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Imbecile-in-Chief asking advisors if he can "legally fire" Federal Reserve Chairman following latest rate hike

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Such a move would represent an unprecedented challenge to the Fed’s independence. Though he was nominated by the president, Powell was thought to be insulated from Trump’s dissatisfaction by a tradition of respect for the independence of the central bank.

 

Another example of the flawed conventions that have protected the US for too long. Make it a law, don't just "respect" history.

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Hm, maybe he should have put more thought into a pro growth/not as inflation hawk-y fed chair when he had the chance to do so without fucking things up

 

 

Nah, burn it all down

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19 minutes ago, b_m_b_m_b_m said:

Hm, maybe he should have put more thought into a pro growth/not as inflation hawk-y fed chair when he had the chance to do so without fucking things up.

You mean like...Janet Yellen?!?

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1 hour ago, b_m_b_m_b_m said:

Nah, too short

 

But she doesn't have an ugly mustache.

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2 minutes ago, Jason said:

Brows furrowed at DEFCON 1.

 

I dunno, firing the fed chair is dangerously close to "messing with the Republican donors" territory, which is a bridge too far for these people.

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18 minutes ago, b_m_b_m_b_m said:

 

Sounds like an actual conversation with the actual president

 

 

The part about "nor do I believe I have the right to do so" might as well be daring Trump to fire him.

 

There are few lines more consistent than when Trump is accused of doing something, or thinking of doing something, bad he has to say "I didn't  do it, but if I did I would be allowed cause I'm president."

 

 

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9 minutes ago, Chairslinger said:

 

 

The part about "nor do I believe I have the right to do so" might as well be daring Trump to fire him.

 

There are few lines more consistent than when Trump is accused of doing something, or thinking of doing something, bad he has to say "I didn't  do it, but if I did I would be allowed cause I'm president."

 

 

 

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“I confirmed banks have enough money for lending and other activities, because you know, there is concern that banks aren’t posting record profits.”

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22 hours ago, Keyser_Soze said:

The US dollar is going to be more like the Zimbabwe dollar soon  with Trump in charge!

Actually, Trump has the opposite problem; Powell’s rate increases are strengthening the dollar, which works against Trump’s attempts to boost exports and reduce the trade deficit via protectionist policies—Trump’s trying to fight the rising dollar through his attempts at bullying the Fed into lowering interest rates and by running trillion dollar deficits at exactly the time when deficits should be lowest...

 

...but he’s unlikely to succeed, even if he fired Powell, because in reality, contrary to what the technocrats want to believe, the Fed’s control over the money supply is limited.  It has a lot of power because it can bend the short end of the treasury yield curve, but in the end it cannot control the overall demand for money, and it can’t even really exert control over long-term treasury yields, I.e. the long end of the curve—the state of the overall economy does that.

 

In an economy with minimally developed markets and institutions, where practically everything is owned by the government—I.e. Zimbabwe—the story is somewhat different.  Apples to oranges and all that.

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