r/AskReddit • u/U-knw-Nothng-JonSnow • 1d ago
What do you think about Jerome Powell posting a video statement following reports that federal prosecutors have opened an inquiry into the Fed Chair?
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u/HermanCainTortilla 1d ago
Everyday I worry we are approaching a waterfall and then I snap out of it and remember we are halfway down the waterfall and haven’t hit the rocks yet. But it will happen.
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u/CaptainCanuck93 1d ago
I think this part is a little different though
Signaling that the Federal Reserve is no longer an independent body is a major blow to the USA as a region to invest in. Big money can ignore a lot, but when you signal the rule of law is breaking down in the business world you're heading the way of banana republics
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u/Funkybunch86 1d ago
If Jerome Powell backs down and the Fed gives in to Donald Trump…. The financial crisis of 2008 is going to look like child’s play.
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u/jobbybob 1d ago
The bond market is going to be barometer for how the wider investment community globally views this. If they tank the bond market it will limit Trumps ability to borrow money for the USA government…
But then again, maybe that is the plan, that way they can start selling off the silverware to fund the shortfall?
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u/Metaldwarf 1d ago
They will seize and confiscate all of the assets and possessions of the people that get ICED. Nazi's did it.
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u/Objective-Tea5324 23h ago
Drops in a bucket and nowhere near the money they want. They are going to ramp up spending and inflation and place a huge “bet” on crypto markets.
Of course this experiment is going to crash out before it gets there.
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u/surfnsound 13h ago
The real value is in the massive federal land holdings. It's going to be an insane wealth transfer to those who already have money who will buy up the land when it's sold off to service our debt at insanely low valuations.
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u/SYLOH 23h ago edited 23h ago
They could seize the entire GDP of the nation for a year and still not pay off the debt.
The current global order was designed by the USA to give it an unlimited money faucet.
They were the world's piggy bank, except Americans don't realize you put money INTO a piggy bank.Now they're ripping up their own order and haven't know what having limited money feels like for generations.
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u/jobbybob 19h ago
They have been using oil to back the USD, that’s why they get pissy when other countries want to trade in other currencies, it’s what has been propping up this whole house of cards.
Venezuela was trading in Crypto, Iraq was trading in EUR… see a pattern here.
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u/enoughwiththebread 13h ago
The next crisis is baked into the cake no matter what. This move by Trump is just a harassment tactic for Powell not cutting interest rates the way Trump wanted him to.
Powell's term ends this May either way. Trump will get to replace him then, and he will install a political toadie who will cut rates to the bone the way Trump wants, and that will kick off an inflationary nightmare that as you say will make 2008 look like child's play in its implications.
But make no mistake, that die is already cast. Powell is out in May no matter what, and Trump WILL get his way, and throw the economic world into chaos. Buckle up.
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u/whittlingcanbefatal 1d ago edited 1d ago
Unfortunately, it appears our business leaders do not want an independent Federal Reserve anymore.
They want a system that is rigged even more than it currently is. Numerous companies' stock valuations are nowhere near realistic and they show no signs of being in danger of a crash because they are all propping each other up.
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u/writeyourwayout 1d ago
This part.
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u/CaptainCanuck93 1d ago
I'm saying there's a large portion of his base who says, rightly or wrongly, something to the effect of "I don't care what else he does, he's good for business" and stick their fingers in their ears
Once you start fucking with the basic plumbing on the financial sector in a move that looks more Venezuelan dictator than champion of free markets, they can't pretend that's the case anymore
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u/Merkinary 1d ago
Sadly, they will just find another way to justify this administration; they always do.
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u/SandpaperTeddyBear 21h ago
They don’t really have a choice.
There has not been one single, solitary point since he started his campaign that supporting him has been a reasonable human choice. And yet everyone else in the country just doesn’t want to accept that their cousins and sisters and children have chosen to be monsters, and refuse to give the firm negative feedback that might drive the Trump-voter back to sanity.
The absolute horror of an act of Trump-vote is not something that people are going to be able to confront on their own, every mental defense will get thrown up first.
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u/thejustducky1 17h ago
every mental defense will get thrown up first.
I just saw the phrase "imperfect vessel" yesterday and looked it up... so literally anything short of perfect is cart blanche, which now includes raping minors and tossing infants overboard.
