“The President is angry that Mr. Powell hasn’t cut interest rates more. But Mr. Powell alone doesn’t set rates, so firing him won’t necessarily get the President what he wants," wrote the board. "The best way to replace Mr. Powell is to drop the pretextual Justice investigation and get Mr. Warsh confirmed. Why is this so hard for the President to understand?"Let’s see:
Trump doesn’t understand that Tillis is a Senator until January. And unless Warsh is approved by then, Powell is Acting Chair through the end of the year.BARTIROMO: Jerome Powell said he's not leaving
— Aaron Rupar (@atrupar) April 15, 2026
TRUMP: Then I'll have to fire him
BARTIROMO: And you think Warsh can get confirmed? You think Tillis is gonna give you a vote?
TRUMP: He might not, but that's why Tillis is no longer a senator
BARTIROMO: Okay pic.twitter.com/Mfwj9v7AIP
Trump also doesn’t understand Powell’s term on the board runs until 2028. His answer to Bartiromo indicates he thinks she means Powell keeps the chairmanship past May.
He also thinks, again, that the Fed is a sole proprietorship, run by the person “in charge.” He can’t seem to understand that a committee sets the interest rate, and the chair is the public face who announces Board policy.
Which answers the Editorial Board’s final question. Why doesn’t Trump understand any of this? Because Trump is an idiot.
No comments:
Post a Comment