Jerome Powell is the new man of the hour, designated victim in Donald Trump’s campaign against those who disagree with him on matters that go way over the pointed head of the president of the United States.
Powell is the chairman of the Federal Reserve Board, the nation’s central bank that is charged with making fiscal policy based solely on economic evidence and trends. The Justice Department issued subpoenas this week to Powell about remarks he made during testimony before the Senate Banking Committee … except the subpoenas have nothing to do with Powell’s testimony.
Oh, no. They have everything to do with Trump wanting the Fed to reduce interest rates. Powell is pushing back, to which I say, “You go, Mr. Chairman!”
Powell insists that the Fed remain independent and free from political pressure. The Fed was created to be immune from the pressure of the moment. It must act on trends it identifies and helps the board of governors decide when or if to adjust interest rates … up or down!
Trump believes it’s time to reduce interest rates. He doesn’t know what he’s talking about. Jerome Powell is the fiscal expert here, not Trump, who is nothing more than a tinhorn politician seeking to score points with the hope of staving off what looks like an oncoming wipeout in the midterm election later this year.
Some experienced political hands are suggesting that Trump compiling impeachable offenses at a breathtaking rate. I believe abuse of presidential power fits nicely into what Trump is trying to do with Jerome Powell.