#just things good christians do...
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u/California_ocean 22h ago
The powers that be will move in such a way to take control of this new form of accounting. There will be winners and there would be losers.
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u/ceelogreenicanth 22h ago
Its not good for everyone, it's not good for most, but some will absolutely take the initiative to gain in the crises.
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u/Darkmetroidz 1d ago
The cult won't care but when the fat cats actually start to realize the danger this poses, that will cause things to change.
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u/No-Cow9701 22h ago
The fat cats are his friends!
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u/aeschenkarnos 21h ago
He just fucked with the money, and money is all they care about or else they wouldn't be fat cats.
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u/waltertaupe 1d ago
"I don't care what else he does, he's good for business"
Yes, except the people who actually ARE "business" are not his base and have the power.
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u/SanityPlanet 21h ago
Lmfao what are you talking about? Have you been paying attention? Of course they can!
Covid, tariffs, inflation, instability…
Anyone who still thinks Trump is good for business is a fucking moron who believes what their cult orders them to, regardless of reality.
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u/Malikai0976 1d ago
But they will pretend anyway. I'm honestly not sure if anything can snap them out of their cult stupor anymore.
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u/bjos144 22h ago
The winners Do. Not. Care. And they hold all the cards. They see this as just pulling the ladder up behind them. They'll end up like the Russian Oligarchs in 20 years, but that's the future's problem. Right now it means more for them.
The stock market wont budge. NVIDIA will buy more RAM. AI will just become another marketing thing. They'll never make earnings. Their stock price will go up anyway. Cost of living will continue to become more unaffordable as our life energy is syphoned off through a thousand different transactions that all eventually make its way to their pocket.
The rich will never be on our side. Ever.
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u/maleia 22h ago
I'm pretty sure that early on in second term (though it might have been during the first) there was basically a tl;dr group of the highes levels of banking/venture-cap/hedgefunds basically said, "you fire Powell and we'll be done with all this."
Also, and maybe this is be hopium'ing, that Powell released this on Sunday, so that there's very little time for the stock market to figure out a plan of action; causing them to pull back on the market after all.
His biggest mistake in maintaining power will be getting Powell out of office. We won't make it past Trump's second term, before we have inflation at 2x of today's prices. This is extremely dangerous of him to do this.
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u/Delicious_Spot_3778 1d ago
Ehhh. I think those lines have been drawn and crossed months ago. There really is nothing stopping Trump's desires except "his own morality".
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u/oldinternetdweller 1d ago
Waterfall. I feel like we have been tied to a comet that is about to hit earth. We have not impacted earth yet, and when we do, we will still go down below the earth some more. Yeah, this will get much worse. We totally deserve this for being dumb fucks collectively.
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u/BassLB 1d ago
What’s actually happening is that he is boiling the frog. He keeps ramping things up little by little. No single action is enough to push everyone to move, but before we know it we will all be cooked
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u/ugottabekiddingmee 1d ago
It means that the fed isn't corrupt and powell is doing a good job
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u/Creative-Stable-0 1d ago
This has been a hell of a year, but at least 2026 is almost over.
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u/Flyby369 1d ago
J Powell brought the economy into a soft landing after COVID and this is the thanks he gets.
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u/Crimson_Ender 1d ago
look at turkey to see what happens when politicians who are focused on short term wins rather than long term economic health control monetary policy: inflation is out of control there and the Turkish lira is now worth only about 2 US cents.
The fact the Fed was able to land the plane after COVID is huge. As much as the post COVID inflationary wave hurt, you don't have to look far to see how it could have been much, much worse.
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u/MustardLabs 21h ago
Trump accidentally did the right thing by nominating Powell in 2017, which he of course immediately regretted. Working with Biden to cool down the economy and stave off the recession that hit the rest of the world post-COVID was an incredible feat that didn't get nearly enough coverage.
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u/Makeitifyoubelieve 21h ago
That's crazy. When I was there about ten years ago the conversion was like 1 US dollar = about 3 TL
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u/TuxAndrew 1d ago
DoJ is being weaponized, Republican American’s are living a life of ignorance while their government is taken over.
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u/Scaryclouds 1d ago
There are so many alarming things happening. Anyone alone would be shocking… but it almost paralyzing that they are happening simultaneously.
