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Dick Bove: Trump poised to take control of the Federal Reserve
CNBC ^ | 20 July 2018 | Richard X. Bove

Posted on 07/25/2018 4:25:08 AM PDT by Mechanicos

- President Trump sharply criticized the Federal Reserve this week, saying interest rate increases are hurting the economy.

- Trump will have the opportunity to fashion the central bank in the image he would like as he has four vacancies to fill on the board of governors.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government
KEYWORDS: fedreserve; globalism; rothchilds; ttump
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To: infool7

That’s nice. Killed while washing. Could you please be more specific? ROTFLOL.


21 posted on 07/25/2018 6:11:18 AM PDT by Liz ( Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: infool7
I really really love this pic ...LOL

"This man is talented. When Rham worked for me as your president, he was also a lobbyist for Goldman Sachs.

22 posted on 07/25/2018 6:15:47 AM PDT by Liz ( Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: infool7
Another reason to thank God Hillary lost.


23 posted on 07/25/2018 6:18:44 AM PDT by Liz ( Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: sickoflibs
Wasnt it illegal to own more than small amounts of gold too?

Yes, but that dated from the days of FDR, when the government seized all private gold and revalued the dollar. It hadn't changed from FDR to Nixon.

And don't forget price controls on gasoline, made from imported oil.

An ill-advised attempt to hide the effects of OPEC's quadrupling the price of oil.

24 posted on 07/25/2018 6:21:44 AM PDT by Pearls Before Swine ("It's always a party when you're eating the seed corn.")
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To: Pearls Before Swine
One nit--although Nixon jawboned the FED, the real problem in the 70's came later, when Carter pushed his extremely compliant Fed Chairman to keep interest rates below inflation in the years of accelerating inflation. He wanted a booming economy during his re-election campaign. As it turned out, inflation got really out of hand, and even Carter realized he had to stop it. So, he appointed Volcker, who clamped down with 18% T-Bill rates and 15% T-Bonds, and Reagan got elected. After two years of high rates, they were able to start cutting again, and the intergalactic bull market of the 80's and 90's was born. Nixon's real economic faux pas was trying price controls.

Excellent post that bears repeating.

25 posted on 07/25/2018 6:23:43 AM PDT by jdsteel (Americans are Dreamers too!!!)
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To: Liz

Dear God,
does the corruption ever stop? That SOB bho really did rape this country from head to toe.

disgusting.


26 posted on 07/25/2018 6:28:08 AM PDT by BarbM ( President Trump: MAGA)
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To: Liz

So, did Rahm lose part of a finger in a Mafia action or something? He just oozes mafia to me.


27 posted on 07/25/2018 7:11:58 AM PDT by goodnesswins (White Privilege EQUALS Self Control & working 50-80 hrs/wk for 40 years!)
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To: Mechanicos

Before the election Trump said during a campaign speech/press conference that the Fed was keeping rates low to make Obama’s sorry economy look good. Trump also said that if he won the election the Fed would all of a sudden figure out how to raise rates willy nilly.

Many people laughed at Trump’s prediction. Trump won and the Fed has raised rates more since November 2016 than the Fed did during Obama’s 8 years and Bush’s 8 years...combined.


28 posted on 07/25/2018 7:17:58 AM PDT by Tell It Right (If a logical argument has to be explained in terms of feelings and hurt...you might be a Democrat.)
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To: Tell It Right
Many people laughed at Trump’s prediction. Trump won and the Fed has raised rates more since November 2016 than the Fed did during Obama’s 8 years and Bush’s 8 years...combined.

Far from the truth. Rates have gone up 5 time since Trump was inaugurated. Bush took office at the beginning of a recession. The fed lowered rates 12 times between 2001 and 2004 before raising them 17 times between 2004 and 2007 and then dropping them again between 2007 and 2015. Rates were raised twice when Obama was president.

Link

29 posted on 07/25/2018 7:28:11 AM PDT by DoodleDawg
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To: goodnesswins

Apparently Rham sliced it off himself......on a meat slicer in an Arby’s restaurant.


30 posted on 07/25/2018 7:28:23 AM PDT by Liz ( Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: BarbM

With all due respect, the banksters within the Fed, on K Street, and on Wall Street have been doing very well no matter what shape the economy was in for the past few decades. The game has been rigged in their favor.

Many of us correctly pointed out that the economy had been living on a sugar high throughout the Obama administration and that sugar high was most responsible for Wall Street performance. K Street was funded by government spending and record deficits.

Whomever won the election was going to have to face this and deal with it. It is not fair to Trump, but it is reality and what I care about most is the future of my children. Our monetary policy - to include record deficits and gov’t spending - has to be addressed and every year we kick the can (easiest thing for our politicians to do) it becomes worse.

