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
Trump has ‘started to sound desperate’ as election nears: Fox News politics editor
Breaking from the normal Fox News pack that lavishes praise on Donald Trump, political editor Chris Stirewalt penned an editorial for the conservative network's website saying the president increasingly appears to be desperate as the November election nears.
As Stirewalt notes, in 2016 Trump ran like a man who didn't care if he won or he lost and that was part of his appeal as a novice politician. Pointing out that politicians of any stripe who indulge in "the say anything, do anything, ends-justify-the-means approach to politics" is "queasy making" he adds that Trump has entered that stage of his political career.
Kamala Harris to Trump: Out of my way
We knew it was coming. Just listen to the racist, birtherist gibberish that came out of Trump's mouth only 48 hours after Joe Biden announced that he had picked Sen. Kamala Harris of California as his running mate on Tuesday.
This article first appeared in Salon.
"I heard it today that she doesn't meet the requirements," Trump said of Harris at his so-called coronavirus briefing on Thursday, questioning her eligibility under the Constitution to run for office. "I have no idea if that's right. I would have thought, I would have assumed, that the Democrats would have checked that out before she gets chosen to run for vice president."
Newsweek walked back birther attack on Kamala Harris after staff revolt: report
According to a report from the Daily Beast's Lloyd Grove, newsmagazine Newsweek was forced to walk back an editorial written by a conservative lawyer that questioned whether Sen. Kamala Harris (D-CA) was eligible to run for vice president on the ticket with former Vice President Joe Biden.
The op-ed, written by Chapman University law professor John C. Eastman, headlined “Some Questions for Kamala Harris About Eligibility” set off a firestorm that only grew more when Donald Trump discussed it at a press conference and suggested there might be some truth to it.