If it weren’t for that pesky Federal Reserve, the stock market would be 10,000 points higher! That’s the message President Donald Trump has for the American people.
Writing in a tweet on Sunday, President Trump went into another tirade against the Federal Reserve and targeted his pick to lead the Eccles Building, Jerome Powell.
Trump tweeted:
“If the Fed had done its job properly, which it has not, the Stock Market would have been up 5,000 to 10,000 additional points, and GDP would have been well over 4 percent instead of 3 percent…with almost no inflation. Quantitative tightening was a killer, should have done the exact opposite.”
The top reply, at the time of this writing, came from Peter Schiff:
“When the Fed did QE under Obama you criticized it for doing political things to create a false economy and prop up the stock market, and warned of the dire long-term consequences. Now you are criticizing the Fed for not being just as political for you, consequences be damned!”
Trump is all wrong on this subject. But the one good thing is that he is bringing the Fed and monetary policy into mainstream political discourse.
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