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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#341

Post by Uvix »

afavour wrote: post #272
skissane wrote: post #257

Earlier quoted context omitted.

I think the real test will be, not whatever this administration does, but how much of that survives into the next one - how much is the new normal versus how much is a temporary aberration. That’s true even if the next administration is Republican (Vance or whoever), but especially true if the next administration ends up being Democratic instead-which while not certain, has decent odds-the more Trump defies norms, th…

I think the test beyond that is how willing the next government will be to codify meaningful changes into law. After Trump’s first time it’s as if there was a big sigh of relief and a notion of “well, we just won’t do that again”. It’s very clear now that we need a lot more regulation of what presidents can and cannot do. Not to mention judicial reform. But if you’re a democrat theoretically getting power in 2028 you…

Not sure how regulation helps when you have a Congress and/or Supreme Court willing to ignore it, alas.

Re: Statement from Jerome Powell

#342

Post by CamperBob2 »

idiotsecant wrote: post #325

If Trump does try to politicize the fed he is going to do the one thing that the American political system will not tolerate - messing with the money of the most powerful capital class in the world. Normally, the incentives of this class are most aligned with grinding the rest of us into a fine powder suitable for lubrication of the engines of commerce, but hopefully just this once they'll come to the rescue. My only…

If Trump does try to politicize the fed he is going to do the one thing that the American political system will not tolerate

I've lost track of the number of times I, and others, have said that.

Turns out there really are no brakes on the Trump Train. In the parlance of the metallic-headgear fans, any other POTUS would have been treated to a nice convertible ride through downtown Dallas by now.

Re: Statement from Jerome Powell

#343

Post by breakyerself »

hypeatei wrote: post #250
pixelatedindex wrote: post #218

Earlier quoted context omitted.

Do you have an alternative to the Fed? Likes and dislikes has nothing to do with it. Or let me ask you another way — why do you dislike the Fed?

The libertarian view is that interest rates should be decided by the free market and not a central bank. Mainly due to what we're seeing now (the executive trying to take it over) and that a small board of people can make bad decisions that have reaching effects.

Markets don't always seek equilibrium. Some aspects of the economy tend to be governed by vicious and virtuous feedback cycles. Always leaving everything to markets feels like more of a religion than a reasonable policy position.

Re: Statement from Jerome Powell

#344

Post by gruez »

SpicyLemonZest wrote: post #262
gruez wrote: post #246

Earlier quoted context omitted.

>Is there some well of non-rabid Trump supporters that I'm not aware of? I'm always open to the idea that I'm in a bubble, but my experience is that even the least rabid Trump supporters are completely unwilling to criticize him or oppose something he wants. In the context of the previous comment, the "non-rabbid" (and probably median) supporter would be someone voting Trump because they think they trust him more on…

Right! With a non-fascist politician, what you're describing would be extremely abnormal; the median Biden supporter, Obama supporter, or Bush supporter would routinely take positions their guy didn't agree with even though they supported him overall. But the range of Trump supporter opinions stretches only from "politely support everything he wants to do" to "be performatively mean about everything he wants to do".

>But the range of Trump supporter opinions stretches only from "politely support everything he wants to do" to "be performatively mean about everything he wants to do".

You're basing this off... what? You're missing the options of "I'm indifferent about this", or "I don't agree with him on this but still think he's better as a whole than the alternative".

Re: Statement from Jerome Powell

#345

Post by ksherlock »

derangedHorse wrote: post #144

I dislike the existence of the Fed, but I dislike the idea of the executive branch being in control of monetary policy even more. I'll be tuning in to see how the case progresses.

Monetary policy is actually under the purview of the legislative branch.

Section 8: Congress shall have the power ... To coin Money, regulate the Value thereof ...

You probably don't them in control, either.

Re: Statement from Jerome Powell

#346

Post by jacquesm »

jordanb wrote: post #309
pixelatedindex wrote: post #226

Earlier quoted context omitted.

> I think a lot of largest tech companies feel that they'll face retribution from the current administration for not being supportive enough but would not from future admins. The Democrats should play hardball but the geriatrics can barely take a swing.

This is exactly it and parallels what happened with the end of the Wiemar Republic. There was an asymmetry in response between the Nazis and the government. You can see that in the limited prosecution and light sentences of the Beer Hall Putsch perpetrators. The tech titans like Thiel see the Trump administration as a "big bet" a startup investment. They can "shoot for the moon" and try to realize the network state.…

The scary thing is that they're probably right about that. You can buy your way out of treason now.

Re: Statement from Jerome Powell

#347

Post by throw0101c »

CodingJeebus wrote: post #219
this_user wrote: post #202

Earlier quoted context omitted.

In his first term, he probably didn't yet understand how much power the office truly holds and how to wield it and just how far you can go with that. Because the main restriction on all of that power has always been convention rather than any actually robust guard rails. But no one, not even someone like Nixon, has ever dared to truly test that out.

He knew how much power he had back then. The difference was that the government bureaucracy worked hard to counter his agenda throughout his term. It’s why The Heritage Foundation came up with Project 2025: an organizated and cohesive plan to dismantle the bureaucracy and consolidate power. And it is working.

> He knew how much power he had back then. The difference was that the government bureaucracy worked hard to counter his agenda throughout his term.

He did not know. He was also not expecting to win, and so had to scramble to get people appointed.

He asked around and got people who were experts in their respective fields. The problem is that those experts (a) knew his ideas were bad, and (b) had integrity. It was, by and large, Trump's appointees that worked hard to counter his agent and not the government bureaucracy.

Trump did not make the same 'mistake' this time around: he appointed folks not for their competence but for their loyalty to him. That was and is the only criteria for serving under Trump.

Re: Statement from Jerome Powell

#348

Post by pests »

pixelatedindex wrote: post #313
pests wrote: post #289

Earlier quoted context omitted.

Why are the renovations ridiculous?

Not the renovations themselves but the cost is supposedly at 2.5B. Personally I don’t really mind but I also don’t think government buildings need to be all that fancy with marble flooring.

It was budgeted at 1.9B (in 2019). Most of the cost overruns are from unexpected site issues like asbestos (more than thought) and water table problems. The buildings are historic, they already had marble. The marble was taken down and saved, this marble will be re-used. Some pieces are damaged, those will be new marble. These buildings are near 100 years old. I also don't think they have marble floors, but facades and other stonework.

Re: Statement from Jerome Powell

#349

Post by jacquesm »

refurb wrote: post #316

[flagged]

> I don’t get it.

Then you should have probably left it at that.

Criminal investigations in this administration are just a means of pressure and harassment, they have zero bearing on any suspicion of criminal activity. I predict that within a few days Powell will be the recipient of death threats. That's the second part of the pattern.

Re: Statement from Jerome Powell

#350

Post by davidw »

gruez wrote: post #246
SpicyLemonZest wrote: post #214

Earlier quoted context omitted.

Is there some well of non-rabid Trump supporters that I'm not aware of? I'm always open to the idea that I'm in a bubble, but my experience is that even the least rabid Trump supporters are completely unwilling to criticize him or oppose something he wants. Did any Trump supporters, for example, criticize the prosecution of James Comey?

>Is there some well of non-rabid Trump supporters that I'm not aware of? I'm always open to the idea that I'm in a bubble, but my experience is that even the least rabid Trump supporters are completely unwilling to criticize him or oppose something he wants. In the context of the previous comment, the "non-rabbid" (and probably median) supporter would be someone voting Trump because they think they trust him more on…

There's a difference between supporters and "the people who, in a single election, voted for him". The former tend to be pretty rabid and unmovable. Some portion of the voters are less firm in their support.
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