Posted on 12/03/2021 4:03:09 AM PST by where's_the_Outrage?
Republicans have been hammering the Biden administration over inflation. Democrats have tried to respond by blaming supply-chain shortages caused by the pandemic. But Republican senator Tom Cotton has a completely different theory: He blames inflation on Donald Trump’s poor selection to lead the Federal Reserve.
Cotton’s view, laid out in a Wall Street Journal op-ed, places the blame for inflation squarely on Jerome Powell, the Fed’s chairman. “Mr. Powell’s Fed has forced millions of American families to choose whether to pay the mortgage, feed their families, fill up their gas tanks, heat their homes or buy Christmas presents,” he argues.
Cotton makes this case in the course of explaining his forthcoming vote against Powell’s renomination. And obviously, Cotton is not trying to blame Trump (whose name does not appear in his column). But the reason Powell has the job in the first place is that Donald Trump appointed him....
Cotton’s view implies that Powell was wrong, and Trump was even more wrong:
Mr. Powell also maintained the Fed’s radical emergency monetary policies a decade after the end of the 2007–08 financial crisis. The Fed had thereby already exhausted the normal tools of monetary policy when the pandemic hit and was forced to use unprecedented levels of government intervention to prop up the U.S. economy. As a result, the Fed’s balance sheet is nearly $9 trillion and continues to grow by more than $100 billion a month. For perspective, the Fed’s balance sheet barely surpassed $2 trillion after the financial crisis.
(Excerpt) Read more at msn.com ...
Fake news on display, Cotton never blamed Trump.
It does bring up one of Trumps shortcomings. There were some people that he shouldn’t have appointed. Just saying.
Of course he didn't. But they're claiming that if Cotton is blaming Powell then he must also be blaming the man who appointed him. There's enough evidence out there showing Trump really grew to hate Powell to show that claim is wrong.
A fair number of people would argue that the Fed has been hard at work to screw this up since 2000. Some of this goes to poor management talents at US banks. Anyone remember the last time that CD rates were 7-percent (2000)?
True, there would be a lengthy post naming them, starting with Sessions, Wray, Pence etc.
The same year mortgage rates averaged 8.05%. Can't have one without the other.
“some people”
Trump destroyed himself and MAGA by rubber stamping the nominees his GOP handlers put in front of him. His cabinet was a four year dumpster fire. Even after most these traitors (Barr, Wray, Haspell, etc.) showed their true colors he still allowed them to stay on until the bitter end.
It does bring up one of Trumps shortcomings. There were some people that he shouldn’t have appointed. Just saying
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Some? More like all. I would really like Trump to humbly find a way to let us know that he has learned from his mistakes and it will be scorched Earth if he gets in again.
It’s Jonathan Chait. What do you expect?
Inflation was more-or-less under control until January 2021. Biden and the Democrats have been dumping gasoline on the fire ever since.
The first executive order from Puppet Biden was to shut down the Keystone Pipeline.
Gasoline, at the time, was $2.20 on average gallon.
11 months later, the average gasoline price is $3.80.
Energy inflation was caused %100 by the communist puppet. No one else.
“Fake news on display, Cotton never blamed Trump”
TYPICAL JACKASS, media, putting their words into other peoples mouth...they have done this forever and will never stop.
Main stream Media, will attack, attack and attack, DONALE J. TRUMP for the rest of the man’s life...
Time to destroy the Media...
That’s not the reason for inflation. Biden’s WIN (Whip Infection Now) program caused inflation.
A person doesn’t have to have a degree to figure out everything the left does is half@###... they have no common sense.
And dont start in on Trump as Pre election plans and swipes hit.
That is a fact. He was stabbed in the back by a lot of people he appointed to WH jobs.
You are, IMHO, absolutely correct. Also, as you may have suggested, the man needs to gain an appreciation for the tactical value of humility and civility in the fight for what he wants to accomplish.
Thank God for Peter Navarro!
President Trump didn't appoint him in a vaccuum. He was confirmed, too, by an 84-14 vote. That was one of the widest margins of all of the Trump nominations, so Powell had overwhelming bipartisan support.
-PJ
Amen!
Housing Inflation - Trump’s Federal Reserve
Energy & Consumer Good Inflation - Joe Biden’s Keystone Pipeline Order
Cutting off future Canadian oil allowed domestic producers to raise prices.
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