This fuck is a lackey of Wall Street with a background in private equity. He’s not your friend or a friend of workers. Fed “independence” isn’t good to defend just because Trump is in office, just like the FBI wasn’t heroic or good because of Comey. Liberals need to stop this schismogenesis, defending a bad person in a bad institution just because Trump picks a fight with them.
Has he not been doing a decent job as fed chair head though? Serious question. He can be a shitty person who still does the job okay enough, I honestly don’t know.
And frankly even if he isn’t, Trump going after him in the position he’s in is extremely serious. I agree that he shouldn’t be lionized and it should be more about the position.
Has he not been doing a decent job as fed chair head though?
I would say yes, even without considering how he has handled Trump. He’s had to deal with the pandemic, in addition to pressure from the current markets, and then there’s Trump. DOGE cleared out so many government agencies, has them working with skeleton crews which means there’s less data for the fed to base their decisions on. Trump himself has been applying constant aggressive pressure even before this investigation.
And frankly even if he isn’t, Trump going after him in the position he’s in is extremely serious. I agree that he shouldn’t be lionized and it should be more about the position.
And yeah, that’s really what it comes down to. Regardless of how you feel about Powell the federal reserve needs to be independent. The economy is fucked even harder than it is now the moment Trump takes control of it. Inflation will go out of control, savings will go up in smoke near instantly.
He’s been doing a great job of steadily driving up the price of assets owned by the 1%, including stocks and housing, as well as bailing out Silicon Valley Bank when they gambled with tech bros’ money. He works for Wall Street, not the American people.
He did that? I’m sure he’s a contributing factor by virtue of being a significant person in the financial sector but besides pure misinformation and misdirection what is your actual point?
Go off king! Burn the Fed down! Let’s have a wild west monetary system! Mom and Pop don’t want predictability, they want to plan their futures knowing that anything they choose could be good or bad! Frenzied Flame ending, FTW!
Get serious. The FDIC protecting retail investors has nothing to do with Powell bailing out SVB. Nor does democratic control of the Fed (as we had during the New Deal) have anything to do with “burning the Fed down.” What silly false equivalences.
As someone whose employer used SVB at the time, that intervention to provide stability directly affected me. Sorry it’s not a black and white scenario.
I didn’t track that you were advocating for a Democrat fed chair. I’m fine with that and would prefer it, though I do think The Fed is one of the last examples where partisanship is held mostly at bay. Wonks gonna wonk, as it should be. Yellen was the reason I started paying attention to The Fed in the first place.
Lovely pun of a name, BTW. My vegetarian fam showed me how good seitan could be.
As far as the mission of The Fed is concerned - Regulating usury so that this oroboros of an economy takes as long as possible to eat itself - He’s been a pretty good steward. As it’s primarily a mission to preserve the stability and dominance of capital I’m inclined to say let them fight. But remember that ultimately, over delayed time scales these high level finance things do ultimately affect the quality of life of regular people in big ways.
Yeah Trump sucks but the Fed has always been evil. He’s only picking a fight so he’ll lower the interest rates too fast and it will collapse the dollar. I hate the financial system too but power hates a vacuum. It might backfire and be okay though. Not sure how rich people will still be rich without everyone’s slavery tied to bullshit numbers.
This fuck is a lackey of Wall Street with a background in private equity. He’s not your friend or a friend of workers. Fed “independence” isn’t good to defend just because Trump is in office, just like the FBI wasn’t heroic or good because of Comey. Liberals need to stop this schismogenesis, defending a bad person in a bad institution just because Trump picks a fight with them.
Has he not been doing a decent job as fed chair head though? Serious question. He can be a shitty person who still does the job okay enough, I honestly don’t know.
And frankly even if he isn’t, Trump going after him in the position he’s in is extremely serious. I agree that he shouldn’t be lionized and it should be more about the position.
I would say yes, even without considering how he has handled Trump. He’s had to deal with the pandemic, in addition to pressure from the current markets, and then there’s Trump. DOGE cleared out so many government agencies, has them working with skeleton crews which means there’s less data for the fed to base their decisions on. Trump himself has been applying constant aggressive pressure even before this investigation.
And yeah, that’s really what it comes down to. Regardless of how you feel about Powell the federal reserve needs to be independent. The economy is fucked even harder than it is now the moment Trump takes control of it. Inflation will go out of control, savings will go up in smoke near instantly.
He’s been doing a great job of steadily driving up the price of assets owned by the 1%, including stocks and housing, as well as bailing out Silicon Valley Bank when they gambled with tech bros’ money. He works for Wall Street, not the American people.
He did that? I’m sure he’s a contributing factor by virtue of being a significant person in the financial sector but besides pure misinformation and misdirection what is your actual point?
Go off king! Burn the Fed down! Let’s have a wild west monetary system! Mom and Pop don’t want predictability, they want to plan their futures knowing that anything they choose could be good or bad! Frenzied Flame ending, FTW!
Get serious. The FDIC protecting retail investors has nothing to do with Powell bailing out SVB. Nor does democratic control of the Fed (as we had during the New Deal) have anything to do with “burning the Fed down.” What silly false equivalences.
As someone whose employer used SVB at the time, that intervention to provide stability directly affected me. Sorry it’s not a black and white scenario.
I didn’t track that you were advocating for a Democrat fed chair. I’m fine with that and would prefer it, though I do think The Fed is one of the last examples where partisanship is held mostly at bay. Wonks gonna wonk, as it should be. Yellen was the reason I started paying attention to The Fed in the first place.
Lovely pun of a name, BTW. My vegetarian fam showed me how good seitan could be.
Thanks for the humane reply! Lemmy gives me hope for humanity
The sleepiness wore off and I realized I shouldn’t just knee-jerk in the morning. Haha
I appreciate it, as well. We build the Lemmy we want with our actions!
As far as the mission of The Fed is concerned - Regulating usury so that this oroboros of an economy takes as long as possible to eat itself - He’s been a pretty good steward. As it’s primarily a mission to preserve the stability and dominance of capital I’m inclined to say let them fight. But remember that ultimately, over delayed time scales these high level finance things do ultimately affect the quality of life of regular people in big ways.
Yeah Trump sucks but the Fed has always been evil. He’s only picking a fight so he’ll lower the interest rates too fast and it will collapse the dollar. I hate the financial system too but power hates a vacuum. It might backfire and be okay though. Not sure how rich people will still be rich without everyone’s slavery tied to bullshit numbers.
Fuck both this guy and Trump honestly.