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Why in Gods Green Earth is Trump getting rid of Powell and putting Warsh in place? (lemmy.world)
submitted 6 months ago by to c/outoftheloop@lemmy.world
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[–] 21 points 6 months ago (4 children)

Trump thinks he knows better than Powell and wants rates to be cut to create economic growth that makes him look good. Of course, the problem is that Trump is an idiot and has no idea how any of that really works. That imbecile basically running the Fed through a puppet is a nightmare.

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  • [–] [S] 4 points 6 months ago (1 child)

    Correct me if I am wrong but is this not Economics 101? Our teacher drilled into our head that usually in most economies are going good there is always one thing out there that if failing. Or failing slowly.

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  • [–] -3 points 6 months ago (1 child)

    The Fed isn’t a government agency, so I don’t think Trump can run it through the government appointed chairman. He isn’t in charge of the fed.

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  • [–] 4 points 6 months ago

    The fed "isn't a government agency" in the same way that the post office and CIA aren't.

    It was created by an act of Congress and managed through appointments from federally elected offices.

    The exact same process that names post offices could unilaterally undo the fed in whole or in part and no one has any direct recourse or appeal. Even a desperate appeal to SCOTUS would fail if the law was written clearly enough, since the Constitution specifically grants congress itself the sole power to print currency and regulate commerce.

    (Yes, it's creation was a good thing. Yes, I know how it's funded. No, neither one changes it being a government agency, no matter what your sovereign citizen website says.)

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