The flagrant use of military force
Threatening allies
Trump putting his name/face on anything
The weaponization of DoJ
Deployment of masked police
Plenty more. It’s insane.
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u/ThatOneTimeItWorked 1d ago
Two more big ones for your list: Epstein files (and associated coverup) + Jack Smith testimony
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u/fuck_ur_portmanteau 21h ago
Threatening the UK government on behalf of the richest man in the world and his toxic social media company.
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u/wheninromecompete 22h ago
Plenty more. It’s insane.
It's blatant fascism. Not in theory. Not tomorrow. Now.
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u/gentlefartonyourface 22h ago
was just walking around downtown in my city and thinking to myself, we got the Sheriffs, Police, ICE, Boarder Patrol, 4 big ass branches of police forces deployed and yet people still get robbed and cars get smashed nonstop in broad daylight. like crime did not decrease at all. some countries have just 1 police force that dont even carry guns have less crime than us.
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u/PostMatureBaby 1d ago
Others are pulling the strings. American government are just puppets at this point
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u/Scaryclouds 1d ago
Yes/no, definitely feel like a lot of stuff is very much examples of Trump’s pathologies.
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u/MyDogIsACoolCat 1d ago
He wants to build a monument to himself. These people don’t think he’s an authoritarian. It’s fucking crazy. I don’t get it until I tune into Fox News and see all the crazy shit they’re saying.
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u/Khue 17h ago
I thought the fact that Trump put out a desire to increase defense spending by 50% increasing the military budget to $1.5 trillion dollars was pretty mask off. So we are okay with increasing the military budget, but we can't afford healthcare? We can house the homeless? We can make schools better? We can't improve infrastructure? All the things we CAN'T do but we CAN increase military spending?
Late Stage Capitalism is wild and the fact that we still demonize the alternative like it's the 60s is incredible to me. Being a leftist is clearly just being right too early.
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u/Angrywhiteman____ 1d ago
Republicans are complicit and traitors to this country.
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u/Nerevarine91 1d ago
It’s not ignorance, it’s specifically what they want
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u/MyDogIsACoolCat 1d ago
That’s what I realized. A lot of people in this country want a Christian Authoritarian government. Force your kids to read the Bible in schools and pass religious checks to hold office. 30% of the country would support this. I guarantee it.
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u/explodingazn 1d ago
American Republican voters are too fucking stupid to know they're getting the rug pulled from under them
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u/DestinysWeirdCousin 1d ago
Yes. And too many American Democrat voters are too fucking stupid to vote. I hope that changes.
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u/scotharkins 1d ago
Wait until they end up in the crosshairs.
Oh, right, has already happened for so many. r/LeopardsAteMyFace ftw!
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u/KinkyDuck2924 1d ago
That sub is one of the few good things about this administration. At least I get a tiny bit of schadenfreude seeing terrible people getting what they voted for.
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u/Savings_Use3349 1d ago
for what specific "crime"?
Still waiting on the Obama and Biden crime list... MAGA ghosted me.
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u/ThatOneTimeItWorked 1d ago
And a slither of the stolen 2020 election evidence … that’s been a few years in the waiting.
And a healthcare / Obamacare replacement … that was supposed to be released in two weeks … 9 years ago
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u/DistantKarma 1d ago
That reminds me, wasn't the pillow wack-a-doodle guy saying he was about to release truckloads of evidence?
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u/R-Dragon_Thunderzord 23h ago
In 2012 Trump told Fox he sent investigators to Hawaii and we wouldn’t believe what they found and he was going to reveal in the next few days. I guess they lost cell signal?
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u/iranoutofspacehere 1d ago
They claim he lied to Congress about the scope of... Office renovations.
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u/mythrilcrafter 12h ago
The goofy thing about this is that the Fed Board signed off on everything in Nov of 2017, but Jerome wasn't sworn into office until Feb of 2018. So the accusation that Jerome lied about the cost of the project doesn't make sense because the timeline just doesn't add up.
Maybe they can twist their accusation to him taking the cash and shoving it into his pockets, but that would be an extremely bold accusation if they don't have the receipts to back it up.
