Should President Donald Trump win re-election in 2020, you can be certain that he will not nominate Jerome Powell to the Federal Reserve again. He probably thinks it was a big mistake by now.
First he slammed Powell at a private event. Then he lambasted Powell in public. Now he is going all out and hitting the central bank – but not in a libertarian way; he wants the Fed to keep on the illusion.
As the stock market takes a beating, Trump told reporters at the Oval Office on Thursday that the Eccles Building is “out of control.” He added that the Fed’s rate hikes are “not necessary in my opinion and I think I know about it better than they do.”
Will Trump terminate Powell?
“I’m not going to fire him. I’m just disappointed at the clip. I think it’s far too fast, far too rigid,” he said.
That said, Trump believes the market plunge is a correction caused by the Fed.
Trump would be better off if he vowed to abolish the Federal Reserve System.
His recent comments are in stark contrast to what he said on the campaign trail, when he criticized then-Fed Chair Janet Yellen for not raising interest rates and keeping them down to help make President Barack Obama look good. He said higher rates would be better for the country.
And this is where Trump’s inconsistency is on display.
Had a conversation with my wife last night about this. She said Trump was going after/ blaming the fed for the stock market like that was a good thing but I reminded her the reason stocks are so high is because the rates are artificially low in the 1st place. They created a giant bubble and Trump wants to blow it even bigger. Short sighted as the others. MAFA, Make America Free Again! dtinusforcongress.com