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Trump reportedly wants to fire Fed head Powell, a move that could wreak havoc on the financial marke

JacksinPA

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https://www.nbcnews.com/business/ma...fire-fed-head-powell-move-could-wreak-n951226

The only way for a president to fire the head of the Federal Reserve would be to break the law, said one economist.

President Donald Trump wants to fire Federal Reserve Chairman Jerome Powell for raising interest rates, according to one report, an unprecedented action by a president against the independent body and one that could undermine confidence in a financial system already under the strain of a vicious equity sell-off.

Trump has privately discussed firing Powell because of his frustration with stock market losses in recent months, according to Bloomberg News, which cited four people familiar with the situation. The president’s frustration intensified in recent days, with him discussing the firing “many times” during that time, according to the report.
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Trump is unhappy about the Fed raising interest rates & the steep decline in the stock market.

While the head of the FR is appointed by the President, he may not be legally able to fire him except for extreme cause, like him breaking the law.
 
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Skeptic Bob

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Trump appointed the guy!
 

Risky Thicket

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Truth be told Trump can do as he bloody well pleases. No one is going to stop him and no one has in two years.
 

Skeptic Bob

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It's so hard to find good help ...

. . . . . . . . . ... when you're a megalomaniacal autocrat with no coherent strategies ....

Of all the crap he has going on, my biggest issue with Trump is that his administration has earned such a bad reputation that he can’t attract or keep the people best qualified for the positions needed to operate our executive branch.
 

Rogue Valley

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You think there is market chaos now? If Trump fires the Fed Chairman......

But then again, Trump has said that he loves chaos.

A president that loves sowing national chaos. Never thought I'd ever witness such a thing.
 

SenorXm/Sirius

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Truth be told Trump can do as he bloody well pleases. No one is going to stop him and no one has in two years.

Yep, the Republican cowards in Congress are afraid of him and Fox news. Trump's the big bully from NY that's beating them all up and taking their lunch money. Even the so called tough Texans like Cruz willingly hand over their lunch money.
 

SenorXm/Sirius

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Of all the crap he has going on, my biggest issue with Trump is that his administration has earned such a bad reputation that he can’t attract or keep the people best qualified for the positions needed to operate our executive branch.

I think the saying is 'there's nothing more dangerous than a wounded, cornered animal'

So while I'd love to revel in Trump's misery I do feel uneasy and a little scared about what might happen next year.

Between Mueller, the Dems taking the House, NYS investigations, the economy might be weakening, the market sliding, and as you mentioned people running out of his Admin like the place is on fire... Add it all up and this country might be in some serious danger. He's so unpredictable, and possibly insane it could be a very scary time for the US....
 

SheWolf

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https://www.nbcnews.com/business/ma...fire-fed-head-powell-move-could-wreak-n951226

The only way for a president to fire the head of the Federal Reserve would be to break the law, said one economist.

President Donald Trump wants to fire Federal Reserve Chairman Jerome Powell for raising interest rates, according to one report, an unprecedented action by a president against the independent body and one that could undermine confidence in a financial system already under the strain of a vicious equity sell-off.

Trump has privately discussed firing Powell because of his frustration with stock market losses in recent months, according to Bloomberg News, which cited four people familiar with the situation. The president’s frustration intensified in recent days, with him discussing the firing “many times” during that time, according to the report.
==============================================
Trump is unhappy about the Fed raising interest rates & the steep decline in the stock market.

While the head of the FR is appointed by the President, he may not be legally able to fire him except for extreme cause, like him breaking the law.

Trump knows the economy and market are looking bad, and he refuses to take any blame. He constantly tooted his horn when it was good, but now that it is getting historically bad, he wants to fire somebody. Trump is completely stupid about macroeconomics, and how the US government works.
 

Visbek

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Truth be told Trump can do as he bloody well pleases. No one is going to stop him and no one has in two years.
Yeah, that's not actually true. Like... at all.

Since day one, numerous Trump policies have been opposed by legislators and lawsuits; investigations continue, despite his constant fuming about them. Heck, the government shut down right before Christmas because Democrats stopped him from building a wall on the Southern border. His own administration is trying to thwart his erratic will. He's been quite ineffective as a President.

I.e. The President does not have unlimited power. If he tried to fire the Fed Chair, that would almost certainly result in a lawsuit.
 

Rexedgar

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Trump knows the economy and market are looking bad, and he refuses to take any blame. He constantly tooted his horn when it was good, but now that it is getting historically bad, he wants to fire somebody. Trump is completely stupid about macroeconomics, and how the US government works.


The “stupid” knows no bounds..........
 

SenorXm/Sirius

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Robert Reich: The End of Trump Is Near

This morning I phoned my friend, the former Republican member of Congress.

ME: So, what are you hearing?

HE: Trump is in deep sh*t.
ME: Tell me more.

HE: When it looked like he was backing down on the wall, Rush and the crazies on Fox went ballistic. So he has to do the shutdown to keep the base happy. They’re his insurance policy. They stand between him and impeachment.

ME: Impeachment? No chance. Senate Republicans would never go along.

HE (laughing): Don’t be so sure. Corporate and Wall Street are up in arms. Trade war was bad enough. Now, you’ve got Mattis resigning in protest. Trump pulling out of Syria, giving Putin a huge win. This dumbass shutdown. The stock market in free-fall. The economy heading for recession.

ME: But the base loves him.

HE: Yeah, but the base doesn’t pay the bills.

ME: You mean …

HE: Follow the money, friend.

ME: The GOP’s backers have had enough?

HE: They wanted Pence all along.

ME: So …

HE: So they’ll wait until Mueller’s report, which will skewer Trump. Pelosi will wait, too. Then after the Mueller bombshell, she’ll get 20, 30, maybe even 40 Republicans to join in an impeachment resolution.

ME: And then?

HE: Senate Republicans hope that’ll be enough – that Trump will pull a Nixon.

ME: So you think he’ll resign?

HE (laughing): No chance. He’s fu*king out of his mind. He’ll rile up his base into a fever. Rallies around the country. Tweet storms. Hannity. Oh, it’s gonna be ugly. He’ll convince himself he’ll survive.

ME: And then?

HE: That’s when Senate Republicans pull the trigger.

ME: Really? Two-thirds of the Senate?

HE: Do the math. 47 Dems will be on board, so you need 19 Republicans. I can name almost that many who are already there. Won’t be hard to find the votes.

ME: But it will take months. And the country will be put through a ringer.

HE: I know. That’s the worst part.

ME: I mean, we could have civil war.

HE: Hell, no. That’s what he wants, but no chance. His approvals will be in the cellar. America will be glad to get rid of him.

ME: I hope you’re right.

HE: He’s a dangerous menace. He’ll be gone. And then he’ll be indicted, and Pence will pardon him. But the state investigations may put him in the clinker. Good riddance.




https://www.dailykos.com/stories/2018/12/22/1821088/-Robert-Reich-The-End-of-Trump-Is-Near
 

iguanaman

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Truth be told Trump can do as he bloody well pleases. No one is going to stop him and no one has in two years.

Actually the voters have already stopped him. He won't get one thing he wants from Congress and his days in office are numbered. The rule of law will not be cheated.
 

independentusa

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Of all the crap he has going on, my biggest issue with Trump is that his administration has earned such a bad reputation that he can’t attract or keep the people best qualified for the positions needed to operate our executive branch.

First, he does not choose the best people for the job. Then he fires anyone who does not toe his line and tell him everything he wants to do is the greatest thing ever. Finally, many people see the writing on the wall and wonder how long trump will be in office. Even if not impeached and convicted, they don't see him winning in 2020.
 
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