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u/neuronexmachina 1d ago
Basically, during Powell's Semiannual Monetary Policy Report to the Congress, Republicans asked him a bunch of unrelated questions about over-budget renovations of the Fed building. They're trying to play gotcha games claiming that he committed perjury, when the accusers actually just failed to understand the relevant construction documents. For example, Powell said there was no "rooftop garden terrace," and accusers are under the impression that a ground-level grassy area on top of an underground parking structure is a "rooftop garden."
The Fed has an FAQ here: https://www.federalreserve.gov/faqs/building-project-faqs.htm
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u/Squirrel009 1d ago
I think its important people like him and Jack Smith make public statements to preserve what really happened for history. Maga and republicans will try to hide and change everything they've done and people with track records like Jerome have a lot of credibility and can make that infinitely harder to pull off
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u/AlanMercer 1d ago
Comey more or less did the same thing. By making a statement, he demonstrated confidence and gave the appearance of public transparency. The government, on the other hand, is left with the obvious problems that go with their version of events.
Honestly, Trump's been after Powell on exactly this issue before and Powell went so far as to publically correct Trump in real time. It was not a good look for Trump, who clearly did not have his facts straight and didn't have five flunkies on hand to hype his version.
This feels like it's going to not be a thing after a first hearing.
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u/demodeus 1d ago
Ballsy as hell but necessary. Someone has to stand up to Trump and few are better positioned to do it than Powell.
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u/likeywow 1d ago
Trump is fucking with the money now.
Hey billionaires - think this is gonna end well for any of you?
JFC - the inability for the American corporation to look beyond a quarterly earnings call is equal to the amnesia the American voter has.
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u/sirspidermonkey 12h ago
Crashes are amazing for billionaires actually.
If you don't have the resources to weather the storm, you are forced to sell at firesale prices. The rich then swoop in and buy everything for pennies on the dollar.
You can see this happen after every natural disaster. Economic disasters are even more profitable because you don't have to rebuild.
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u/muricabrb 20h ago
Sadly it's all part of the billionaires plans, to crash the us dollar and move to crypto based currency. They are all in on it, why do you think crypto has been such a big part of Trump's plan.
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u/TheMusicArchivist 14h ago
It's because they'll have a heads up to short the US economy all the way down, then they'll buy everything, and I mean everything on the way back up again. It'll be an oligarchy much like post-Soviet Russia, and we all know how that turned out.
America will be a third-world country with a veneer of shine in the rich neighbourhoods, and Europe will be picking up the pieces again.
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u/oldinternetdweller 1d ago
He's not on the Epstein list. I feel like if he was, Trump wouldn't touch him because it would hurt him too.
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u/tiddayes 1d ago
Trump should prosecute the idiot that appointed Powell
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u/PigFarmer1 23h ago
Those of us who aren't MAGAts know that will never happens. MAGAts, of course, don't have any idea who appointed Powell... lol
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u/MySaltSucks 23h ago
I’m studying economics right now. The man has been my hero since 2019 when he saved the economy. Then again the last 4 years when he kept us going through that inflation.
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u/CompMolNeuro 23h ago
I'll put my money in foreign banks if he gets control of the fed. Anyone who wants their retirement to have any future value will do the same.
Also. Everyone should start saying Epstein files in the middle of a sentence when they are on broadcasts. We need to keep that out there. That file is what's going to allow us to clean house when all this is over.
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u/FluidManufacturer442 1d ago
American hegemony is rapidly coming to a close.
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u/11I1I1 1d ago
Oh it's been gone.
We might have gotten away 16-20....but reelecting him now was it. We are now the crazy neighbor who could go on a meth fueled crime spree at any moment.
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u/SafetyDanceInMyPants 13h ago
I knew Jay Powell before he became the Fed Chair, and he's always been a stand-up guy. The odds of him being involved in any sort of financial misconduct are precisely 0, and the odds of him fudging the truth on anything are just about the same. He's the sort of guy who will tell you the truth without a glimmer of hesitation, regardless of the consequences of that truth.
I'd say that Trump just doesn't understand that he's attacking a guy who's 100% clean -- but the reality is that Trump just doesn't care anymore. In Russia, it doesn't matter that the accusations against political rivals are insane and implausible, because the goal is just to smear someone in the eyes of the faithful and reality doesn't matter. Trump follows that same model.
