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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#101

Post by zamadatix »

Aurornis wrote: post #64
brcmthrowaway wrote: post #52

Does anyone have a steelman argument for this?

Do you think that criminal prosecution for Jerome Powell for maybe doing something wrong with some building renovations under timing that just happens to coincide with the President’s personal and public vendetta against this person is worth steelmanning? At some point it stops being steelmanning and starts becoming an invitation for some propaganda to distract from the obvious.

The more obvious something seems the more valuable steelmanning becomes, precisely because if the only steelman arguments you get (if any) are propaganda at best (instead of reasons you just hadn't considered) then you can be that much more confident your outrage is based in reason rather than feelings. My guess is there won't be many coming up with steelman arguments for this one though anyways.

Inviting propaganda is good, let the obviously weak arguments come front and center to be logically considered and ridiculed rather than put in small private group chats where they seem to grow and grow. This only works, in any way, if people stop saying things aren't worth having consideration about because it's obvious to them.

Re: Statement from Jerome Powell

#103

Post by lamontcg »

pizlonator wrote: post #74
prodigycorp wrote: post #11

Many times I've disagreed with Powell, but major props for this statement.

Yes. His statement is firm and well articulated. I have nothing bad to say about the man right now

I have bad things to say about him. But they're firmly on pause. What Trump wants for the Federal Reserve is far worse.

And anyone who is a hard-currency quantity-theory-of-money conservative, should also be appalled by it.

Trump is way worse than what the harshest critics of the Federal Reserve think about it. Nobody right or left should support it. Only the billionaires will profit off the monetary disorder.

Re: Statement from Jerome Powell

#105

Post by martinald »

olalonde wrote: post #95

As a side note, is there a compelling reason why interest rates aren't set algorithmically? I assume human intuition isn't really a factor in setting them. This would eliminate concerns about political motivation.

But who sets the algorithm? Whichever department of branch of govt was in charge of that would become have the enormous power, and political motivation would then fall to that.

Equally the same for data that goes into the algorithm - if you can control that you control interest rates.

Re: Statement from Jerome Powell

#106

Post by ohyoutravel »

ralph84 wrote: post #78
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]

This is an exceptionally poor take on the matter.

Re: Statement from Jerome Powell

#107

Post by hrimfaxi »

olalonde wrote: post #95

As a side note, is there a compelling reason why interest rates aren't set algorithmically? I assume human intuition isn't really a factor in setting them. This would eliminate concerns about political motivation.

Would that make it easier or more difficult to guide, I wonder?

Re: Statement from Jerome Powell

#108

Post by tptacek »

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…

Nothing? Trump is playing freeway chicken with Powell, he's driving a Pontiac Fiero and Powell is driving a bulldozer. The Supreme Court has already signaled that they're not on board fucking with the Fed. This will potentially cost Trump his next Fed nomination for awhile, because GOP Senators are putting a hold on his nominations until the legal stuff resolves.

Re: Statement from Jerome Powell

#109

Post by crystal_revenge »

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).

> would further upset voters

I continue to be surprised by people who have seen things unfold as they have over less than a year of this administration and still somehow believe we'll continue to have "free and fair" elections anytime in the near future.

We have over, and over again seeing virtually all of the "checks and balances" we learned about as kids being overridden without consequence.

This community of all other should be aware of how easy it is to exert total control of information (I'm still surprised this article is on the home page). Everyone consumes almost all of their information through digital, corporate controlled means. Even people getting together a organically socializing in bars, something that was common 30 years ago, has been replaced with online interactions. Trump does not need mandate from the people to continue to rule the country.

Re: Statement from Jerome Powell

#110

Post by mandeepj »

renegade-otter wrote: post #86
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…

America has enough power to help someone else. No one has the power to save America from itself. The cavalry is not coming, and this fire is going to take its course. One day, maybe we will rebuild from scratch.

> No one has the power to save America from itself.

Wrong!! Please don’t say that! We all have power inside the US. Congress had the opportunity in 2021 to correct the wrong, but Republicans kowtowed and they are still doing so. That was the easy way. Now for the hard way, American people will have to do something about it.

Edit: Grammar

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