Posted on 09/20/2016 5:13:02 AM PDT by expat_panama
The presidential election was exactly four weeks away and Federal Reserve policymakers were wrestling with the potential political blowback of lowering a key interest rate to stimulate the economy.
One official said he “thought it was conventional wisdom that we weren’t expected to act so close to an election,” according to a transcript of the closed-door Oct. 6, 1992 meeting. Another said that there was “a strong argument that the credibility” of the rate-setting Federal Open Market Committee “would be hurt by our doing something close to an election.” Video: Where Candidates Stand on the Fed
Finally, Fed Chairman Alan Greenspan weighed in...
...the independent Fed faces the same predicament: how to try to manage the economy without appearing to favor either party’s presidential candidate...
...Donald Trump fired his latest shot at the Fed. He said Fed Chairwoman Janet L. Yellen “should be ashamed of herself” for keeping the rate near zero...
...Yellen is a Democrat who was nominated by Obama...
...Clinton said Trump shouldn’t be commenting on Fed monetary policy...
...Yellen has said that the upcoming election won’t factor into the Fed’s interest-rate decisions...
...history shows that a desire at the Fed to appear non-partisan has made rate increases rare in the weeks before a presidential election.
(Excerpt) Read more at latimes.com ...
My take is that the fed's rate history shows that it's usually lowing and doing nothing regardless. Somehow in spite of the fact that we got human beings running the fed, that they got more important things to do than play politics, and I can't say that for the L A Times...
They sure broke with tradition in 2008, huh?
I heard Herman Cain mention some years ago how politicized the Fed has become.
He used to be at the advisory level (Board of Governors - IIRC) of the KC Fed.
Seems Herman Cain would know.
Kind of like el Duche’ Fascist Italy.
Or, stated in slightly different words, 'how to favor one party over the other, without appearing to do so'.
Abolish the Fed.
If Trump wins there will be a painful adjustment. The powers that be will punish the deplorable.
I said that as soon as I began to understand what Trump was about.
Bring it, I’m ready.
Trump 2016!
The Fed is globalist all the way.
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