Post by Old Badger on Aug 23, 2019 12:08:45 GMT -5
"JACKSON HOLE, Wyo. — President Trump escalated his unprecedented attacks against America’s central bank Friday, calling Federal Reserve Chair Jerome H. Powell an 'enemy' of the United States that is as bad as China, a tweet that triggered a stock market slide and came minutes after Powell vowed to keep the economy growing. Powell said Friday that the trade war is a 'complex, turbulent' situation and said the central bank will 'act as appropriate to sustain the expansion,' suggesting another interest rate cut may be coming but not the large decline that Trump has demanded.
“'Our economy is in a favorable place,' Powell said, but he added that there are 'significant risks' from slowing global growth and the U.S.-China trade fight. China just announced major new tariffs on U.S. products, the latest in an exchange of blows between the two nations that have caused numerous countries around the world to teeter on the verge of a recession. Trump lashed out at both Powell and China, blaming them for harming the U.S. economy. 'My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?' Trump tweeted after Powell’s speech. Trump and his advisors have privately discussed ways to change who gets to vote on interest rate levels at the Fed." link
This is the guy who appointed Powell Chairman of the Fed. The guy who boasted of his "great friendship" with Xi. Who assured us that "trade wars are easy and short." And now that his own tariffs and trade disruption are leading the world--including the US--to the brink of recession he's doing what he always does: lashing out at anyone he can. The guy's insecure, in over his head, and clearly suffering from early stages of dementia. He's surrounded by chancers (Pompeo, Miller), ideologs (Mulvaney), and incompetents (Kudlow, Navarro), with no one to tell him he's wrong or pursuing a stupid course. The danger signs are everywhere, but there's no one willing or able to rein him in. It's gone from a national disgrace to an international disaster.
“'Our economy is in a favorable place,' Powell said, but he added that there are 'significant risks' from slowing global growth and the U.S.-China trade fight. China just announced major new tariffs on U.S. products, the latest in an exchange of blows between the two nations that have caused numerous countries around the world to teeter on the verge of a recession. Trump lashed out at both Powell and China, blaming them for harming the U.S. economy. 'My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?' Trump tweeted after Powell’s speech. Trump and his advisors have privately discussed ways to change who gets to vote on interest rate levels at the Fed." link
This is the guy who appointed Powell Chairman of the Fed. The guy who boasted of his "great friendship" with Xi. Who assured us that "trade wars are easy and short." And now that his own tariffs and trade disruption are leading the world--including the US--to the brink of recession he's doing what he always does: lashing out at anyone he can. The guy's insecure, in over his head, and clearly suffering from early stages of dementia. He's surrounded by chancers (Pompeo, Miller), ideologs (Mulvaney), and incompetents (Kudlow, Navarro), with no one to tell him he's wrong or pursuing a stupid course. The danger signs are everywhere, but there's no one willing or able to rein him in. It's gone from a national disgrace to an international disaster.