Trump vs Powell

[Baztrachian]

I mean politicians should never control the Fed. It’s correctly an independent agency. The President can appoint new board members when their term expires.

The Fed’s independence is particularly important when an imbecile is in the White House.

Great. So let's say Trump goes a full term and is then followed by eight years of Vance. By the time Vance leaves office 100% of the Fed Boards will be MAGA appointees who cannot be removed by a subsequent Democrat and who will then have zero say in how the Fed operates.

You'll be okay with that and you'll respect their independence, right?

 

[MajorRewrite]

Great. So let's say Trump goes a full term and is then followed by eight years of Vance. By the time Vance leaves office 100% of the Fed Boards will be MAGA appointees who cannot be removed by a subsequent Democrat and who will then have zero say in how the Fed operates.

You'll be okay with that and you'll respect their independence, right?

Yes. The current system has worked fine so far.

Are you afraid that Trump and Vance would appoint a board full of imbeciles?

 

[MajorRewrite]

By the way, Trump appointed 2 of the 7 current members of the Federal Reserve Board, and made Powell chairman.

(Edited to correct the count. Trump appointed 4 but only 2 of them are still on the board.)

@Baztrachian

 

[icanhelp1]

I mean politicians should never control the Fed. It’s correctly an independent agency. The President can appoint new board members when their term expires.

The Fed’s independence is particularly important when an imbecile is in the White House.

“TOO LATE” was too late in 2021 and “TOO LATE” is once again too late. High interest rates are affecting the housing markets and the interest on the debt.

 

[Baztrachian]

“TOO LATE” was too late in 2021 and “TOO LATE” is once again too late. High interest rates are affecting the housing markets and the interest on the debt.

Inflation due to a constantly increasing supply of fiat dollars is also helping to push up housing prices.

 

[Baztrachian]

Are you afraid that Trump and Vance would appoint a board full of imbeciles?

If the people they appoint continue to fund ever-increasing deficits and debt then yes, I will think they're imbeciles just like the imbeciles every President since Johnson appointed.

Kennedy was the last President who understood the dangers of debt.

And I am a Republican saying that.

 

[MajorRewrite]

“TOO LATE” was too late in 2021 and “TOO LATE” is once again too late. High interest rates are affecting the housing markets and the interest on the debt.

The Fed planned to reduce the target rate but Trump’s tariff fetish spooked them into holding steady.

So Trump has nobody but himself to blame.

 

[Politruk]

If the people they appoint continue to fund ever-increasing deficits and debt then yes, I will think they're imbeciles just like the imbeciles every President since Johnson appointed.

Kennedy was the last President who understood the dangers of debt.

And I am a Republican saying that.

Government debt is not only inevitable but indispensable. Any sane economist will tell you that.

 

[RobDownSouth]

Inflation due to a constantly increasing supply of fiat dollars is also helping to push up housing prices.

so do you advocate returning to the Gold Standard?

We haven't had a Goldbug on this board for almost two years now.

 

[MajorRewrite]

If the people they appoint continue to fund ever-increasing deficits and debt then yes, I will think they're imbeciles just like the imbeciles every President since Johnson appointed.

Kennedy was the last President who understood the dangers of debt.

And I am a Republican saying that.

The Fed isn’t responsible for debt or deficits.

The Treasury Department is responsible for issuing securities, and of course Congress is responsible for deficit spending.

 

[MajorRewrite]

Government debt is not only inevitable but indispensable. Any sane economist will tell you that.

Well, no. The ballooning national debt has a negative impact. The interest on the debt already absorbs a huge part of the federal budget.

There is no such thing as a free lunch.

 

[Politruk]

Well, no. The ballooning national debt has a negative impact. The interest on the debt already absorbs a huge part of the federal budget.

There is no such thing as a free lunch.

Is there any industrialized nation without a big government debt?

