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Trump seemingly wants to fire Fed Chair Jerome Powell

Airyaman

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When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Trump Discusses Firing Fed's Powell After Latest Rate Hike, Sources Say

(Of course the usuals will cry "sources say" and "fake news" but that is expected)

Advisers who are close to Trump don't believe he will do it, and hopefully his anger will go away over the holidays. I can't see his anger lessening as he is being blasted on multiple fronts on matters of his own making, but I don't believe he will fire Powell either. I'm not even sure if he legally can.

Thoughts?
 

SenorXm/Sirius

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Thank God we have checks and balances built into our government. If we didn't Trump would be dictator by now and his base would be enthusiastically cheering him on.

I mean every single person who works with or for Trump has to kiss his ass or they're gone.
 

OpportunityCost

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When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Trump Discusses Firing Fed's Powell After Latest Rate Hike, Sources Say

(Of course the usuals will cry "sources say" and "fake news" but that is expected)

Advisers who are close to Trump don't believe he will do it, and hopefully his anger will go away over the holidays. I can't see his anger lessening as he is being blasted on multiple fronts on matters of his own making, but I don't believe he will fire Powell either. I'm not even sure if he legally can.

Thoughts?

Fed rates drive or cool the market. If you don't get that, you haven't been paying attention.
 

OpportunityCost

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Did I say that in the OP?

No.

Let me be more succinct, almost nothing Trump does or can do will have the impact of Fed rates on the market.

You alluded to that in the OP...
 

SenorXm/Sirius

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When we slip into a recession, and we will. Actually we're overdue for 1 now, but anyway when we do 1 of the things the government does is to drop interest rates to boost the economy.

So raising them now while the economy is going strong is actually a smart move to give the Fed some wiggle room for when the economy slows and needs a push.
 

SenorXm/Sirius

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Let me be more succinct, almost nothing Trump does or can do will have the impact of Fed rates on the market.

That's not true.

If next year Trump gets into a full blown trade war with China? The market will be cut in 1/2. The #1 and #2 economies in a full blown trade war? Wall Street will panic.
 

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When we slip into a recession, and we will. Actually we're overdue for 1 now, but anyway when we do 1 of the things the government does is to drop interest rates to boost the economy.

So raising them now while the economy is going strong is actually a smart move to give the Fed some wiggle room for when the economy slows and needs a push.

i agree. that's another reason why a massive tax cut while the economy was doing great wasn't the best plan. now we don't have that tool, and if we have another crash, we won't have enough revenue for a stimulus. i'm beginning to think that one should have to pass a comprehensive exam on history, mathematics, social studies, science, and economics before he or she can even run in a presidential primary. we've tried it the other way, and it has resulted in dangerously unqualified candidates multiple times.
 

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i agree. that's another reason why a massive tax cut while the economy was doing great wasn't the best plan. now we don't have that tool, and if we have another crash, we won't have enough revenue for a stimulus. i'm beginning to think that one should have to pass a comprehensive exam on history, mathematics, social studies, science, and economics before he or she can even run in a presidential primary. we've tried it the other way, and it has resulted in dangerously unqualified candidates multiple times.

Oh yeah, taxes too.. But with the Republicans raising them will never happen. And lowering them while the economy is going good was idiotic, because as you mentioned when the next crash happens using lowering taxes as a tool to boost the economy won't be nearly as effective.
 

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Let me be more succinct, almost nothing Trump does or can do will have the impact of Fed rates on the market.

You alluded to that in the OP...

No I did not. Please point out what I said that led you to this erroneous conclusion.
 

chuckiechan

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When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Trump Discusses Firing Fed's Powell After Latest Rate Hike, Sources Say

(Of course the usuals will cry "sources say" and "fake news" but that is expected)

Advisers who are close to Trump don't believe he will do it, and hopefully his anger will go away over the holidays. I can't see his anger lessening as he is being blasted on multiple fronts on matters of his own making, but I don't believe he will fire Powell either. I'm not even sure if he legally can.

Thoughts?

Oh really? Suppose he tacks on another 50 basis points next period. BTW, they use the term "basis points" because it's confusing and they don't want you to know what they are doing. (A basis point is .01%. One hundred basis points is 1%) Powell raised interest rates two tenths of one percent. In the lending and finance economy, that is a lot. The one before this slowed the economy too fast, and this one has really stung industries who expected easy money for investment in plant and equipment. Powell's tea leaves are being read as more hikes are on the way next year.

So you on the left should be thrilled that you may have another issue to run on against Trump.
You guys should be cheering.
 

