Jerome Powell it is.
- TRUMP IS SAID TO HAVE PICKED POWELL AS FED CHAIR
Although we all knew this was coming and it’s been telegraphed for weeks, Trump tried his best to make a production out of it, going so far as to make an actual commercial to ensure that the drama was high headed into this week.
But now, it looks like someone has spoiled it for him because WSJ is out reporting that Powell has been notified that he’s getting the nod. To wit:
The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.
The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn’t describe what they discussed.
Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.
Here are these handy guides again:
Anti-climatic as usual. “Trump tried his best to make a production out of it.” How could it not be right out of the reality TV for idiots Trump play book. Trump’s entire administration thus far has been nothing but fake drama, fake facts, and fake people – most especially the “big loser drama queen” Trump himself. To be fair to Trump – I hated reality TV long before “The Apprentice” – which after seeing one show of the Apprentice – was just a confirmation of why I hated reality TV.
Like Krugman said – “Why are being subjected to this.” Trump is an embarrassing uninformed oaf and a bully – whether he’s wealthy or not. I cringe when I see him in the news because he has such an embarrassingly incompetent presence. It’s easy to see why Putin saw him as someone to easily dupe. Surely we can do better than this for the executive head of the US.
Nothingburger?
Yes, asswipe thinks the whole thing is a performance and he only wants good ratings. Remember when Arnold got the old Apprentice job and he was awful, the show was awful before him anyway, but immediately asswipe tweeted demeaning comments about Arnold’s ratings and how bad they were — that is what fuels this cretin. How much do you like him, adore him, envy him?
Putin saw him as a great opportunity to have control and knew exactly how to do it — no one believes for a nanosecond that Putin seriously believes trump is a genius. Well, no one but trump.
Everything is a production and he is the star performance. Kinda like he said the other day about Michael Moore’s one man show that ended with a protest in front of Trump Tower (good finish idea!), “Shows Over”.
Perpetual bias loses all credibility and is just noise.
It it’s indeed just a show, then the final pick should be someone ELSE for best dramatic effect.
The pathetic thing is, rather than focus on the substance of the pick, y’all focus on the form… Typically american. Dumb as shit. Indeed, american students (the locally born) rank near the bottom in international scholastic testing but highest in self esteem, lol… and then some of you call others “delusional”…lmao.
I feel bad for my “dumb as shit” remark which was dumb itself, offensive and obviously not universal. Sorry.
This is a disappointing and disturbing choice to anyone with even a rudimentary understanding of the necessity for some semblance of sound money and market discipline.
I thought that those who wanted more of the same bubbly incompetence from central banking were supposed to vote for the other presidential candidate.
This is one of Trump’s worst decisions. Well, Mnuchin too. What a pair of fuck-ups. There shall be dire consequences after the sugar high.
Anyone else remember only a few weeks ago, this dumb shit Irb picked Powell as the best replacement? I could find the post but he is not worth my time.
He also said he was American who found the path to avoiding taxation and moved to some island where it is paradise … but his post today has muddied the water a bit. I have an image in my mind and he has pointed ears and a long tail and lives in a hut.
Murphy,
You can’t find such posts because I’ve *never* written that Powell was best. On the contrary, I’ve consistently opposed his candidacy. I did post before that due to Powell’s malleability and dovishness, he’d most likely be Trump’s pick. But “most likely” and “best” differ vastly in meaning.
Sticks and stones may hurt my bones but names will never hurt me.
Why don’t you be honorable and post a link to substantiate your specious assertion? Cuz you can’t
Why don’t you be honorable and apologize for once? Cuz you can’t.
Instead, you and your IPaddy should be banned.
Thank you.
Murphy,
You can’t find such posts because I’ve *never* written that Powell was best. On the contrary, I’ve consistently opposed his candidacy. I did post before that due to Powell’s malleability and dovishness, he’d most likely be Trump’s pick. But “most likely” and “best” differ vastly in meaning.
Sticks and stones may hurt my bones but names will never hurt me.
Why don’t you be honorable and post a link to substantiate your specious assertion? Cuz you can’t
Why don’t you be honorable and apologize for once? Cuz you can’t.
Instead, you and your IPaddy should be banned.
Thank you.
Hmm, okay… perhaps a small ray of hope on this depressing day when another dove got the fed chair. Excerpt today from Jared Dillian, editor of the Daily Dirtnap market letter:
————————————
“The journalists all seem to think Powell represents continuity, and Mnuchin seems to think the White House can exert some degree of control over him. That is the consensus.
As the 10th Man, I’m always looking to poke holes in consensus. So:
1) What if Powell breaks with Yellen’s water torture rate hikes, and hikes faster?
2) What if Powell interprets Fed independence quite literally, and grows a brain?
The markets could be in for a big surprise.
There is a screen on Bloomberg called “WIRP,” which stands for World Interest Rate Probability. You can see that that one rate hike is expected next year in the US. What happens if Powell grows a brain? More rate hikes, of course.
I think the market is a little mispriced.
The Fed, as an institution, hasn’t had to worry about rising inflation in 35 years. People have lost their fear of it. And here’s the thing about being an inflation-fighting central bank–if you want to stop inflation, you have to take early and effective action. Inflation is just now starting to ramp. That warrants a policy response.
Pretend Jay Powell has his own opinions on monetary policy. He’s never dissented, so we don’t really know what they are. But he’s a smart guy; it just seems like he doesn’t have an axe to grind. But he might.
That might one day put him at odds with the Trump administration. Trump has the option of one day dismissing Powell, but you’re not supposed to do those sorts of things, for the same reason you don’t dismiss a special prosecutor.
This we know for certain: the next Fed Chairman is going to have to worry about inflation.
Is Powell equal to the task? I think he is, actually. But if he hikes rates faster than Trump wants, it is going to be a big ____ sandwich and Powell is going to have to take a bite.”
http://www.mauldineconomics.com/the-10th-man/the-powell-of-positive-thinking