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Trump’s former Fed pick admits his trade war is hurting the economy — and lower interest rates won’t fix it

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Stephen Moore, the television pundit whose nomination by President Donald Trump to serve on Federal Reserve Board went down in flames earlier this year, admitted on Friday that the president’s trade war is hurting the American economy.

During an interview with Fox Business’ Neil Cavuto, Moore was asked about why the president is so insistent on yelling at Federal Reserve Chairman Jerome Powell to drastically slash interest rates.

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Moore responded by saying America’s central bank needed to push more money out into the economy because the president’s own policies were harming economic growth.

And for good measure, he even admitted that these measures wouldn’t be enough to overcome the damage that Trump has been doing.

“We have to inject more dollars into the economy,” Moore said. “There is nothing the Fed can do to offset the cost of tariffs… you can’t somehow print money to offset the real damage that a trade war does. I support what Trump is doing on China, but it is hurting the economy. So I just, I want those rate cuts because I want, I want to prevent — look what happened with the price of oil, cotton, corn, timber. Those prices are falling like a rock right now. That’s deflation.”

During the Great Recession, back when former President Barack Obama was in the White House, Moore actually urged the Federal Reserve to raise rates despite high unemployment because otherwise the economy would experience hyperinflation.

The Fed didn’t raise rates, however, and hyperinflation never came.

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2020 Election

‘Recipe for disaster’: NC doctor slams Trump’s hopes for a packed GOP convention as ‘an incredibly bad idea’

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A North Carolina strongly cautioned his state's governor from caving in to President Donald Trump's wishes for a packed Republican National Convention.

The president has threatened to move the RNC this summer from Charlotte if Gov. Roy Cooper did not ease coronavirus restrictions to allow for a full-scale event, but a local physician told WCNC-TV that Trump's plan was unreasonable.

"What do we know about infections?" said Dr. Jeffrey Galvin, of the Vitality Medical Wellness group. "Infection requires two things, exposure plus time."

Trump wants to pack 20,000 Republicans, journalists and others into Spectrum Center in August, but Galvin said infected people shed small amounts of the virus every time they breathe.

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Trump Tower’s profits magically grew by $3 million in 2010 — which helped them borrow another $73 million

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A decade ago, loan filings showed Trump Tower in New York City had a reported profit of about $13.3 million. But when the tower refinanced its debt soon after, the profits for the same year — 2010 — somehow appeared higher. A new lender listed the profits as $16.1 million, or 21% more than they had been recorded previously.

The next year’s earnings for the building also “improved” between the two filings. Profits for 2011 were listed as 12% higher under the new loan than the old, according to reports by loan servicers and data provider Trepp.

ProPublica uncovered the Trump Tower discrepancies by examining publicly available data for mortgages that are packaged into securities known as commercial mortgage-backed securities, comparing the same years in reports for different CMBS. If a bank had held onto the loan, instead of selling it to investors, such information would have been kept private. No evidence has emerged that the Trump Organization was involved in changing the profit figures.

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2020 Election

2016 Trump campaign vets warn he’s ‘slipping badly’ in multiple swing states

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Two men who worked on President Donald Trump's 2016 election campaign have warned the president that his position in swing states is significantly deteriorating amid the COVID-19 pandemic.

Politico reports that former Trump campaign officials Corey Lewandowski and David Bossie delivered a face-to-face warning to the president that he was "slipping badly" in several key states, including must-win battlegrounds such as Florida and Arizona.

"Bossie and Lewandowski, who served as top aides on Trump’s 2016 effort, complained to the president about his political operation," the publication writes. "Trump’s campaign team, in response decided to rush their Arizona and Florida representatives onto airplanes for a Thursday meeting with the president."

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