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Thread: Trump responds with fury over Fed chief's speech

  1. #1

    Trump responds with fury over Fed chief's speech

    https://www.bbc.com/news/business-49452366

    Trump wants the Fed to lower interest rates and start quantitative easing to bail him out from the slowing global economies due to his trade wars. Trump is frustrated that Powell (who was nominated for the position by Trump) is not doing what he wants him to do. There are still two vacancies on the Federal Reserve Board of Directors which Trump has yet to nominate anybody for.

    Donald Trump reacted furiously on Friday after the head of the US central bank spoke about the economic risks of a trade war with China.

    The president asked if Federal Reserve chairman Jerome Powell was a greater "enemy" than China's leader Xi Jinping.

    It followed a speech in which Mr Powell said trade tensions were hitting the global economy and the Fed didn't have a "rulebook" to deal with the fallout.

    On Friday, China imposed new tariffs, with Mr Trump promising retaliation.

    Mr Powell was giving a keynote speech at the annual convention for central bankers in Jackson Hole, Wyoming. Although he said the US economy was in a "favourable place" he listed a series of economic and geopolitical risks linked to Mr Trump's trade war with China.

    There are "no recent precedents to guide any policy response to the current situation," Mr Powell said, adding that monetary policy "cannot provide a settled rulebook for international trade".

    The Fed chief has been under pressure from Mr Trump for a deep cut in interest rates, and has faced a series of derogatory Twitter posts from the president.

    But Friday's attacks were among the most critical. "As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly," Mr Trump wrote on Twitter. "We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the US will do great."

    In another tweet, which misspelled Mr Powell's name, he said: "My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?"

    China said on Friday it would impose retaliatory tariffs against about $75bn worth of US goods, putting as much as an extra 10% on top of existing rates in the dispute between the world's top two economies.

    Mr Trump indicated he was planning retaliation, but it was unclear what that would be. The president said in a subsequent Twitter post that he would respond to China's tariffs later on Friday.

    Wall Street share markets dived on the escalating tensions, with the three main indexes down between 1.7% and 2% in late morning trading.

    Some analysts think Mr Trump has been ratcheting up his criticism of Mr Powell so he can blame the fed chair if the US economy goes into downturn.

    Karen Petrou, managing partner of Federal Financial Analytics, told the BBC earlier this week: "Mr Trump doesn't care what rates are. He cares about who voters think is to blame for slower growth and market turmoil, and he is determined to be sure it isn't him," she said.

    "What's an astute politician to do? Find a fall guy distrusted by Republicans, Democrats, independents, populists, and progressives."
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    President Trump would do a lot better negotiating with Chairman Mao.

    He has Nixon envy.

    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  4. #3
    China was giving a lot of American companies incentives to stay in China and eating a lot of the cost of doing business with the tarrifs in place. China doesn't have as much power over the American economy as their propaghanda says it does. When their stock markets were crashing a few years ago on "black monday" it had little to no effect on the American economy.

  5. #4
    The Fed is responsible for any damage to the economy whether it is from past policies or current policies, Trump is making the public place the blame where it belongs.

    The fighting back in the trade war is helping the economy.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #5
    Quote Originally Posted by Swordsmyth View Post
    The Fed is responsible for any damage to the economy whether it is from past policies or current policies, Trump is making the public place the blame where it belongs.

    The fighting back in the trade war is helping the economy.
    Nothing is ever Trump's fault. He must always blame somebody else.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  7. #6
    Quote Originally Posted by Zippyjuan View Post
    Nothing is ever Trump's fault. He must always blame somebody else.
    That's what your grandma Hillary does. I am sure she would have a great economy while the FEDs would be phucking with interest rates.

  8. #7
    Quote Originally Posted by Zippyjuan View Post
    Nothing is ever Trump's fault. He must always blame somebody else.
    That's what you say about the Fed.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #8
    I would say Jay Powell.
    “The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.” --George Orwell

    Quote Originally Posted by AuH20 View Post
    In terms of a full spectrum candidate, Rand is leaps and bounds above Trump. I'm not disputing that.
    Who else in public life has called for a pre-emptive strike on North Korea?--Donald Trump



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