the federal reserve our taxes.
That are used to pay back the money that we borrowed from the IMF which is a conglomerate of banks and lenders mainly from foreign countries which along with Nixon decided that since we use the most oil but produce the least we should base the strength of our currency upon the global sales of oil.
Which means that we’re paying for our economy but not maintaining any of it.
So boo fucking who about the federal reserve.
48thRonin
Level 8
Dec 22, 2018
0
@John_Tyrrell Well then it will dissolve us
I was with you right up to the conspiracy theory about borrowing money from the International Monetary Fund, since we're actually its chief investor...
Trump's biggest mistake is hiring Jerome Powell:
Our National Debt has grown from 5,674 Billion September 2000 to 21,516 Billion In September 2018. That's a growth rate of 7.8% per year averaged over Republican Presidents and Democratic Presidents and over Republican Congresses and Democratic Congresses. If our GDP does not grow faster than our national debt, we will with 100% certainty go bankrupt as a country and experience what those in Venezuela are experiencing today. Our GDP has grown from 10319 B in September 2000 to 20660 B in September 2018. That's a growth rate of 3.9% per year averaged over 18 years. It's almost exactly half the growth rate of our debt. Bernanke and Yellen did their part to keep the economy growing. Trump and the Republican Congress spurred on growth with the help of the tax cut. Then Trump appointed that damned fool Jerome Powell to head the Federal Reserve. Powell inherited a roaring economy and a bull market, and he has raised interest rates 4 times this year in order to slow down the economy. He said at the news conference that (after his 4 rate hikes) they are projecting a growth rate of 2.5% next year. So the economy is growing at 2.5%, and the debt is growing at 7.8%. It doesn't take a genius to figure out we are headed for bankruptcy.
BD66
Level 8
Dec 22, 2018
0
So you're saying the tax cut for the wealthy that added $1.5 trillion to the national debt is all Powell's fault?
BD66:
@david75090 No I'm saying a corporate tax cut, and a tax cut to most taxpayers, and continued loose monetary policy would have increased the GDP growth rate up close to the rate that our debt is growing, and it would have given us a chance to have our economy grow as fast as our debt and to avoid bankruptcy. That's pretty much what every other Westernd Developed market country is doing. Jerome Powell instead is operating from a playbook that was put in place back in 1913 when the Fed was created, and when our national debt was close to $0 rather than close to $21,700,000,000,000.
@BD66 Can I get some of whatever you're smoking?
@david75090 is absolutely right calling you out. Trump's is the latest in a long string of Republican tax cuts that do nothing for the economy but do a great deal for the pocketbooks of the super-rich. Trump's tax cuts increased the deficit by $2 TRILLION over the next ten years, all while he claimed they would not only "pay for themselves" but also somehow shrink the deficit.
Rates for those earning more than $200,000 a year went down, while over the next 6 years many middle-income Americans will actually pay MORE in taxes. This is the exact opposite of what you want to do to stimulate the economy. The super-rich don't spend money in chain stores; they put their money in T-bills, where it's safe. If you want to keep the money circulating and the economy revving, cut taxes to the bottom 70 percent.
But Trump, like most Republicans, is a supply-sider and a Social Darwinist. He thinks that rich people actually deserve that money because they worked super-hard for it. (Because having a successful father to give you a start in business, then knowing when to declare bankruptcy and screw your investors, is super hard work.) So the idea of tax cuts for the wealthy (himself) just comes naturally to him.
But they don't do anything to cut the deficit. They grow it beyond belief.
As the idiot in charge gets more and more squeezed from all his mis-dealings he is getting more and more desperate to fight back with all he can (which is sadly for us, destructive for our democracy). Hopefully we can learn from this and make some changes to the power of this office.
JackPedigo
Level 9
Dec 22, 2018
0
Every decision that idiot has made in office has been a poor one and he’s just upset this is yet another guy he can’t bully.
Green_eyes
Level 8
Dec 22, 2018
3
"Doing your job" has never been a job qualification under Trump's administration.
We are actually due for a small recession, historically speaking. Trump's afraid it will reflect badly on him (which it should, since everything he's pushed is absolutely horrible policy for the economy). The Fed wants to raise rates a little so that when the recession hits, they have a tool (lowering rates!) to stoke the economy again. But then Trump's short-term economy isn't as YUUUGE!!!! as he wants it to be.
Anything that doesn't help out the Trump 2020 campaign is bad policy, in his eyes.
Paul4747
Level 8
Dec 22, 2018
1
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