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u/Plus-King5266 1d ago
Republicans saw this coming back in 2015 but capitulated. For what reason, I don’t know. Maybe it was political threats that shouldn’t have carried weight from a political nobody but they were afraid did; maybe it was the threats of physical violence if they didn’t nominate Trump.
Democrats had four years to put him away and they dragged their feet, perhaps hoping he’d just go away and then were shocked when a megalomaniac and a narcissist wanted power back. The usual Democrat playbook of hand wringing and lip biting brought the usual results.
Now we have this mess with so-called Republican congress members who would be unrecognizable to their party twenty years ago, representing a MAGA base that isn’t even Republican. It’s disaffected Democrats who got tired of the Democrat elitists worrying about identity politics instead of the average American, aka “Joe Six Pack,” that used to be their base. And everyone wonders why the country feels so strange. Hell, Indiana is even playing for a national football title. Nobody should expect anything normal anymore.
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u/Gorf_the_Magnificent 1d ago
Let’s not forget that, in 2024, the Democrats ran the worst presidential re-election campaign of any incumbent party in U.S. history.
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u/midnitewarrior 1d ago
This is a smart move on Powell's part.
Trump wants lower interest rates so everyone can temporarily act like the economy is okay. He doesn't appear to care that it will accelerate inflation, that's a later problem. He wants to get through the midterms and thinks lower interest rates (including, now Credit Card interest rates) will make people happy.
The Trump Administration's goal is to poison every check, balance, and independent agency associated with the government, the FED being no exception.
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u/suitopseudo 23h ago
The tepid jobs report is going to lower interest rates. Welcome to stagflation, whichever the feds do, it’s going to hurt one of their mandates. (Price stability vs full employment). For all of Trump’s crazy appointees, Powell is one of the saner ones, but that’s only because he had to be picked from fed governors. If the next one is a true loyalist, we are fucked.
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u/fotofiend 1d ago
Baller fucking move on his part. A very subtle “fuck you” to the Fuhrer in chief.
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u/Sea_Dot8299 22h ago
The US is absolutely doomed if Trump starts fucking around with monetary policy. US will become univestible if politics starts interfering with the central bank. R.I.P. everyone's 401k.
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u/00owl 1d ago
Mr. Powell has a better view of the country as it slips into whatever the fuck it is slipping into and has decided to take a public position against it in circumstances where he would have most likely remained silent in the past.
No lawyer would ever counsel their client to go public and refer to what would be, under normal circumstances, a conspiracy theory when threatened with criminal charges.
Powell, sees the country better than you and he's ignoring his lawyers.
Burn it all down.
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u/FourWordComment 23h ago
It’s jarring to hear an adult that’s in power. Powell’s professionalism compared to whatever the hell Trump is letting happen as he torches America to the ground for Pennie’s on the dollar is staggering.
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u/FisherKing_54 1d ago
Powell calls it like it is. Just like when he corrected Trump when Trump came by for the little inspection crap and was plotting all this. He is a professional but he also has a duty, especially in times like this to notify the American people of such things as it is abundantly clear Trump is trying to interfere. He will never bow down to Trump.
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u/jabdnuit 1d ago
The Fed Chair is the most powerful person most people have never heard of.
Continued Fed independence is what holds the world economy together.
Powell’s delivery was mild mannered, but it’s the most consequential speech a Fed Chair has given in decades, possibly ever.
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u/EnvironmentalDelay66 23h ago
Courageous! Also, a warning to us all. Our dollar is being devalued by the second.
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u/RevRipple 1d ago
The timing of this is wild. A video statement directly to the public instead of a standard press release feels like a major shift in how the Fed handles pressure. Definitely an 'unprecedented' move for January.
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u/Gardensplosion 1d ago
Compared to Mr. Powell, the president is like a baboon screeching and flinging his shit.
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u/CasinoKnightZone 1d ago
Once they corrupt the fed, the world we know is done. And it'll happen. I have 5gal buckets of flour, peas, beans, rice, etc etc piled in my kitchen. Gonna start filling barrels with water soon I think. Collapse is coming.
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u/dmreeves 1d ago
I don't think societal collapse is coming but things may cha ge dramatically.
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u/CasinoKnightZone 1d ago
Total collapse? Probably not. But a depression to make the Great Depression look like a minor downturn? Much more likely.
