February 27, 2018
Fed Chairman Jerome Powell has promised to raise interest rates at least three times in the near future despite the potential damage this will do to economic growth.
According to the CNBC article:
"U.S. stocks traded lower Tuesday amid testimony from new Federal Reserve Chair Jerome Powell. The new chair signaled the central bank could hike rates more than three times this year should economic and inflation data continue to prove healthy.
The Dow Jones industrial average fell 32 points, with Disney and Home Depot contributing the most to the index's losses. The S&P 500 fell 0.3 percent; real estate and consumer discretionary weighed the most on the index.
The Nasdaq composite fell 0.5 percent amid declines in Google-parent Alphabet, Adobe and Apple.
Powell is addressing Congress on Tuesday, detailing the central bank's outlook for monetary policy and economic growth for the coming years. Asked about rate hikes in 2018, the Fed Chair signaled that the option for more than three increases remains open."
End excerpt.
The article goes on to sing high praises for Powell and promote his notion of raising rates, which to my thinking shows that Powell is doing the exact wrong thing.
Look, Powell has often been refered to as Janet Yellen without a skirt. He's a died in the wool Keynsian, not a Supply Side economist. He's also a swamp-dwelling child of privilege who was born witha silver spoon in his mouth and a career spent in the Establishment. It was a terrible nomination by Trump, who is relying on robust economic growth to pay down the debt and finance much of his agenda.
David Stockman, Reagan's former budget director, had harsh words for Powell when he was appointed:
"In an interview on FOX Business’ "After the Bell,†former Reagan Budget Director David Stockman called the nomination of Powell as Fed Chair a "horrible choice.â€
"He’s Janet Yellen with a tie. He’s a crony capitalist Keynesian who thinks you should run the economy from the twelve people sitting on the Federal Open Market Committee,†he said."
End excerpt.
I think Powell is going to pull the rug out from under Trump just prior to the next Presidential election. He's going to strangle the economic boom to turn the public against Trump.
Wikipedia gives some biographical information that should be disquieting, to say the least, about Powell:
"During his stint at the Treasury, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its traders submitted false bids for a United States Treasury security.[13] Powell was also involved in the negotiations that made Warren Buffett the chairman of Salomon"
[...]
"In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.[16]
Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C., where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling.[15] He worked for a salary of $1 per year.[2]"
[...]
"In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama."
[...]
"On December 5, 2017, the Senate Banking Committee approved Powell's nomination to be Chair in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote"
End excerpts.
Does this sound like a guy who is anything but a swamp rat? It's clear Powell is with the Establishment and not with the Country Class.
Powell is a big supporter of Dadd-Frank, a regulatory scheme that has strangled economic growth since it was enacted after the Democrat-manuevered collapse of 2008. He apparently is a critic of the firmer lending standards that have developed since the collapse; easy credit standards thanks to the Community Reinvestment Act made the collapse almost inevitable and yet Powell wants to return to those days.
Volker has lived near and around D.C. most of his life and has a net worth of around $112 million. Hardly a man of the People. He is exactly what Trump promised to eliminate when he said he would "drain the swamp" and yet here we are.
His Wiki page also says:
"Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy."
He's clearly a big environmentalist and promoter of Progressive education. That he is a registerd Republican hardly absolves him of anything; Arlen Specter was a Republican, too, and what good did it do us?
I think Powell is going to be a huge problem.
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