Tag Archives: Fed

Now the POTUS wants to manage global economy?

This blog doesn’t deal much at all with global economic policy, mainly because its author — that would be me — isn’t qualified to discuss it. So, I able to resist the urge to get entangled in such complicated matters.

However, it’s always been my understanding that the Federal Reserve Board is independent of the president of the United States. Yes, the president appoints the Fed chairman but traditionally lets the Fed run on its own power. The president stays out of the economic quagmire.

That is until Donald Trump became president. Now he’s getting involved in second-guessing, undercutting, undermining Fed chairman Jerome Powell over interest rate policy. He is blaming Powell — among others — for the precipitous decline in the stock market. He says that Powell, a well-educated economist, doesn’t understand the stock market. Eh? What?

Trump wrote this via Twitter: “The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch — he can’t putt!”

I am having trouble getting past the idiocy in that tweet in the first place. I am trying to figure out what the hell Trump is trying to say, referencing government shutdowns, trade wars and “strong dollars.” What the . . . ?

What is troubling is that the president is now trying to micromanage something about which he knows not a damn thing! I get that he’s likely to say he knows more about economic policy than any human being who’s ever lived . . . except that he cannot find his rear end with both hands when it comes to any of it!

Donald Trump won’t ever get it. He won’t ever understand that there are issues he should avoid. Every time this clown opens his mouth and utters these feckless clichés, he sends the markets into gyrations.

As someone who fears for the future for my retirement fund, I implore Donald Trump to do something he is incapable of doing.

Keep your trap shut . . . Mr. President!

Self-awareness is MIA

Donald John “Smart Gut” Trump’s jaw-dropping absence of self-awareness is on full display this week.

He has taken aim at the man he selected this past year to lead the Federal Reserve Board. Jerome Powell took the hit for the reeling stock market, giving Trump the headache of watching people’s retirement funds — such as mine — shrink before our eyes as investors sell off their stocks.

Chairman Powell is not giving anything back to Trump, the president complained. Trump said he is quite unhappy with the selection of Powell to lead the Fed.

For starters, the Fed is an independent agency that doesn’t answer to the president of the United States. Trump doesn’t understand that, along with all the other elements of government he doesn’t understand.

Then he said he has “a gut” that tells him more than “anyone else’s brain” can tell him.

Oh, really, Mr. President?

Well, did your gut tell you to invest in all those endeavors for which you filed bankruptcy before you entered political life? How did Trump University or the Trump Taj Mahal resort work out? Not too well.

Trump’s “gut” let him down . . .  again and again and again!

Fed chairman feels POTUS’s wrath

Donald Trump has crumpled up yet another presidential custom and tossed it into the nearest crapper.

There once was a time when presidents didn’t criticize openly the chair of the Federal Reserve Board. Not this guy. Not this president.

Trump says he “maybe” regrets appointing Jerome Powell as Fed chairman. He gripes that “I’ve got a good economy going” and Powell is wrecking it by raising interest rates, causing the stock market to wobble and then crater.

You see, Trump yet again seems upset that his personal reward from serving in the highest office in the land is being diminished because an economic pro is taking measures commensurate with a healthy economy.

As for the president’s criticism of the Fed chairman, it flies directly in the face of a longstanding custom to shield the Fed from political criticism. Trump doesn’t recognize customs that historically lend dignity to the office.

To think, too, that the president is savaging a chairman who he appointed himself.

Weird, man.