 

[Baztrachian]

Government debt is not only inevitable but indispensable. Any sane economist will tell you that.

https://nationalcreditfoundation.org/which-countries-are-not-in-debt/

What Being Debt-Free Means for These Economies​

Being debt-free provides several benefits for these countries economies. Firstly, it allows them to invest in public services, infrastructure, and other projects that can benefit their citizens. For example, Liechtenstein has invested heavily in its healthcare system, while Brunei has improved its road network and public transportation.

Secondly, being debt-free provides these countries with a more stable economic future. Without the burden of debt repayments, they can focus on long-term investments and strategies that can help them maintain their economic stability. For example, Palau has invested in sustainable development to protect its natural resources and promote eco-tourism.

Finally, being debt-free can provide these countries with a competitive advantage in the global economy. It allows them to attract investment and business opportunities, which can further boost their economies and provide more opportunities for their citizens.

 

[Baztrachian]

The Fed isn’t responsible for debt or deficits.

And drug dealers aren't responsible for drug addicts.

 

[MajorRewrite]

And drug dealers aren't responsible for drug addicts.

You don’t understand what the Fed does. The Fed is not the Treasury Department.

 

[Pad_Foot]

How the fuck so you get the US debt free?
Hmmm??
Maybe charge the Billionaires 1-2% on their actual property including their investments??
Why? 90 percent of Americans pay property tax of 1% on property we don’t even own since we’re all paying mortgages for the next 20 years
Billionaires manage to pay nothing with lovely write offs etc, despite getting tax breaks as the ‘rump Empire got repeatedly thanks to blackmailing government officials
Huh? Research what Roy Cohn did for Donny!

 

[MajorRewrite]

Inflation increased in May, but Trump wants the Fed to lower rates to 1%. That’s why politicians shouldn’t set Fed policy.

Trump says he wants interest rate cut to 1%, would 'love' if Powell resigned

And the Imbecile in Chief called Powell “stupid”. Every Trump accusation is a confession!

 

[dmallord]

Yes. The current system has worked fine so far.

Are you afraid that Trump and Vance would appoint a board full of imbeciles?

Yes, yes I am. He has done that everywhere else so far: legal system, health system, IRS, etc. So yes, he would appoint a board full of yes-imbeciles.

Please, justice system, don't let him get his hands on that system, too!

 

[MajorRewrite]

Trump’s public tantrums about Powell are coming almost daily now.

Trump sends note to Powell

The Imbecile in Chief again demanded that the target rate drop to 1%. And he again lied about inflation: “No inflation”. Inflation increased in May.

 

[MajorRewrite]

The economy continues to create jobs and inflation increased last month, so …

July rate cut from Fed is 'now completely off the table' following solid jobs report

But the petulant toddler in the White House continues to rant that the interest rate should be 1%. Stable genius.

 

[Pad_Foot]

But???? Inflation is good for the debt????
It makes the money we have to raise to pay it off cheaper!!!!
If we could only get it up to 2000% we could have the poor pay off those trillions easily!!
Post WW2, this is how my grandfather paid off the family house
Maybe if we can kick off WW3???

 

[Pad_Foot]

so do you advocate returning to the Gold Standard?

We haven't had a Goldbug on this board for almost two years now.

GOLD is a huge advertiser on right wing radio!! Make America Great Again by investing in… gold????

 

[RobDownSouth]

GOLD is a huge advertiser on right wing radio!! Make America Great Again by investing in… gold????

I hear ya, I got my tires replaced last week and the tire shop waiting room was tuned to some obscure channel that spoke fluent Vettmanese. Every single commercial appeared to be for "Gold" something, you don't actually get "gold" itself but evidently some sort of combination to a nuke-proof bunker where your "gold" was purported stored.

 

[73Seahawks]

Trump really wants to humiliate Powell 24/7, doesn't he?

 

[MajorRewrite]

Trump really wants to humiliate Powell 24/7, doesn't he?

Trump, as usual, is creating an excuse for himself. If the economy does poorly, he’ll rant, “I told you that Powell is an idiot!”

It’s the same strategy he uses for elections — rant about cheating before the election so he has an excuse if he loses. It’s a typical move of petulant toddlers.