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Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell (apnews.com)
submitted 6 months ago by to c/politics@sh.itjust.works
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Senate Democrats have also condemned Warsh for not fully divulging the details of his extensive wealth, which disclosures show amounts to at least $100 million. His investments include stakes in Polymarket and SpaceX, but he hasn’t revealed how large those holdings are. He promised to sell all such assets within 90 days of being sworn in.

“He will be the wealthiest Fed chair in history, but he refuses to provide transparency to the American people about who he is entangled with,” Warren said.

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[–] [S] 24 points 6 months ago (3 children)

The vote was almost completely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over to vote for Warsh, who becomes the 11th Fed chair of the modern banking era.

https://www.cnbc.com/2026/05/13/kevin-warsh-wins-senate-confirmation-as-the-next-federal-reserve-chair.html

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    • [–] 14 points 6 months ago (8 children)

    Get ready for 4% inflation to be the New Normal.

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  • [–] 16 points 6 months ago (7 children)

    We'll be lucky if that's all. In the 70s and 80s inflation was in the double digits (peaked 14.8%). Under Carter and Reagan fed chair Volcker raised interest rates from 11.2% to over 20% for a time to combat it.

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  • [–] 6 points 6 months ago (6 children)

    Under Volcker, unions were busted and wages flattened as a means of inducing austerity. That lemon's been juiced.

    There is no pool of retail consumers who can maintain spending at double-digit inflation rates for an appreciable length of time. You'd just see consumer spending plunge

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  • [–] 2 points 6 months ago (3 children)

    Tbf the union busting and wage flattening was Reagan. That stuff wasn't under Volcker purview. Volcker was nominated by Carter, the inflation was already there and was something the admin was voted in to do something about.

    The inflation was there regardless, the interest rate is supposed to rein it in. A high interest rate does cause austerity but high inflation is unsustainable in other ways and can very easily become hyperinflation.

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

    Tbf the union busting and wage flattening was Reagan.

    Carter deregulate the trucking industry, the airlines, the railroads, and natural gas prices. This restored profit for corporations but led to mass layoffs for the unionized workers in these industries.

    Volcker was nominated by Carter, the inflation was already there and was something the admin was voted in to do something about.

    The inflation began back under LBJ. He, Nixon, and Ford all experimented with regulation and subsidies and propaganda to curb the wage/price feedback loop.

    Carter was the first to try "degrowth" through a lending squeeze. And it worked... by decoupling wages from GDP.

    The inflation was there regardless

    Inflation was a function of the rebuild of Europe and the post war expansion of the USSR and the Global South.

    Americans were no longer getting foreign imported raw materials at a pittance. Nor were they the only consumers of those foreign imports.

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  • [–] 2 points 6 months ago

    Carter was the moderate appeasement to Blue Dog Dems and disgusted Reps. He seems left today, but that's only because the proverbial Overton window has shifted so far right, it's not even on the home, or anywhere in proximity.

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    • [–] 12 points 6 months ago

    He promised to sell all such assets within 90 days of being sworn in. After the laughter died down he added "no, seriously I'm going to make a ton of money running the Fed."

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    [–] 12 points 6 months ago

    We are so fucked.

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    [+] 5 points 6 months ago* (last edited 3 months ago) (2 children)
    [deleted]
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  • [–] 11 points 6 months ago

    The chairman position is picked from members of the board for a set term, Powells term is ending.

    However, Powell, as a middle finger to Trump, isn't leaving the board. Typically after serving as the chairman, a board member would leave the board. Powell, mostly due to Trumps attempt to influence the board, has decided to stay on breaking a 75 year precedent.

    Its nice to see someone breaking precedent to stick it to Trump. I just hope he has enough influence to keep Walsh in check, otherwise we're all screwed.

    https://www.fool.com/investing/2026/05/09/fed-chair-jerome-powell-just-broke-75-years-of-pre/

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    • 10 comments in c/politics@lemmy.world view that post
    [–] 39 points 6 months ago

    The coup is almost complete.

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    [–] 20 points 6 months ago

    what a stupid time to be alive.

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    [–] 13 points 6 months ago

    Siiiiiiiiiiiiiiiiiiiiiiiiiiigggggggggghhhhhhhhhhhhhhh

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    [+] -22 points 6 months ago* (7 children)
    [deleted]
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  • [–] 25 points 6 months ago (4 children)

    In 6 months we vote, probably the most decisive vote in our history. If the polls are right we will see a change in governance. If the new boss is willing to prosecute the old boss in January then we start down the road to change.

    On the other hand, if we start burning down Washington D.C. now we give the cunts in charge a reason to step up their violence, declare election interference, or even worse suspend November elections. If they steal an election or try to nullify our voice we can take more drastic measures but we have to try and let this process work first.

