Warren calls for Fed Chair Powell's ouster: "He is trying to drive us into recession!"/Flashback: Trump asks who is bigger enemy:Powell or China's Xi?

[basquebromance]

Well, what he’s trying to do is get two million people laid off. And one of the things that we need to understand, he wants to raise the unemployment rate by more than a point within a single 12-month period. We have done that before in this country. In fact, we have done it 12 times before. And out of all 12 times. How many times has it resulted in a recession? The answer is 12.

Trump asks who is bigger enemy, Fed Chair Powell or China's Xi?

President Donald Trump reacted furiously on Friday after Federal Reserve Chair Jerome Powell spoke about the trade war with China and economic risks to the United States, asking whether his appointee to the U.S. central bank was a greater "enemy" than China's leader Xi Jinping...

www.reuters.com

 

[Rambunctious]

Biden is doing the driving... a recession right about the time of the first primary debates will end Biden's crime family career finally....

 

[Manonthestreet]

Good cop bad cop....same team

 

[Rambunctious]

We have two choices... A recession... or continued climbing prices until none of us can afford food and a roof over our heads....
The fed is trying to stop the latter from happening....

 

[basquebromance]

American presidents can order troops to go to war or nuke any country they want, but they don't have the power to print money out of thin air! only a Fed chair can! huge responsibility!

 

[Winston]

We have two choices... A recession... or continued climbing prices until none of us can afford food and a roof over our heads....
The fed is trying to stop the latter from happening....

Warren knows her shit. Three drivers of inflation.

Supply chain issues--these are beginning to come under control.

War in Ukraine--Russia is going to run out of steam, probably by the end of the summer.

Price gouging--it will take real progressive legislation to get that under control, at the moment, it seems to be getting worse. Companies really enjoy inflation, if their costs go up by ten percent they increase margins by 20% and blame it all on inflation. I mean have you looked at corporate earnings lately? We are seeing average margins at three times what they were in 1980. The American people are getting hosed, and that after the massive Trump corporate tax cut. Insulting to say the least.

But where Warren really makes the case, the FED can't affect any of those drivers.

 

[Seymour Flops]

She's right, of course as anyone with half a brain knows.

But the hypocricy is stunning. Faux-cahontas invented and pushed through a government agency funded entirely by printing money, which was kept off hte books, with no input from congress.

The Fifth Circuit then identified two features of the Bureau Fund that, in the court’s view, show Congress abdicated this duty. The first and “[m]ost anomalous” evidence was the Bureau’s power to requisition funds from the Federal Reserve, a “self-actualizing, perpetual funding mechanism.” According to the court, Congress ceded both “direct control over the Bureau’s budget by insulating it from annual or other time limited appropriation” and “indirect control” by drawing Bureau funding from Federal Reserve earnings, which are themselves “outside the appropriations process.” The second problematic feature of the Fund identified by the court was how Congress structured the Fund. In the Fifth Circuit’s view, the Fund is “off the books” because it is allegedly not a “Treasury account” but a “separate” account at a Federal Reserve bank. Fund amounts are available to the director upon transfer, do not expire, are not government funds or appropriated monies, and are not reviewable by the Appropriations Committees. The Fifth Circuit wrote that these provisions resulted in Congress “relinquish[ing] its jurisdiction to review agency funding,” as well.

https://crsreports.congress.gov/product/pdf/LSB/LSB10891

Now, she has the nerve to act surprised?

 

[basquebromance]

In pandemic, Fed showed its muscle in markets still matters

The U.S. Federal Reserve's response to the coronavirus pandemic began on Feb. 28 with a 44-word statement of faith in the economy from Chair Jerome Powell, an old-school measure aimed at calming nosediving financial markets.

www.reuters.com

 

[basquebromance]

Powell's dad fought in Europe in WWII. Powell learned from his dad the value of measuring your words carefully, a trait that serves him well as Fed chair.

 

[basquebromance]

Powell went to the same alma matter as Kavanaugh & Gorsuch. one of his friends there, Florida Congressman Francis Rooney, described Powell as "killer smart"

 

[Rambunctious]

Warren knows her shit. Three drivers of inflation.

Supply chain issues--these are beginning to come under control.

War in Ukraine--Russia is going to run out of steam, probably by the end of the summer.

Price gouging--it will take real progressive legislation to get that under control, at the moment, it seems to be getting worse. Companies really enjoy inflation, if their costs go up by ten percent they increase margins by 20% and blame it all on inflation. I mean have you looked at corporate earnings lately? We are seeing average margins at three times what they were in 1980. The American people are getting hosed, and that after the massive Trump corporate tax cut. Insulting to say the least.

But where Warren really makes the case, the FED can't affect any of those drivers.

If she knows her shit then why is she always wrong....

 

[basquebromance]

Worth reading Powell’s view when Bank of New England failed and there was not enough to cover uninsured deposits

When forced to decide between covering uninsured deposits and a rolling bank run.

“We chose the first option without dissent” Powell

 

[Thinker101]

Warren knows her shit. Three drivers of inflation.

Supply chain issues--these are beginning to come under control.

War in Ukraine--Russia is going to run out of steam, probably by the end of the summer.

Price gouging--it will take real progressive legislation to get that under control, at the moment, it seems to be getting worse. Companies really enjoy inflation, if their costs go up by ten percent they increase margins by 20% and blame it all on inflation. I mean have you looked at corporate earnings lately? We are seeing average margins at three times what they were in 1980. The American people are getting hosed, and that after the massive Trump corporate tax cut. Insulting to say the least.

But where Warren really makes the case, the FED can't affect any of those drivers.

Dang, what companies have tripled their margins? Or don't you know what "margins" mean?

 

[basquebromance]

 

[basquebromance]

Jerome Powell has been involved in letting Salomon Brothers off the hook twice .. now their scattered across financial markets across the world. Exposure of the “family of five”?

In Chapter 48 of “The Snowball”, I stumbled across a familiar name. Current Federal Reserve Chairman Jerome “Jay” Powell was working as a 38 year-old assistant secretary of the Treasury during the Salomon Brothers government bond scandal. Buffett was 67 then(Powell’s age today).

 

[basquebromance]

Why The 1980s Are Thriving at Trump’s Fed

Unequal wealth distribution is leading some economists to question the Fed’s leaders' love for the New Keynesian economic theory, which was born out of the experience of the 1980s.

www.bloomberg.com

 

[basquebromance]

Jay Powell has 2 choices: resign now...or spend the rest of his life shepherding the worst financial crisis in history! those are the only 2 options available!

 

[basquebromance]

"When a skeptical congressman from Kansas asked him why Treasury hadn't detected Salomon's false bids earlier, Powell raised his eyebrows and lifted his head. 'The fact is we did catch it and that's why we're sitting here', said Powell. Another representative from Ohio piled on, 'Hadn't the Treasury simply gotten lucky because Salomon's behavior grew too sloppy? 'They fumbled the ball.' The Congressman said, 'You recovered the fumble.' Powell held his ground, 'But why did they fumble? They were hit, they didn't fumble in an open field.' And this drew laughs."

Nick Timiraos on Jerome Powell’s Tenure as Fed Chair

Nick Timiraos is a Chief Economics Correspondent for the Wall Street Journal and rejoins Macro Musings to discuss his new

www.mercatus.org

 

[basquebromance]

“Jay was not as driven by making large sums of money as people often can be in this business,” said Carlyle's founder when Jay Powell worked at Carlyle

 

[basquebromance]