Timothy Birdnow

Federal Reserve chairman Jerome Powell says Trump cannot fire him and he will not resign.

Now why is Powell saying that just days after a big vicotory by Trump and the GOP would he come out and say such a thing.

And what will Powell do to warrant said firing? Why, it's almost as if he plans to pull a Nicholas Biddle? Biddle was head of the Second Bank of the United States who purposely tried to crash the U.S. economy (and succeeded) to wreck Andrew Jackson's presidency. Jackson won and he closed the Bank but Biddle managed to cause major problems in the economy in the process, problems many liberal historians and economists now blame on Jackson's killing the central bank.

Is that what Powell plans, to strangle the economy so Trump takes the blame?

BTW Trump has suggested he might remove Powell from office. While the conventional wisdom is he can't,but must wait for Powell's term to expire, the law is less than clear. First, the President can remove the chairman any time "for cause" which is usually  interpreted as meaning malfeasance or lawbreaking but it could perhaps be argued for other reasons in court. HOWEVER he could demote Powell and choose another chairman; there is nothing in the rules about that.

But as this is all hypothetical one has to ask about Powell; normally the head of the Federal Reserve is very circumspect and tight-lipped because otherwise markets could  roil. Just bringing it up right after the election suggests horrible judgment and probably Powell is telling the Democratic Left that he will be on their side during the Trump tenure of office.

Posted by: Timothy Birdnow at 10:16 AM | Comments (1) | Add Comment
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