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Statement from Federal Reserve Chair

federalreserve.gov

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Re: Statement from Federal Reserve Chair

#4

Post by robinsoncrusue »

While this entire spectacle is just nauseating, I am not going to shed a tear for Jerome Powell. This is a man that headed one of the most incompetent bunch in my lifetime. I remember the whole 2020/1 euphoria where things were just supposed to be "transitory" according to multiple Fed minutes. Lo and behold, until it was not. They had to tighten FAST, lot of layoffs happened because of that. You could argue the software industry never really recovered, AI is just a cope.

Reality is, these institutions have failed for a long time. It gave me a chuckle when I read the line "maximum unemployment and price stability". The official fed numbers for those are way off, you tell Americans spending >50% on their groceries compared to 2-3yrs ago that the inflation is 4%. Or unemployment rates for that matter. All the numbers are garbage, nothing means anything anymore.

If congress and Fed had a spine to enforce meritocracy, Jerome and all the "transitory" shenanigans would have been out long ago. And so there you have it. Officials with 10 years terms with zero accountability for their decisions with revolving doors to follow having big bucks consulting gigs for big banks awaiting moment they retire will say and do anything to preserve the self-serving institutions. Not its mandate. And cherry on top, if they are lucky to play out well, on their way out will get the glory of "serving the people and protecting the institutions".

Re: Statement from Federal Reserve Chair

#5

Post by gruez »

robinsoncrusue wrote: post #4

While this entire spectacle is just nauseating, I am not going to shed a tear for Jerome Powell. This is a man that headed one of the most incompetent bunch in my lifetime. I remember the whole 2020/1 euphoria where things were just supposed to be "transitory" according to multiple Fed minutes. Lo and behold, until it was not. They had to tighten FAST, lot of layoffs happened because of that. You could argue the soft…

>The official fed numbers for those are way off, you tell Americans spending >50% on their groceries compared to 2-3yrs ago the inflation is 4%. Or unemployment rates for that matter. All the numbers are garbage, nothing means anything anymore.

Where are your numbers that disprove the fed's numbers?

Re: Statement from Federal Reserve Chair

#7

Post by gruez »

axus wrote: post #6

Powell won't be in control 4 months and 4 days from now. What is the benefit to Trump administration to taking control a few months earlier? Trump seems to be in a big hurry.

Revenge? Same with going after Comey even though he was out of government for the better part of a decade.

Re: Statement from Federal Reserve Chair

#8

Post by Spartan-S63 »

axus wrote: post #6

Powell won't be in control 4 months and 4 days from now. What is the benefit to Trump administration to taking control a few months earlier? Trump seems to be in a big hurry.

He won't be chair, but he'll still be a governor. I think the attempt is to get rid of him in both positions early and for good.

Re: Statement from Federal Reserve Chair

#10

Post by spwa4 »

gruez wrote: post #7
axus wrote: post #6

Powell won't be in control 4 months and 4 days from now. What is the benefit to Trump administration to taking control a few months earlier? Trump seems to be in a big hurry.

Revenge? Same with going after Comey even though he was out of government for the better part of a decade.

I thought Trump was of the opinion that "official acts", which is apparently anything anyone does while employed by the government, cannot result in criminal prosecutions.

Or at least, that's what he claims for himself and ICE murderers.

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