Trump's Fed criticism is nearly without precedent in US history

[yallerdawg]

His most recent attack on normal competent behavior.

Source: CNBC, by Jeff Cox

President Donald Trump's move to criticize the Federal Reserve is almost without precedent in a nation that places a high priority on the independence of monetary policy.

Almost all of Trump's predecessors steered clear of Fed critiques in the interest of making sure that interest rates were set to whatever was best for the economy and not to boost anyone's political fortunes.

The closest analog with Trump's apparent efforts to influence interest rates — he prefers the Fed keep them low — was how former President Richard Nixon arm-twisted Arthur Burns to maintain loose monetary policy as Nixon sought re-election in 1972.

That didn't work out particularly well: As the 1970s economy continued to grow, inflation took root thanks to low rates and remained stubbornly in place until the early 1980s, when then-Fed Chair Paul Volcker had to tighten policy sharply. That in turn pushed the economy into recession but also helped slay the inflation problem and paved the way for the most powerful growth the economy had seen in the post-World War II era.

Read it all at: https://www.cnbc.com/2018/07/19/trumps-fed-criticism-is-nearly-without-precedent-in-us-history.html


Still in the dark.

[Wellstone ruled]

1. That was a signal to one of friends to

short their Financial stocks.

[BlueJac]

2. Crime Boss Trump is destroying our country as I type this message!