Now for the good news - I think Trump understands this better than almost anyone and he has a terrific team assembled around him. By continuing his very successful policies towards the economy he can offset the sugar high crash that is most certainly coming. He also knows if he tightens the belt of government spending too much in the first term the burden of power will flip quickly along with policy.

He has exceeded my expectations in many ways and I am very thankful for him, but we still have some very fundamental problems to address. Of all the candidates we had, he was not only the one who could win, he was the only one who stood any chance of navigating this tricky situation in a meaningful way. He is off to a good start, but I will not blame him if he cannot do it because it is the trickiest of situations and many key players in the game are against him.

The easiest thing for any politician to do is demand more sugar - consequences be damned. Until the interest rates come up there will not be enough pain to force our government to drastically cut spending..... it’s just too easy to maintain the status quo of huge deficits.


31 posted on 07/25/2018 7:29:36 AM PDT by volunbeer (Find the truth and accept it - anything else is delusional)
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To: Pearls Before Swine
RE:”An ill-advised attempt to hide the effects of OPEC’s quadrupling the price of oil.”

I recall California tried something like that with electricity in the 2000s when energy prices skyrocked.

No one would sell them electricity at the low prices they demanded and they couldnt generate it themselves at those prices.

They ended up having to buy it at even higher prices at the last minute.

Naturally Dems blamed the power companies.

32 posted on 07/25/2018 8:07:37 AM PDT by sickoflibs ('Equal protection' only applies to illegals not you!)
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To: Original Lurker
On 23Jan18 Trump hung a portrait of Andrew Jackson in the oval office.

Eliminating the Federal Reserve would be so incredibly consequential, it would cause huge (temporary) economic dislocation and chaos, but would also be celebrated as our second National Independence Day.

Ending our debt-based, printed-fiat, centrally planned monetary system would end the progressive nanny state and Fed.gov as we know it. Progressives and socialist ideologies would disappear, as if a neutron bomb were dropped on them.

33 posted on 07/25/2018 10:00:31 AM PDT by PGR88
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To: pfony1
Since we do NOT have runaway inflation, the President will probably pick Fed governors who will “follow” interest rate movements

Have you recently checked property prices in most major cities? Health care? University fees? The cost of government? All this is supported by something - and that is massive debt, at very low interest rates, in our printed currency - courtesy of the Federal Reserve.

34 posted on 07/25/2018 10:05:01 AM PDT by PGR88
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To: PGR88

Is it just a coincidence that each of your examples of “inflated prices” refers to a market which suffers “massive” government meddling?

I doubt it...

If you believe that higher prices for America’s goods and services are PRIMARILY the result of America’s “massive debt”, then can you explain how INCREASING the price (i.e.: the interest rate) of that “massive debt” will NOT increase inflation?

In modern America, debt (private and public) is a “massive” factor in production.

Therefore, increasing interest rates must increase inflation.


35 posted on 07/25/2018 11:27:07 AM PDT by pfony1
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To: pfony1
then can you explain how INCREASING the price (i.e.: the interest rate) of that “massive debt” will NOT increase inflation?

Always and everywhere, the popping of a debt bubble will result in deflation. You are swimming upstream against a massive current of real-world experience.

36 posted on 07/25/2018 11:50:13 AM PDT by PGR88
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To: PGR88

Hmmm...

“Real World Experience”...

One ounce of gold cost $1,837.68 on 7/24/2011 and
One ounce of gold cost $1,222.00 on 7/24/2018.
What was the “real world” inflation rate for gold for that 7-year period? Feel free to use a calculator.

The inflation rate for 2011 was 3.0% and
The inflation rate for 2018 was 1.9%.
Do you think that that “real world” change represents an INCREASE?

I agree with you that America’s deficits and debt obligations are too big and should be reduced.

However, I do NOT agree that we should immediately “freak out” about those bloated deficits and debts. A FED-caused recession (like all “real world” recessions) will DECREASE tax revenues and will INCREASE “transfer payments”. The “real world” result: MORE deficits and MORE debt!


37 posted on 07/25/2018 2:53:11 PM PDT by pfony1
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To: infool7

Rahm and Madigan will slaughter the opposition as usual. Our electorate is not yet awake.


38 posted on 07/25/2018 4:30:24 PM PDT by arrogantsob (See "Chaos and Mayhem" at Amazon.com)
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To: infool7

The Original Mayor Daley or Jr.?


39 posted on 07/25/2018 4:33:26 PM PDT by arrogantsob (See "Chaos and Mayhem" at Amazon.com)
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To: T Ruth

When you can’t even take a good cross-section of the panoply of actual interest rates in the market there is no such thing as a market interest rate.

I use the T-bill rate as a proxy.


40 posted on 07/25/2018 4:36:49 PM PDT by arrogantsob (See "Chaos and Mayhem" at Amazon.com)
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