Airyaman

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Oh really? Suppose he tacks on another 50 basis points next period. BTW, they use the term "basis points" because it's confusing and they don't want you to know what they are doing. (A basis point is .01%. One hundred basis points is 1%) Powell raised interest rates two tenths of one percent. In the lending and finance economy, that is a lot. The one before this slowed the economy too fast, and this one has really stung industries who expected easy money for investment in plant and equipment. Powell's tea leaves are being read as more hikes are on the way next year.

So you on the left should be thrilled that you may have another issue to run on against Trump.
You guys should be cheering.

Who is "you guys"?
 

OpportunityCost

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No I did not. Please point out what I said that led you to this erroneous conclusion.

Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Quick, orange man bad!
 

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Quick, orange man bad!

Umm...this is about Trump (orange man) wanting to fire Powell. How can a thread about Trump not be about Trump?

Not sure what is leading to your confusion.
 

chuckiechan

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Who is "you guys"?

People who say thing like this:

When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

There is no room left for discussion.
 

NeverTrump

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When we slip into a recession, and we will. Actually we're overdue for 1 now, but anyway when we do 1 of the things the government does is to drop interest rates to boost the economy.

So raising them now while the economy is going strong is actually a smart move to give the Fed some wiggle room for when the economy slows and needs a push.

Thanks for the simple explanation. All I'm surrounded by all day long are economic doomsdayers who try to get rich quick by playing the penny stocks. :lamo So that should tell you everything, but I don't have enough interest to care to try to debate them on these topics. They think the fed rising the interest rates are bad and that Powell should be fired. Nothing I say will change their minds that the economy is about to collapse.
 

Airyaman

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People who say thing like this:



There is no room left for discussion.

And? You said "you on the left" which is not me, that is why I asked.

I have never been "on the left". I simply think Trump is an ignorant buffoon. Have since I saw him come down the escalator in 2015. Doesn't take being "on the left" to realize Trump is a disaster.
 

TheRepublican

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When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Trump Discusses Firing Fed's Powell After Latest Rate Hike, Sources Say

(Of course the usuals will cry "sources say" and "fake news" but that is expected)

Advisers who are close to Trump don't believe he will do it, and hopefully his anger will go away over the holidays. I can't see his anger lessening as he is being blasted on multiple fronts on matters of his own making, but I don't believe he will fire Powell either. I'm not even sure if he legally can.

Thoughts?

Trump doesn’t wait for anything
 

Mycroft

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When Obama was president, man-baby Trump complained that the economy was being propped up by the Fed not raising interest rates. Now that they are under Powell, it seems Trump wants to fire him because he appears to be blaming the Fed for the stock market woes. Perhaps he should be reminded of all the things he has done to screw with the market, such as his tweets about specific countries, or talk of tariffs, or actually implementing tariffs?

Trump Discusses Firing Fed's Powell After Latest Rate Hike, Sources Say

(Of course the usuals will cry "sources say" and "fake news" but that is expected)

Advisers who are close to Trump don't believe he will do it, and hopefully his anger will go away over the holidays. I can't see his anger lessening as he is being blasted on multiple fronts on matters of his own making, but I don't believe he will fire Powell either. I'm not even sure if he legally can.

Thoughts?

Before I give my thoughts, I think a few facts are in order:

1. By Oct. 2018, after almost 2 years of Trump tweeting about specific countries, talking of tariffs or actually implementing tariffs, the DOW had risen to a record high of 26,829...the 103rd record high since Trump became President.

2. Since Oct, Trump hasn't raised tariffs...in fact, he has worked out a deal with China that will stop the threat of tariff increases in Jan. 2019.


3. Since Powell's speech in Oct, the DOW has dropped more than 4500 points.

4. Since Powell's speech in Oct, over $4 Trillion has been erased from the US economy. Besides the losses to US businesses and stock market speculators, that's a loss to more than 54 million American's 401k's.

5. Since Powell's latest rate hikes, the annual interest payment on the US debt has increased $500 Billion.


So...now my thoughts:

Every single Fed official...including Powell...needs to be fired before they start causing US businesses to fold. That's when it stops being about Wall Street and starts being about Main Street. That's when those bastards will start causing working Americans to lose their jobs. That's when the Fed will cause the next recession.
 
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TheRepublican

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I'm sure this response makes sense to you. Me? Not at all.

What I mean is that Trump Want to see rapid growth and frankly, that isn’t ideal. I believe that if we looked at history like let’s go back to the worst crisis in America we had recently. If we start doing crazy stuff we are going to see ourselves in a massive and deeper economic situation. China is our problem. Our debt is their weapon! If trump would increase the interest rate that would be not good
 
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