Trump Ramps Up Criticism of Fed. Chief Powell

[louis c]

Source: Market Watch

By Greg Robb

Published: Aug 20, 2018 1:50 p.m. EDT

President Trump tells donors he's disappointed Powell is not acting like a 'cheap money' central banker.

President Donald Trump over the weekend escalated his criticism of the Federal Reserve into a personal attack of Fed Chairman Jerome Powell, according to news reports.

At a fundraiser in the Hamptons, Trump said he expected Powell to be a cheap-money Fed chairman and lamented the Fed instead had raised interest rates, Bloomberg reported.The story cited three people present as having described Trump's private remarks.


Read more: https://www.marketwatch.com/story/trump-ramps-up-criticism-of-powell-reports-2018-08-20

[CatMor]

1. Is there anyone this monster won't attack ....

these people have got to start attacking back

[Tiggeroshii]

3. At a certain point they have to crack

I wonder how long that will take

[VWolf]

5. He won't attack Putin

That should tell you all you need to know.

[Bleacher Creature]

6. Putin. NT

[CatMor]

10. Guess I should have added is there anyone in our country

[Achilleaze]

12. Putin

republican Comrade Dirty Donny very afraid

[SWBTATTReg]

2. Hope the federal reserve chief sticks to his guns...and keep inflation at bay...

More cheap money is exactly what the country needs (sarcasm)...and by the way, who the crap does rump think he is, being that he's declared bankruptcies many times?

Hypocrite....

[PSPS]

4. Yes, we should all go to a failed bankrupt crook for guidance on monetary policy.

[wishstar]

7. Ironically, Trump replaced Janet Yellen with his guy Powell instead of letting her term expire

I am sure she has been quite relieved that she stepped down and Powell took over right as Fed raised interest rates and market took a downward slide earlier this year.

[sandensea]

14. Trump wants the kind of central bank chairs you'd see in Mobutu's Zaire.

Mobutu would call them periodically to ask that $1 million be withdrawn for his own personal use.

The Central Bank chair would of course comply - but take another $1 milion for himself, plus another million to bribe whatever officials needed attention.

By 1991, the copper and diamond-rich nation (which got millions in foreign aid every year besides) was so bankrupt, the soldiers ransacked every downtown shop they could find. Mobutu was ultimately forced to resign in '97, and died a few months later.

Contextual differences aside, this would be what America looked like if Cheeto had the kind of unfettered power he craves.

[Lucky Luciano]

19. Her term did expire, but he chose not to renew it. nt

[SummerSnow]

8. He attacks people that he has picked for the position, Crazy as a loon

[underpants]

9. Does he actually have anything to DO?

[Fiendish Thingy]

11. And there are enough vacant seats on the Fed for Trump to pack the board

Trump can pack the Fed with lackeys to maintain “cheap money”...get ready for double digit inflation...

[DeminPennswoods]

20. We've had cheap money for the last decade

with the federal loan rate to banks being near 0. This didn't lead to inflation. Tight labor supply or a too tight money supply is what leads to "double digit" inflation. The Fed has a good target of between 2-3% inflation.

[Fiendish Thingy]

21. The Fed has kept inflation in check these past 2 years by raising rates

If they suddenly stopped rate hikes, or lowered rates, inflation would run rampant.

[DeminPennswoods]

22. It would not

Inflation is caused by shortages of labor and/or capital where many "buyers" are competing for few resources. That drives up costs and causes prices to rise. A good example of this was what happened when disease hit the chickens of US egg producers and egg supply was tight. Prices went up. When egg producers replenished their flocks, egg prices plunged due to an oversupply.

[Fiendish Thingy]

23. That's not the only cause of inflation

In general, when the economy heats up, due to job growth, easy credit ("cheap money&quot etc. that increases overall demand, which in turn results in inflation, regardless of shortages or not. That's why the Fed adjusts rates to dampen demand and reign in inflation. In recessions, the reverse is true, and Fed drops rates to stimulate spending and keep the economy chugging along.

[C Moon]

13. More instructions from Putin being acted upon by little boy Trump.

[rlegro]

15. The half-life of Trump associates and appointees is shrinking fast

There is no one -- no one at all -- who can be trusted to take the fall for him and serve his crazy whims without argument. What's wrong with these fools? Don't they know I'm the emperor?!

[duforsure]

16. He hates everyone

Just because everyone hates him. Doing nothing but creating chaos and conflict to use to divide us up with. Pure putin behind all this.

[jmowreader]

17. Trump's got a point.

Trump didn't run for this job to help the nation. He did it to enrich himself. And one of the things he needs most is cheap money - it saves him and his useless son-in-law millions in interest payments alone.

It's really a total atrocity that the central banker he installed specifically to help him out isn't playing along. How dare this man make Trump's life harder by putting the needs of his nation ahead of the desires of Donald Trump?

What's REALLY going to be entertaining is if Robert Mueller or the New York Attorney General's Office does a forensic audit on the Trump Organization.

[htuttle]

18. He's bankrupted at least 3-4 casinos

...not as a gambler. As the owner.

It takes some real skill to lose money running a casino, but President Dunning-Kruger Overdrive managed to do it several times.