Firing Head of Federal Reserve Would Be Incredibly Stupid, So Look For Trump To Do It Soon

[Zorro]

Always assume the dumbest-case scenario.

A rift has developed between Donald Trump and Jerome Powell, chairman of the Federal Reserve. On one side, Powell is an experienced banker and well-respected financial mind, a Republican with a reputation for moderation, calm, and a willingness to listen to others. He is trying to steer the nation’s central bank through turbulent times while ignoring political ideology and the demands of partisan politics.

On the other side, Donald Trump is a fucking moron. He loves brute force, and it makes him nuts that he can’t seem to bully Powell into doing what he wants. Well, nuttier. Somehow we still keep finding new levels of nuts to ascribe to our big, wet-brained president.

Trump has been demanding Powell lower interest rates because he is sure that, in combination with the ridiculous tariffs he has slapped on imports from almost every other nation, lower rates will turn the economy into some sort of rocket ship zooming up towards the heavens. (Though presumably not one of his buddy Elon Musk’s rocket ships, because those things keep exploding.) He bases his surety on the tried-and-true economic principle of “I’m a genius and nobody knows markets like Donald Trump and I’m the president so you have to do what I say and wah wah wah, babby go boom-boom in his diap-diap!”

Powell, however, understands real economic principles like “trade wars aren’t really something anybody wins” and “tariffs are a tax on the American people, which will cause them to limit their spending, thus slowing down the economy.” His job is to manage as soft a landing of the economy as he can so that America and the rest of the world don’t slip into a deep recession, or even a depression.

https://www.wonkette.com/p/firing-head-of-federal-reserve-would