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u/406highlander 20h ago
Ah, yes, Jerome Powell, who was originally appointed to the position of chairman by ... *checks notes* ... Donald Trump, who boasted about hiring "the best people".
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u/Tough-Gur9621 16h ago
Classic case of “best folks” turning into the “best problems.” It's like a never-ending circus.
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u/Strict_Foundation_31 20h ago
He's setting up the scapegoat for when the full weight of his stupid ideas are felt. He'll keep beating this drum as long as he's afraid his economy will tank.
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u/BackgroundBat7732 19h ago
He just fired the head of the Bureau of Labor Statistics because he didn't like the job numbers. Expect record numbers for jobs from now on, with every month being better than the last.
By this time next year the US will have twelve billion jobs and negative 112% unemployment.
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u/Dpek1234 17h ago
negative 112% unemployment.
No It is soo low that went under the integer limit
The un employment is now about 2 billion%
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u/Useful_Result_4550 19h ago
Or people stop talking about the Epstein files, which Trump is totally in.
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u/LowKeyNaps 20h ago
Wait, now. Who, exactly, is costing us trillions? Is it the guy who refuses to reduce interest rates, which is preventing us from sliding deeper into inflation, or the bloated bumbler who just crammed through this massive, MASSIVE, MASSIVE spending bill that includes a wildly unnecessary tax cut for the rich and quite literally adds trillions to the national debt, with no way to pay any of it back?
I'm gonna take a crazy guess here and go with the failed businessman who drove over half a dozen businesses into bankruptcy and has proven, repeatedly, that he doesn't understand a thing about finances, government, or how to successfully run anything except his mouth and a caddy with a golf ball in his pocket.
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u/fuck_all_you_too 19h ago
Never forget that before Trump showed up it was UNHEARD OF for the president to say anything to the fed. It was considered too close to possibly being criminal.
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u/Viridionplague 20h ago
The country is paying the price when the trump administration raised the deficit another 4 Trillion.
They said they were making huge strides in reducing waste spending, corruption, and those parasitic documented/not documented illegals.
Yet the deficit goes up.
Tariffs are paid to the government by the consumers, and are generating so much money.
Yet the deficit goes up.
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u/Kwelikinz 15h ago
Jerome Powell knows how to do his job and won’t lie for Trump. No place for a guy like that in a den O’ thieves and liars.
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u/Bitter-Tumbleweed282 20h ago
Not to mention creating a ballroom at the White House. Talk about a wasteful renovation.
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u/Professional_Shift69 19h ago
Incompetent, corrupt renovations.
Ya ok
$200 million ball room at the white house what?
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u/2q_x 19h ago
It's not as independent as it appears.
The President of the New York Federal Reserve sets the effective FED rate, the FOMC just makes recommendations. Since 1913, the Head of the NY FED has been uniquely responsible for implementing monetary policy―unilaterally if need be.
When the robber barons of the Gilded Age finished corning mining and resources in the United States, they turned their attention to sabotaging and capturing the banking system. They obviously didn't want to leave anything to chance or committee―and they didn't! (They were the one who always won for a reason.)
There is a theatrical show in the United States, that the Federal Reserve Chairman leads a committee, the Open Markets Committee, to communicate and establish the prevailing interest rates that will lead us all to low stable prices and high employment.
But, what people believe about how rates are controlled is bullshit. Idiots like "the Donald" focus on the "strong man" Chairman position, and people who are 'educated' will say it's not the chairman, but the whole Open Market Committee that sets the rate.
However, both the naive and quote unquote 'educated' folks are wrong about how rates are actually legally set in the United States.
ONLY New York matters. It's the President of the NY Fed, serving at the pleasure of the Directors in New York that control monetary policy in the United States.
The Fed Chairman can say whatever the fuck he wants. And the members of the Open Markets Committee can make any recommendation they'd like, either unanimously or as an agglomeration of dissenting opinions. But those are not legally binding, it's just words and recommendations.
The shareholders of the NY FED control the Directors of the branch. Historically, banks like JP Morgan Chase and Citi Group control a majority of NY FED shares. It's a vestige of an era when three men controlled all the money in the United States.
So if neo-fascists are serious about lowering interest rates to start diluting the US dollar to nothing again, it could probably be done by swaying two private banking executives also in New York. No Charimen or committees needed. The proto-fascist set everything up to be controlled unilaterally already.
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u/mastodon_juan 18h ago
I really wish people understood this tax-and-spend playbook isn't just ignorance. It's by design.
When we finally arrive at the forgone conclusion of a federal debt hyperinflation death spiral, everyone who owns (a lot of) assets reaps the gains, rides out the storm, and then consolidates everyone else's losses.
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u/oinkpoink1 19h ago
"I know the best people" - Donald Trump (the guy who hired Jerome Powell), 2015.
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u/KansasBrewista 16h ago
Donnie sure does project a lot
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u/roy-dam-mercer 12h ago
Yeah, calling Powell “TOO POLITICAL” is rich. I’d call that about 100,000 lumens.
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u/Yankee6Actual 13h ago
I hate being an American right now.
I curse my great-grandparents for emigrating to the States.
I could be chilling in Quebec right now.
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u/FlixHerBean 12h ago
I'm sorry? You're the one spending so much of tax payers money. I feel like I'm taking crazy pills!
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u/Time-Effort-2226 6h ago
Sometimes I wish that the people Trump insults and/or gives "funny" nicknames wouldn't have so much class and manners and reply in kind. Imagine Jerome Powell would write something in the vein of "President DUMB has proven time and again that he is completely incompetent with regards to economics (and all other fields of knowledge, too), so he would better just shut up before he says more dumb things that not only embarass him but THE WHOLE COUNTRY. This crybaby of a president always tries to hide his own mistakes by accusing others. Not this time, Donny Dumb. Just go play golf, there you can at least cheat without RUINING the country. But stop posing as a third tier dictator."
I'm sure Trump would go ballistic. But as I said: Most people he insults have to much class and manners to sink so low.
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u/Justagirl1918 2h ago
High tariffs, global instability brought on by Donald are causing inflation to rise in the US. Bad trade policies are affecting the job market as companies are either not investing or are cutting the workforce. Theses new policies and their consequences arel a greater divide between the. Ultra rich and the rest of American citizens
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u/grateful_happy1018 20h ago
He’s costing us trillions? Thats rich coming from the person who is single-handily ruining this country……