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 ...
If you want to hobble the economy so you can make money on a savings account, screw you. The universe doesn’t owe you riak-free, do-nothing profits.
Do a real audit first, so we know where the money went.
He’s been the best president in my lifetime.
I was about to walk away from the Republican party before he came along.
Running a deficit approaching a trillion dollars a year is not the way to do that.
Neither does the universe owe those who invest in the stock market artificially propped up prices because interest rates on savings accounts are so low. If you want an economy in which people can move into and remain financially stable middle class, there has to be a meaningful amount of interest on savings.
Growing the economy is the way to do that.
The economy is growing at a faster rate than it has in decades. Yet we had about an $800 billion deficit last year and will approach or exceed a trillion dollars this year. When your revenues are growing at 3% and your spending is growing at 7% then there is no way you are going to grow your way out of the problem. Spending needs to be cut.
Oh I agree it needs to be cut, but face it growing by 3 to 4% helps and slowing it to nothing hurts. Getting people and companies to invest and produce jobs (real tappers here in the USA) helps too.
Having more jobs available allows government workers cut to get jobs out here is real world land. That’s a twofer, agency cuts, productive taxpayers.
Maybe Javanka is steering him a bit, but a huge percent of Pres. Trump’s important appointees are connected to Kirkland & Ellis mega law firm. It’s astonishing.
Kirkland & Ellis was a big Obama resource too.
And yet that is exactly what so many Freepers are looking for: Perpetual solid stock market growth with no risk. LOL.
Much of the last recession was talked into. Sure there was the whole CDS and subprime mess but the mood was talked into. They are doing the same thing now. They being the swamp and the media.
Much to be said for value companies. My fear is that what I had hoped for will not happen. That the trillions overseas would be repatriated to invest in production base here that out moderns the chicoms and their cheap labor setting up decades of home based profits.
The comfort of chicom cheap labor is too alluring for the swamp though and they are out to destroy Trump and all he has done. The fear is that our hopes of the last year or so are just another bubble.
In my mind the growth of the market in the last year was merely a return to the mean which was choked in the barky years. Much of the barky years growth was just digging out of the hole created in 08. Market growth was lackluster beyond that.
And Jackson, in spite of all the wrong he did, did one very great thing that was erased by Wilson. Jackson took away the fed’s charter, a license to print money they had since Washington got taken by Hamilton because Washington was so troubled by the war debts of the Revolution.
I am fearful that a lackluster market is being created as the one we had in the 60s and 70s. Horrible times for investors and retires.
It took a long time to get to the very low rates. The hikes are too much too fast and are ignoring the state of the economy. Putting a policy of higher rates to “return to normal” on auto pilot is turning out terribly.
No system can tolerate a shock well. It does more harm than good.
“No hikes in 8 years and 8 hikes in less then 2 years under Trump.”
Far too much too fast. Powell knows this. Any fool should know this. I have to conclude the destruction of any feelings of well being are intentional.
Of course there are some here on FR who will insist that the market is not the economy or something like that. I think they heard it form larry kudlow.
You save for Christmas, Cars and Houses. You do that in a bank.
You invest for your future and retirement. You do that with property, bonds and equities.
The U.S. Constitution prohibits this in Article Four, Section Four.
The United States shall guarantee to every State in this Union a Republican Form of Government
a "Republican" form of government is one in which citizens elect someone to represent their interest at the big table in Washington, D.C. Everyone seated at that table is there to represent the interest of the people who voted them in. How then can you say you are representing the interest of someone who is not yet born? You can't. This means that for those who are not yet born to receive the GUARANTEE of a republican form of government, you cannot burden them with debt they were not present to express their interest in. That guarantee has been broken as it pertains to them. The U.S. Constitution clearly says that this is GUARANTEED. We can't pass our debt on to them if it is to be kept.
Powell is Deep State & on a mission to get Trump out. He’s doing a good job of that. I’m fine with him going.
And what percentage of the population lacks the knowledge, intelligence, and/or interest in developing expertise in investing and stock trading? What percentage can afford to put just a few dollars away each week, if they had compounding interest as an incentive to do so? That incentive will get a percentage of the population thinking about their budget in a better way. The rest depend on investment counselors who make their money from their clients' accounts. Or they get sold uninsured annuities that so far haven't been a problem. I wonder how many people who depended on others to manage their account were told to sell their most overpriced stocks when the market went tangential. Anyone not managing their own accounts might not have known to sell something if the money is needed in 2019.
I know you mean well. But for most people, "let them invest" sounds an awful lot like "let them eat cake".
It isn’t meant that way and I regret you took it like that. The advent of the 401K and self-directed retirement savings led lambs to slaughter and wall street is the abattoir.
We never even heard of financial advisors and when they came to being few realized just how much a risk free fee of 1% or more of the asset base year after after year really is. That on top of the vaunted mutual fund fees is rape.
The change was too fast in ‘82, the people were and remain ignorant of investing. Some have learned a bit but are too late to benefit.
You would think that with so many needing to have a simple and reliable retirement plan that demand woudl supply one wouldn’t you? Well it does but the game was fixed when the 401K was orchestrated. Such simple retirement schemes as they have in outher countries are forbidden by law here (walk a street in the UK and see all the offerings for such, it is a very competitive market that screams to help you with your money and your retirement).
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