    Regardless, nothing will change overnight. It's been 16 months and in that time we have seen 3 of the largest nationwide protests in US history. People have been on the streets harassing ICE every day. You sit there like nothing is happening, passing judgment on a population that has been trying very hard to peacefully change things in order not to start an armed conflict or at the very worst a civil war.

    Yes, we deserve it. We let ourselves get into a situation that we can't just walk out of no matter how easy you think it is. Our non-voters, incompetent DNC, and racist ignorant masses have slow-walked us into a crisis. This country needs a lot of work and most of us are trying very hard every day to make the change we need.

    So, get fucked, you self righteous twat and let us cook.

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  • [–] 12 points 6 months ago* (last edited 6 months ago) (1 child)

    We have also, over the last 10 years been subject to the biggest Psy op in the history of the world through social media.

    Domestic political operatives, China and Russia were literally creating real looking fake news websites and then using fake accounts on Facebook etc to spread misinformation and link to their fake site as proof.

    That's just one example but it was incredibly rampant and most of it was just completely ignored by the media.

    Not to mention the rampant bots online targeting progressives with "both sides" shit which was made pretty easy as the acting admin was supplying weapons to a genocide being done by a man wanted by the ICC

    People stopped watching news and now no one knows what's actually true.

    Plus you had right wing news straight up openly lying about crime rates, the economy, and pretty much everything else

    I mean, it still is fucking blatantly obvious how insanely awful Trump was so everyone who didn't vote or supported him are still piece of shit idiots but he couldn't have done it without the barrage of misinformation online

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  • [–] 1 point 6 months ago*

    China and Russia were literally creating real looking fake news websites and then using fake accounts on Facebook etc to spread misinformation and link to their fake site as proof.

    This doesn’t make any sense to me, do you have proof of this? I do remember reading about this all those years ago, but I was younger and very naïve. Are you saying China and Russia actively posted ads promoting election fraud? And this is something that was rampant but simultaneously not reported on?

    I understand the sentiment some people have, and just like you said before I am also putting in the work but you’re pretending if you say it’s working. We can’t even get local dems to support a homeless shelter because citizens “don’t want it near them”. Well now they’ll still be near you, just living outside. So when you say, “just wait, we’ll vote soon!” As an American, I say you ARWNT DOING NEARLY enough at all. Voting is the LAST thing on your list of responsibilities as a leftist, I’m surprised people still trust the DNC if you’ve seen how they operate locally you could get a taste of how much they care for you as a non-lobbyist or shareholder.

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  • [–] 3 points 6 months ago

    To add to this: escalating to violence can indeed end with armed conflict. But that concept has a radically different meaning here than anywhere else.

    The USA is also the home of the biggest, most well-armed, most battle-trained, most nuclear-asymmetric-warfare equipped military, with large numbers of retired veterans all over the place. Then there's all the federal agencies that also have guns, armored cars, bodyarmor, riot gear, prisons, etc. And lastly, the police that have been buying/gifted military surplus equipment since about 9/11. Oh, and a bunch of those retired vets are also cops and federal agents. Meanwhile, normal people have hunting rifles and home defense weapons, if they have any at all. Plus, our houses are increasingly made of plastic, wood, glass, and paper; not exactly great cover if things get real ugly.

    This isn't Japan, where the cops would have to figure out how/where to get guns, and the military is mostly a civil defense force. This scenario is much more like if Russia's military turned on its own people to crush mass dissent, instead of picking on their neighbors. Escalation brought to the scale of civil war that, say, Myanmar recently faced could easily be a one-sided bloodbath.

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  • [+] -7 points 6 months ago

    If the polls are right we will see a change in governance. If the new boss is willing to prosecute the old boss in January then we start down the road to change.

    Yeah like all those other old bosses that got punished... You really buying this after Bush? Hell, you really buying this after Trump's first term? We've seen this movie before.

    If they steal an election or try to nullify our voice

    Except that's exactly what they're doing? If you really had any intention to take those "drastic measures" you (singular and plural) would prepare for them.

    You sit there like nothing is happening, passing judgment on a population that has been trying very hard to peacefully change things in order not to start an armed conflict or at the very worst a civil war.

    Yelling slogans and going on parades does not change make.

    most of us are trying very hard every day to make the change we need.

    Most of what you said is a cope of one form or another, but this is probably the biggest cope of them all. In what world is a majority of Americans doing anything about Trump? Hell, in what world does a majority of Americans care enough about any of this to actually do anything about Trump?

    So, get fucked, you self righteous twat and let us cook.

    I'd like to see some of that cooking first, but y'all can't even protest on weekdays.

    Oh, and last but not least: You are not voting your way out of this.

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  • [–] 7 points 6 months ago* (last edited 6 months ago)

    WTF happened?

    The mask came off, more or less. The people getting brutally murdered by American-backed death squads absolutely didn't and don't look up to America. Libs see Trump as an anomaly in an otherwise functional system, but really Trump and America is a match made in hell. And to be clear none of this is unique to America; the exact same chickens are coming to roost in most of the West.

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