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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump says he has the right to remove Powell as Fed chair but hasn't 'made any decisions' yet
Source: CNBC
PUBLISHED SAT, MAR 14 2020 1:01 PM EDT UPDATED MOMENTS AGO
Jeff Cox
@JEFF.COX.7528
@JEFFCOXCNBCCOM
President Donald Trump launched another barrage of criticism at the Federal Reserve, saying Saturday that the central bank is behind its global peers in the economic fight against the coronavirus.
Im not happy with the Fed because I think theyre following not leading, and we should be leading, the president said during a news conference to discuss the COVID-19 outbreak and the ongoing U.S. response.
Since the diseases spread has intensified, the U.S. central bank has enacted an emergency interest rate of 50 basis points, opened up a liquidity program to the bank to add up to $1.5 trillion to the financial system and started buying government debt across the yield curve.
Trump said he is not yet looking at removing Jerome Powell as chairman, though he believes he has the right to do so. He has harshly criticized Powell previously, saying the Fed should be more aggressive in easing the stance of monetary policy.
I have the right to remove him. No, Im not doing that, Trump said. I also have the right to put him in a regular position and put someone else in charge, and I havent made any decisions on that.
-snip-
Read more: https://www.cnbc.com/2020/03/14/trump-says-he-has-the-right-to-remove-powell-as-fed-chair-but-hasnt-made-any-decisions-yet.html
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The hunt for a scapegoat begins.
Laelth
(32,017 posts)-Laelth
SWBTATTReg
(22,129 posts)the powers of the Fed Reserve and politics, so the crap a&& politics doesn't get into the way of actual logic/numbers, etc.
SummerSnow
(12,608 posts)I bet he'll put some golf buddy with no economic experience at the helm
andym
(5,443 posts)But he might not believe people who are not true stable geniuses like himself.
duforsure
(11,885 posts)By making this suggestion only shows he wants to control this for his personal, and for political reasons, not for the good of this country, then claim he's not responsible for threatening others to do what's best for trump instead of us. He's a crook , and a serial liar who needs to be stopped. The GOP are going to be held responsible for this soon.
KPN
(15,646 posts)he to do that.
Look, the reason the Fed has very few bullets left at this point is:
(!) because most of them got used as part of the economic fix to the 2008 bailout and only a few had been replenished by January 2017;
(2) tRump has already emptied the chambers he had available to him as pResident in order to JUICE the markets and ensure his re-election on the basis of a so-called "strong economy"; and (3) tRump's pressuring of the Fed to this point resulted in them using the most of the few remaining stewps they had available to them to prop up the already phony economy.
This is a problem of his own making. And he's doubling down with no where else to go.
EndlessWire
(6,531 posts)about whether he has the legal right to mess with Powell. But, did I read that right? He said he had the right to dismiss Powell, AND the right to replace him?
If he fires Powell and doesn't replace him, does that put him in charge of ALL the money?? Good grief, that would be bad.
And, he's considering what to do? Is this pandemic now going to become an excuse for him to use the Fed Reserve as his personal piggybank? He continues to consolidate power...