Timothy Birdnow

Once again the Fed has hiked interest rates in a bid to kill the economic boom that is embarrassing Barack Obama and hurting the Democratic Party.

This is the third rate hike this year and fifth since Donald Trump took office. There were none in the entire eight year span of Barack Obama's Presidency.

This has prompted complaints from President Trump, who appointed the current Fed Chairman Jerome Powell, thinking him a cheap money man. Powell is the swampiest of swamp rats and a Janet Yellen protege. Trump should have known better, and appointed a supply-side economist, not a Keynsian like Powell.

He could have had Larry Kudlow.  But instead he chose Powell and is now paying for it. Powell and the Fed are going to keep squeezing until they kill the recovery, damaging Trump's re-election prospects.

What good does it do to cut taxes if the Fed unilaterally raises them?  A rate hike is just that.

Posted by: Timothy Birdnow at 02:47 PM | No Comments | Add Comment
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