President Donald Trump just declared war on the man he personally picked to head the Federal Reserve. The President is furious that one in three economists are predicting recession by the end of the year, and many believe the U.S. will plunge into a recession within the next 6 to 12 months.
At the top of the list of causes for the Trump recession is the president’s trade war with China, which he said a year ago was easy to win.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Trade wars are not easy to win, and Trump’s lack of understanding of the international economy is harming Americans and people worldwide.
So, as he has been doing for months, late Monday morning the President blasted Jerome Powell, the Chairman of the Federal Reserve – which is supposed to be a wholly independent agency. Some economists believe the Fed’s policies have helped slow economic growth, but it is Trump who is to blame for the possible impending recession.
But this time Trump went nuclear, declaring war on the Federal Reserve Chairman, in a tweet.
Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to “will” the Economy to be bad for purposes of the 2020 Election. Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world…
— Donald J. Trump (@realDonaldTrump) August 19, 2019
The President blasted what he called Powell’s “horrendous lack of vision,” while claiming Democrats are trying to (as if it were even possible) “will” the economy into recession.
Trump also called for the Fed to massively cut interest rates, which would steal a critical tool the Fed uses when facing dire economic crises.
…..The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well. If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!
— Donald J. Trump (@realDonaldTrump) August 19, 2019
One Washington Post Economics Correspondent noted the same:
Need more evidence President Trump is worried about the economy?
He’s calling on Fed to use the tools it normally uses during a recession:
1) A full percentage point cut in interest rates (from 2.25% to 1.25%)
2) Quantitative easing = Fed buying bonds to pump money into economy https://t.co/06TVjsCx4w
— Heather Long (@byHeatherLong) August 19, 2019
Another Washington Post reporter notes Trump is really pushing the envelope:
It’s rare that he gets this specific publicly on what he wants the Federal Reserve to do. https://t.co/2FsxEGHBVg
— Josh Dawsey (@jdawsey1) August 19, 2019
While this ABC News reporter reminded Trump of his praise of Powell when he nominated him:
Pres Trump Nov 2, 2017, announcing Powell as his pick for Fed chair:
“He’s strong, he’s committed, he’s smart…I am confident that with Jay as a wise steward of the Federal Reserve, it will have the leadership it needs in the years to come.” https://t.co/JMHUVMxML2
— Karen Travers (@karentravers) August 19, 2019
In fact, here’s Trump on Nov. 2, 2017, introducing and praising Powell as his nominee, “based on his record”:
Meanwhile, a senior market analyst noticed the illogical juxtapositions in Trump’s tweet:
“economy very strong…”
“#Fed should cut at least 100 basis points, with perhaps some quantitative easing as well”
These 2 don’t work together…. https://t.co/RnBCCZAHgw
— Michael Brown (@MrMBrown) August 19, 2019
And this CNBC reporter notes Democrats are not in a position to “will” a bad economy:
— Jacob Pramuk (@jacobpramuk) August 19, 2019
‘The cost of acquitting Donald Trump just went up’ for the Republicans: MSNBC’s Joy Ann Reid
MSNBC host Joy Ann Reid explained during the post-hearing wrap-up that things aren't looking good for Republican senators up for reelection in 2020.
In the wake of EU Ambassador Gordon Sondland's testimony, things are getting more difficult for Republicans faced with a vote on impeachment.
"Even if [the numbers] don't move, the problem is going to be a lot of these people have to run for re-election, letting the president off the hook when it's pretty clear what happened," Reid said. "This is pretty simple, and if I'm Cory Gardener (R-CO), I'm not feeling great."
Brian Williams noted that Rep. Will Hurd (R-TX) is one of the many Republicans "who's leaving town on a fast horse." If anyone could be pealed off by Democrats, Williams thinks it is Hurd.
Indicted Giuliani associate helped Nunes arrange meetings during his overseas trips to discredit the Russia investigation
On Thursday, The Daily Beast reported that Lev Parnas, the Rudy Giuliani associate currently under federal indictment for campaign finance violations, helped Rep. Devin Nunes (R-CA) arrange meetings in Europe as part of his efforts to discredit the investigation of Russian contacts within President Donald Trump's campaign.
According to congressional records, Nunes, in his capacity as then-House Intelligence Chairman, visited Europe from November 30 to December 3, of last year, during which he was accompanied by three staffers — Derek Harvey, Scott Glabe, and George Pappas — at a taxpayer expense of over $63,000.
Rick Wilson mocks GOP as impeachment witnesses ‘obliterate’ their talking points: ‘Dumber than a sack of hair’
On Wednesday, as the House wrapped up another day of bombshell impeachment testimony from multiple foreign service officers, former GOP strategist and Never Trump conservative Rick Wilson mocked President Donald Trump and his Republican allies, pointing out that all of their major talking points to defend the president's conduct in Ukraine have been "obliterated":
1/ Hey committee Republicans! Have you noticed every single line of defense that you've mounted this week for the president has been utterly fucking obliterated?
Is this clear to you yet?