Posted on 12/22/2018 4:15:01 AM PST by Libloather
President Trump has discussed firing Federal Reserve chairman Jerome Powell after the central bank announced this week that it would raise interest rates, Bloomberg reports.
**SNIP**
Powell publicly pushed back against the president earlier this month after Trump tweeted urging the Fed to resist raising interest rates, citing a stock market selloff.
“I know, and everyone who works at the Fed knows, that we’re going to do our jobs the way we’ve always done them,” Powell said at a press conference at the time.
Trump previously said in October that he would "maybe" regret selecting Powell to succeed the Federal Reserve's previous chairwoman, Janet Yellen, who resigned in November 2017.
(Excerpt) Read more at thehill.com ...
This guy is a clown. 8 years of quantitative easing and we finally get a chance to recover and he shackles the economy. Who is he working for, the Chinese?
Powell is seemingly out to destroy the “Trump economy.” Dump him and give Steve Forbes a call. There are others out there as well.
Does Prez Trump still have problems picking personnel or are the candidates just lying to him? Can’t figure this out.
Powell is in on the soft coup it certainly would appear. With no apparent justification the Fed is pushing for a interest rate hike that would likely bring on a recession in order to make Trump look bad. Perhaps firing him would be a troubling thing for the Republicans and Trumps image but it might be a good idea anyway considering.
Trump is sending a warning to this chump!
Fire the stinking backstabber who remains
functionally ‘married’ to Obama-the-Impostor.
I believe that Trump relies way too much on his liberal and inexperienced daughter Ivanka and her crony husband Jared, aka the Jarvanka twins for advice on who to select for these various critical high profile positions.
Aren’t the rate changes decided by a board of 10 governors who vote on it? Isn’t the chairman only one vote? What about the other 9?
“I know, and everyone who works at the Fed knows, that we’re going to do our jobs the way we’ve always done them,” Powell said
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I think I see the problem here.
Powell has a four year term. He can't fire Powell any more than he can fire a judge he appointed and whose rulings he disagrees with.
Five members of the Fed Board of Governors since there are two vacancies. The head of the New York Fed. And the head of four other Fed banks on a rotating basis. And you're right. Powell is only one vote on the FOMC.
An empty threat.
This is who he was hired by:
And Mnuchin of course was donating to Dems (including Kamala Harris) through 2016. A Goldman Sachs guy that Javanka pushed on Daddy.
And don’t underestimate the apparently even growing influence of Javanka (who just got Obama’s prison reform passed and slipped a load of globalist junk into the revised NAFTA, for example):
Jared was there with Pence and Mulvaney last night when it was the House GOP that stood up to the admin’s attempted $1.6B wimp out.
Bingo. Javanka have pulled the admin staffing in the wrong direction from the start (and now are apparently gaining more direct policy power as well).
Good ol’ Roger Stone sounded the alarm during the transition, when he said he was telling the president that personnel is policy, but that the president had been convinced to go in the Javanka direction, thinking that he could somehow come to a good working relationship with the GOPe, at least.
(Remember how he had the Clintons to his inaugural luncheon and had the room stand up to toast them?)
Trump should have been able to establish control over the Fed simply by getting to name so many of his own guys to it.
But he is still apparently not capable of finding the right, MAGA-loyal nominees.
I’ve come to the lifelong conclusion that the Fed has ruined the American way of life and used their original printing concession to forge off-book actions for picking winners and losers across the spectrum from business to politics.
It’s not about ‘money supply’, it’s about power and control.
He's appointed three of the five current board members with two vacancies yet to be filled.
But he is still apparently not capable of finding the right, MAGA-loyal nominees.
I suspect he appoints whoever someone tells him to appoint, which leaves him at the mercy of whoever is doing the recommending.
we are in uncharted territory - because we have never had to walk back such massive intervention of course we want to normalize over time. i think the combo of rate hikes and the realization that a Dem House won’t be a participant in any economic stimulus has brought forth the reality that growing will slow. in other words the hypergrowth areas of the stock market won’t be the leadership (and they were overowned) but rather more dependable steady eddie type companies (underowned). personally i think the market has had a tantrum which i hope stabilizes and reverses. 2-3% growth is to be expected UNLESS confidence in that falls (Dems talking economy down, lack of perspective of market action). buy fear; sell complacency. recession isn’t in the cards unless we talk ourselves into it by lowering confidence. that said, Powell advertised lower growth and lowered expected rate increases ahead, which they could change based on economic factors. maybe the Fed should have skipped this increase, but i doubt there will be a need for one in the near future. markets’ asset bubble has burst, oil is down. now let’s keep the economy moving ahead.
Pick a teapartier, there are some very smart ones and their loyalty is assured as they are already vetted.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.