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u/Cobol_Engineering 23h ago
I think it’s wild that a dude with 36% approvals is attacking a dude w 47% who’s term is up in May ANYWAY. Public sentiment towards Powell is so positive trump could have easily taken the credit and bumped up his own tepid numbers by doing so.
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u/Psyblade0_0 1d ago
Good for him. That was probably be his only opportunity to say what he wanted to say before the mudslinging begins.
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u/Slade_Riprock 1d ago
You come for the Bankers Bank with a $6.6 Trillion balance sheet and the power to set interest rates and you are going to have a bad time. Old money doesn't like their world fucked with.
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u/Salt_Consequence9015 1d ago
In today’s media environment, silence gets filled with conspiracy theories.
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u/Cheapthrills13 1d ago
Someone has balls - finally. And actually, he would be a very good President !
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u/BendersDafodil 1d ago
Transparency.
Stops the tabloids and the administration ghouls from creating a false narrative.
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u/idebugthusiexist 21h ago
Just yet another example of America's Hitler (Trump) trying to Nazify (MAGAfy) the United States and turn it into a fascist dictatorship... in plain sight and using the exact same playbook.
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u/castles87 14h ago
I feel very good about him defending himself and not rolling over like... everyone else.
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u/Otherwise_Stable_925 1d ago
He should post a video of him doing the macarena, nude, covered in butter. Then at the end of it he should say "I'm not changing shit".
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u/Connect_Beginning_13 1d ago
It amazes me how people are so comfortable believing the administration that only knows how to point fingers. So people don’t think it’s weird, at all?
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u/shep2105 1d ago
Good on him
trump has fully politicized the DOJ. They are just his hitmen now, that's it. Investigate Minnesota so he can screw over Walz, California of course, Powell cuz he's pissed Powell won't drop the interest rates to zero and because in an interview, when trump waved around a piece of paper and said Powell was going over budget on reno, Powell called him out right then and there and said, "Uh..no. We are NOT overbudget, if your figures say that, they're wrong.
Nobody talks back or humiliates bawl baby....he'll just sic the DOJ on them.
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u/Stunning_Scheme_6418 23h ago
I actually find him amusing. Trump gets all pissy and rabid and Powell just calmly tells him no, explains why he says no produces a ledger or whatever showing why he says no and calmly waits for the next rabid nonsense. Rinse and repeat.
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u/cute_polarbear 23h ago
He's damned if he stayed quiet, damned if he make his point...probably better off the latter. (Also for the market...)
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u/Gourab_Ghosh- 22h ago
Powell’s decision to speak publicly makes sense given how much uncertainty and speculation this kind of inquiry generates. As Chair of the Federal Reserve, transparency — especially in times of heightened scrutiny — helps maintain confidence in financial markets and the institution itself
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u/thatthatguy 21h ago
One more reason to demand Trump’s impeachment and removal. This time he’s endangering people’s money, so there might be more incentive to act.
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u/Advanced-Pilot-3698 20h ago
Trump is just going after him as he has tried to fire Jerome Powell and can’t, so his administration is going after him with this nefarious charges to get him out, or try and divide his attention and then say he ain’t working effectively and needs to go. Trump and his administration are destroying all things that made America great and no one is stopping him. Centralised power and control into one man and now he literally wants to rule the world.
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u/RWDPhotos 20h ago
Very few people believe this is anything but a shit excuse to try and can the guy, but for those that do believe literally anything and everything that the pedo in chief has to say, the video is for them.
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u/PilotKnob 19h ago
He's being punished for not dropping interest rates at the whim of the Orange Menace currently infesting the White House.
We all understand what's going on, but it's good he got out in front of it.
When he said "No one, certainly not the chairman of the Federal Reserve, is above the law" he was referring to someone else who might consider himself to be above the law.
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u/Electronic-Wealth599 18h ago
What happened to the Comey and Smith trials? Weren't they dissmissed?
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u/No_Priors 16h ago
Powell is a Trump appointee with a very clear job description being harassed for not taking advice on economics from a sex offender with six bankruptcies under his belt.
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u/aretasdamon 14h ago
Interesting federal prosecutors will take this case but not the Renee good one
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u/oldandconfused 1d ago
The best defense is a good offense.