Economy Jerome Powell is the most underappreciated person ever

[Fedorgasm]

I remember a couple years ago Democrats, especially Elizabeth Warren, very heavily criticizing J. Powell for raising interest rates.

And now we have Trump calling him names and trying to fire him because he won't lower interest rates.

The poor guy gets shit on from both sides, but if you look at his track record he's been very good fed chairman. He deserves some recognition.

 

[Sweater of AV]

If both sides hate you then you're probably doing something right.

 

[shunyata]

If both sides hate you then you're probably doing something right.

Or very wrong.


But in this case I think Powell is doing the right thing.

 

[44nutman]

Old Dumb Donald is mad because JPow said Trumps Tariffs were fucking dumb. Most people that have taken an economics class or read a history book, also know Trumps Tariffs are dumb, but Trump has surrounded himself with lickspittles this term, so there is nobody around to keep Trump from doing dumb stuff. Problem is now Trump is sundowning, so he is being stubborn about being dumb. GOP Congress members are afraid to end Trump Tariffs because they might get primaried, but Trumps polling numbers are cratering so going down with a dumb sinking ship might not be a good idea either.

 

[MeatheadMike]

With the benefit of hindsight we can say the Fed's policy of cutting already low rates during covid was a bad move. But what theyve achicved post-Covid is basically like landing the Hindenburg safely.

 

[MeatheadMike]

Powell's term will be up next year anyway and Trump will have his chance to replace him with a DUI hire if he wants.

But regardless of that, the Fed chairman doesn't unilaterally determine the interest rates. The last decision to hold rates was 12-0. If he wants them to cut rates maybe he should stop causing economic turbulence with the nonsensical tariffs.

 

[Soggust]

But regardless of that, the Fed chairman doesn't unilaterally determine the interest rates. The last decision to hold rates was 12-0.

I'll fully admit that I just learned this now, but I still feel like that's some shit the president should fuckin know lol

trump and I shouldn't be learning this shit together

 

[Libero cane v2]

Markets not liking Trump threatening to fire Powell

 

[Andy Capp]

If both sides hate you then you're probably doing something right.

Indeed, Justin Trudeau said the same thing about the Conservatives and NDP in Canada.

 

[Thepaintbucket]

Trump is allegedly trying to get rid of the federal reserve. He is probably going to blame the Federal reserve board if stagflation happens. It sucks how much instability and uncertainty he has created in the market.

 

[BJ@LW&WW]

could not expect much better in terms of the federal reserves handling of the covid market crashes and subsequent fallout.

if the same crash happened 10 years ago, we would have a global depression



its pretty common to hear laypersons apply ideas from personal finance to macroeconomic policies. those people will never appreciate what the federal reserve does.

 

[lowlife]

At this point I think the tide turned on public opinion about Powell; he effectively achieved a soft landing when most thought that impossible. Of course we'll never truly know how successful he was because Forrest Drump came in and wrecked everything immediately.

 

[toasty]

So Trump is doing his bullying from the bully pulpit on Jerome Powell now?

What I really hope is that Jerome Powell will go on Truth Social and just rain down insults on Trump and screen shot the post so as soon as it is removed he can post it on Twitter and then when it is removed on BlueSky or Tik Tok or just put in on a billboard.

I'm so tired of Trump picking on someone, Jeff Sessions, Mike Pence, now Powell etc. and them just taking it and trying to take the high road.

Just once I want to see a high level and respected person like Powell fire back

"Hey Trump F8ck you, you idiotic half a drain dead little baby handed orange swirling turd. If you weren't so goddamned stupid to cluelessly tariff the whole world then back down, then babble on with no apparent plan our booming stock market would be just fine, but you put your tiny death touch hands on it and it withered just like your little mushroom cap when you showed it to stormy"

I'm so tired of his whipping boys just smiling and taking it and moving on.

Cohen and Stormy appear to be the only two that to put up anything resembling a public fight but they were already tainted by their actions.

Tillerson called him a fucking moron, but that was supposedly in private, Kelly, Bolton and Barr have all said bad things about him, but none went full blast barbarian style frontal attack that I can recall.

Just once, someone he attacks with his stupid name calling and trying to get them fired, someone a-political and with gravitas, saying out loud and to the whole world.

"Shut your fucking suck hole you idiot, you ruined our markets and standing in the world and I won't be your scapegoat" then posting a video of them generation x crotch chopping wildly would be nice

I'm pretty sure Karen Pence would join in that dance.

 

[Michaelangelo]

Surprised JD didn’t ask Powell to say thank you

 

[Osculater]

Trump hates competence

 

[Siver!]

I love how Trump sets fire to the US economy because he doesn't know what he's doing, but he's absolutely certain that pressuring Powell into cutting interest rates will fix inflation.

Trump should start questioning himself every time he feels absolutely certain, just as he felt absolutely certain the tariffs were a good idea in the first place.

He could really do with coordinating better with people like Powell, not trying to dictate what they do.

 

[BJ@LW&WW]

With the benefit of hindsight we can say the Fed's policy of cutting already low rates during covid was a bad move

interesting statement. with hindsight i feel the exact opposite, as do most economists.

 

[MeatheadMike]

interesting statement. with hindsight i feel the exact opposite, as do most economists.

Cutting the rates during Covid (when rates were already low and demand for housing was already elevated because of lockdowns) created a frenzy on the housing market, depleting inventory, and ballooning housing prices nearly 50%. These effects of this are still very much being felt 4 years later.

The reason they cut during Covid was because they got spooked by high unemployment (which ended up being very temporary). Within less then a year as things opened back up, the opposite problem ended up happening... there was a labor shortage and high inflation. If they would have known all that would happen I doubt they would have cut the rates. But tbf this is all Monday morning quarterbacking, and like I said they did a great job post-covid imo.

 

[Stoic1]

End the Fed.

 

[BJ@LW&WW]

Cutting the rates during Covid (when rates were already low and demand for housing was already elevated because of lockdowns) created a frenzy on the housing market, depleting inventory, and ballooning housing prices nearly 50%. These effects of this are still very much being felt 4 years later.

The reason they cut during Covid was because they got spooked by high unemployment (which ended up being very temporary). Within less then a year as things opened back up, the opposite problem ended up happening... there was a labor shortage and high inflation. If they would have known all that would happen I doubt they would have cut the rates. But tbf this is all Monday morning quarterbacking, and like I said they did a great job post-covid imo.

monday morning quarterbacking is fine

the conclusions of your quarterbacking are opposite that of professional consensus. quantitative easing and interest rate cuts were practically the only mechanisms to prevent even more drastic economic losses. in hindsight, they absolutely would have cut interest rates. The speed and timing of the cuts and the speed and timing of the following rate hikes certainly could be optimized.

its strange to me that you praise the post pandemic response but criticize the initial cuts, because most are more critical of the opposite.