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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#441

Post by mrtksn »

jiggawatts wrote: post #129
abrookewood wrote: post #61

Earlier quoted context omitted.

It's also completely in character with Trump's behaviour. He is a dictator who wants what he wants and can't abide anyone standing in his way. He wants absolute authority to do as he wishes. This extends to removing foreign heads of state so he can access their countries resources and also threatening 'allies' so he can take their territory. We're watching him systematically destroy any good will or moral authority t…

He was the owner and CEO of a private company — essentially a dictator without even a board or the SEC keeping him in check. For decades he hasn’t had to tolerate “checks and balances”! Nobody could say “no” and retain their jobs under him. The American public decided to put this type of person in charge. The consequences were predicted.

[flagged]

Re: Statement from Jerome Powell

#442

Post by cal_dent »

class3shock wrote: post #419
cal_dent wrote: post #203

The US drift into Adam Curtis' broad thesis in hypernormalisation(a) continues apace I see. Great to see J Pow putting up a fight but I fear this is all going one way. (a) >We live in a world where the powerful deceive us. We know they lie. They know we know they lie. They don't care. We say we care but do nothing.

When I first watched a bunch of Adam Curtis stuff I thought it a long winded way of stating bad things have happened and have resulted in these bigger, overarching, bad things. Thinking about it now 10 years later it feels alot different. The pervasiveness of tolerance of lies and fakeness has gone so far past anything I could have imagined being a big contributor to that.

For me, the key lies in the "We know they lie. They know we know they lie.". I'd argue that the transparency of lies is a fairly immature theme, relative to the long arc of history. Probably post-Iraq WMD is where I think it really started to ramp up and the emergence of virality/segmentation aspect of social media has really revved it up.

Re: Statement from Jerome Powell

#443

Post by moogly »

hackingonempty wrote: post #436
acdha wrote: post #387

Earlier quoted context omitted.

Exactly: there was a brief moment when it looked like Republicans were willing to hold him accountable after the January 6th insurrection but that faltered and they circled ranks, especially when Roberts signaled that Trump had the support of the Supreme Court to the extent that they were willing to concoct a new constitutional doctrine to shield him. A lot of people were hoping he’d just go away without them having…

What makes you think he is not going to pardon every single person in his administration, every single loyal Republican?

The presidential pardon is clearly something that needs to either be heavily reined in or removed. How you do that I don't know, but turns out the US Constitution is something you can ignore, so...

The entire system of checks and balances needs some rethinking because it's clearly not as "perfect" as we've been told over and over again.

Re: Statement from Jerome Powell

#444

Post by pstuart »

throw0101c wrote: post #347
CodingJeebus wrote: post #219

Earlier quoted context omitted.

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…

> He was also not expecting to win

He wanted his run to allow him to start his own tv channel: https://www.vanityfair.com/news/2016/06/donald-trump-tv-netw...

Re: Statement from Jerome Powell

#445

Post by fyredge »

Aurornis wrote: post #429
JeremyNT wrote: post #375

Earlier quoted context omitted.

> There is ample ability to change events, but people must believe they can act and act together, as they have for centuries of democracy and for all human history. This is the political will of a plurality of American voters. They certainly can't claim they didn't know what they would get, and they seem unconcerned by any of these actions that many of us find terrifying. It is difficult to see how we can democracy o…

> This is the political will of a plurality of American voters. This fallacy gets repeated over and over, but it's obviously false. Have you really never voted for a candidate who went on to do things you didn't agree with? It's a quintessential fact of politics that voting for a candidate is not equivalent to an endorsement of everything that candidate does in the future. It's a premise that is obviously false when…

This is not a fallacy, simply an opinion you disagree with. But one which I strongly agree with.

I'm not American, and though I may not agree completely with the politicians I voted for, I have not been blindsided yet. The second election of Trump is a symptom of Americans either unable or unwilling to look beyond single issues or sports team politics.

To then turn around and act surprised is just a way to conveniently absolve themselves of the responsibility of electing him to begin with. If this wasn't the case, Trump voters themselves would be calling for his impeachment, not Democrat voters.

Approval rating means nothing if it enforces nothing.

Re: Statement from Jerome Powell

#446

Post by SilverElfin »

ceejayoz wrote: post #82
pluralmonad wrote: post #49

Earlier quoted context omitted.

Holy shit. If you believe even a small minority actually want that, please unplug and talk to real people in meat space.

They chanted “lock her up” en masse as a campaign slogan. The desire to imprison is quite evident.

And right now many have posted “lock him up” on Twitter in response to this news. Many of these users probably couldn’t describe the federal reserve or share anything at all about Powell. Their cult zealotry continues.

Re: Statement from Jerome Powell

#447

Post by derangedHorse »

didip wrote: post #362
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.

Who should own the money printer if it’s not the feds?

No one. We should be on a hard money standard. The Fed shouldn't be able to socialize the impact of bad business decisions like what was recently done with Silicon Valley Bank using the BTFP. Sometimes consequences need to be realized, even at the cost of bad downstream impact to those indirectly involved. It's the only way for more resilient systems to arise since our current system interrupts important feedback mechanisms.

Re: Statement from Jerome Powell

#448

Post by Marsymars »

Loudergood wrote: post #410
mapontosevenths wrote: post #120

Earlier quoted context omitted.

> I wonder where you guys are headed. You need to know only two facts about America to guess that: * Fifty three percent of Americans now read below the sixth grade level. * As (ostensibly) a representative Democracy America's fate is dictated by the majority of it's citizens. Our future is to become a broken nation governed by middle-school student level thinking. The only way to build a better America is to build a…

In what language? 78% of Americans have English as their first language.

I don't think that's right - it looks like the stat is that 78% of Americans speak *only* English at home.

I'm not American, but anecdotally, a supermajority (like 80-90%) of people I know who speak multiple languages at home speak English at native fluency. (e.g. in my semi-extended family - parents/siblings/nibblings/partner/parents-in-law, there are 9 of us, and only 2 are more comfortable in French than English, but none of us would qualify as speaking *only* English at home.)

Re: Statement from Jerome Powell

#449

Post by mrtksn »

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…

They are headed for complete fascist take over. Going through a phase that Europeans went through a century ago, end up destroying themselves.

It’s very concerning that they have nukes. JD Vance said something about the risks UK and France owning nukes, I think he just wanted to start the conversation because I think he believes that it’s actually US that is the risk. We know that the guy is not actually a Trump ideology zealot from his pre-Trump alignment.

Re: Statement from Jerome Powell

#450

Post by pstuart »

__loam wrote: post #378
luxuryballs wrote: post #270

Earlier quoted context omitted.

The defense is that the status quo has become archaic and self-serving instead of serving the public so the current operations people doing some house cleaning and tossing a few rooms to see what’s going on in there is overdue, changes need to happen and power structures need to be shaken out a bit to make sure they are not getting in the way of the people they were created to act on behalf of, and scatter the ones w…

It's a funny defense coming from the most corrupt administration since Nixon

Nixon looks good in comparison -- EPA, OSHA, Clean Air Act, etc.

He'd be called a communist by MAGA.

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