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
Former FBI agent explains why Trump just opened himself to more legal problems
Former FBI agent Asha Rangappa explained that the recent revelations that President Donald Trump made a promise to a foreign leader that made an intelligence official uncomfortable enough to declare themselves a whistleblower.
Rangapp explained that the President has a fairly wide latitude to conduct foreign affairs as he sees fit. But "when it comes to the 'outside world,' the President represents the sovereign: He is basically the voice of the United States and can negotiate with world leaders on its behalf."
Canada’s Trudeau admits to racist ‘brownface’ makeup in high school Halloween costume
Canada's Prime Minister Justin Trudeau apologized Wednesday for wearing brownface makeup to a party 18 years ago, as he scrambled to get on top of a fresh blow to a re-election campaign dogged by controversy.
Time magazine published the photograph one week into a federal election campaign with Trudeau's Liberal Party in a tight contest against the Conservatives led by Andrew Scheer.
Trudeau, 47, whose party won a landslide victory in 2015, has already been under attack for an ethics lapse and other controversies.
The black-and-white photograph shows Trudeau, then 29, wearing a turban and robes with his face, neck and hands darkened at a gala party in 2001.
A veteran teacher explains why Trump is incapable of learning
While dyslexia has been mentioned now and then as one of the reasons Donald Trump is so ignorant of what it takes to govern in a free society, I want to explore it as foundational to his inability to learn and grow while in office—and also as a way to link disparate troubling elements in his makeup.