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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#71

Post by Frost1x »

neom wrote: post #54

So I'm sitting here as a Canadian wondering what the American people are going to do? I understand a lot of what the President of The United States says - I even agree with some of it, the problem is I don't feel like we're engaging with the American people anymore. I really wonder where you guys are headed and what it means for the rest of us, I spent 15 years in the states, built a public company there, I really li…

Complain to our representatives who will do absolutely nothing because the system is ripe for abuse and we’ve put people who actively want to abuse and exploit it into office.

I keep telling everyone and have been for a year, it’s not just our problem, due to global US positioning it’s now a world problem. Just ask Venezuela. Regardless of what you think about the end result the ends did not justify the means.

I for one will be collecting my (completely legal) hunting rifles and weapons I’ve had in storage since I was a kid, have them professionally serviced and grab some ammunition, on the terrible case I need to defend myself which I thought I’d never ever have to consider and I’d just sell them some day. But alas we have a lot of really really stupid as well as downright toxic voters in this country.

Re: Statement from Jerome Powell

#77

Post by Aurornis »

consumer451 wrote: post #15
Loughla wrote: post #4

Holy shit. So our monetary policy will be just set at the arbitrary whims of the president if this new scheme works. Why does all of this feel like it's just sliding completely out of hand? Am I just being a doomer?

Well, you see... he is part of the "un-elected deep state." Clearly, that is a problem that needs to be solved.

I know you’re being sarcastic, but Trump was the person who nominated Jerome Powell as chair.

This move is public punishment for not falling in line.

Re: Statement from Jerome Powell

#78

Post by ralph84 »

AnimalMuppet wrote: post #23

"The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President." Thank you, Mr. Powell. We really want interest rates set to serve the people, not the whims of the President.

[flagged]

Re: Statement from Jerome Powell

#79

Post by spankibalt »

spamizbad wrote: post #13
davidw wrote: post #3

This is... just crazy. One of those mostly boring bits of plumbing that has been left to professionals throughout the entire 50 years of my life - and they're trying to wreck it.

It's also for very stupid reasons: The fed dropping rates to the degree that would satisfy Donald Trump would greatly accelerate inflation which in turn would further upset voters, who would in turn blame Donald Trump (just like they did Biden before).

The MAGA crowd and their lickspittles/enablers are so far removed from reality that they only believe their leader.

And many others will vote for system-wreckers (broadly: conservatives) again, because the democrats cannot fix much of the damage done within the next legislative periods, let alone just one... even if the miracle of a trifecta happens and SCOTUS loses its majority on top of it. Rinse, repeat.

Re: Statement from Jerome Powell

#80

Post by drpepper42 »

brcmthrowaway wrote: post #52

Does anyone have a steelman argument for this?

The interest rates? If you wanted to crash demand for dollar various things makes a bit more sense. Venezuela might be more about threatening BRICS if you squint at it. The EU–Mercosur agreement looks like it might pass - timing is kind of weird. There is maybe a kind of logic to it for exports but I think it lowers the standard of living for us plebs.
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