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Post by happyhoya1979 on Aug 23, 2019 7:23:26 GMT -5
Wow, Chairman Xi is really making a direct challenge to the US with the $75 billion in new tariffs this morning. The timing is such that XI is clearly testing Powell to see whether Powell is a committed Globalist/Chinaist or an American patriot.
If Powell caves and proves himself to be in Xi's pocket, China will wait for the next election to close the deal.
To use a tennis analogy, the ball has been placed in Jerome Powell's court by China.
I honestly hope for the long run survival of an independent FED that Powell does what he needs to do.
I honestly hope that for the long run survival of global free trade Powell does what needs to do,
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hoyajinx
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Post by hoyajinx on Aug 23, 2019 7:35:00 GMT -5
This is an honest question: what are you talking about?
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Post by happyhoya1979 on Aug 23, 2019 7:37:13 GMT -5
Look at the news-China is going to impose new tariffs and Powell speaks in less than 2 hours at the Jackson Hole , WY conference (10 am EST). The timing is not coincidental.
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hoyajinx
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Post by hoyajinx on Aug 23, 2019 7:51:00 GMT -5
I understand that, but I’m talking about your baseless conspiratorial conjectures. Powell has been put in this position because of the Administration’s good and easy trade war. Of course China would leverage a strategic opportunity to affect the American economy in some way. This idiocy begins and ends with Trump not having a clear plan with respect to narrowing the trade gap between the two countries. He is in so far over his head, and his ego prevents him from admitting he does not have a clue. He simply doubles down on his moronic ideas. To label Powell as unpatriotic or treasonous because Trump is a horse in a hospital (to borrow from Georgetown alum John Mulaney’s bit) is simply preposterous.
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Post by happyhoya1979 on Aug 23, 2019 8:07:52 GMT -5
we will find out for sure in about 90 minutes.
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hoya9797
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Post by hoya9797 on Aug 23, 2019 8:40:10 GMT -5
Man, the lengths that trump people will go to avoid admitting a mistake are amazing.
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TC
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Post by TC on Aug 23, 2019 8:42:20 GMT -5
I honestly hope for the long run survival of an independent FED that Powell does what he needs to do. I'm laughing at the "fed's gotta follow the administration in lockstep or we won't let it be independent" threat. I think you need to look up the definitions of some of the words you are using, such as "independent".
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Post by happyhoya1979 on Aug 23, 2019 8:58:45 GMT -5
I love the "Feds got to stay in line with China" to prove it is "independent" doctrine of TC.
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TC
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Post by TC on Aug 23, 2019 9:02:49 GMT -5
OK, so it's not just the Fed that is treasonous if they disagree with the administration, it's us too, good to know.
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Deleted
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Post by Deleted on Aug 23, 2019 9:47:12 GMT -5
Man, the lengths that trump people will go to avoid admitting a mistake are amazing. Right? As we go full conspiracy theory I have to ask, who hired Powell in the first place?
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Post by happyhoya1979 on Aug 23, 2019 10:01:02 GMT -5
Steven Mnuchin as I understand it. And as for him, given what Powell is doing, an appropriate punishment for Mnuchin would not be life imprisonment, but something far more horrible- a 39.95% capital gains rate.
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EtomicB
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Post by EtomicB on Aug 23, 2019 10:19:27 GMT -5
Steven Mnuchin as I understand it. And as for him, given what Powell is doing, an appropriate punishment for Mnuchin would not be life imprisonment, but something far more horrible- a 39.95% capital gains rate. This what President Trump had to say when he nominated Chairman Powell... www.nytimes.com/2017/11/02/business/economy/jerome-powell-federal-reserve-trump.html“He’s strong, he’s committed, he’s smart,” Mr. Trump said in the White House Rose Garden, where he introduced Mr. Powell as his choice. Using Mr. Powell’s nickname, the president said, “I am confident that with Jay as a wise steward of the Federal Reserve, it will have the leadership it needs in the years to come.”
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Post by happyhoya1979 on Aug 23, 2019 10:26:53 GMT -5
If Trump gets a 39.9% capital gains rate, that would be appropriate punishment for him too.
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Deleted
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Post by Deleted on Aug 23, 2019 10:36:07 GMT -5
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Post by happyhoya1979 on Aug 23, 2019 10:40:26 GMT -5
I guess Powell is the true real life Manchurian candidate! Heck, He even looks a little bit like Laurence Harvey
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Post by badgerhoya on Aug 23, 2019 11:07:20 GMT -5
I guess Powell is the true real life Manchurian candidate! Heck, He even looks a little bit like Laurence Harvey "While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rule book for international trade." "Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the U.S." What part of either of these statements is false? And what part makes Powel (sic) an enemy (of the state)?
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Post by happyhoya1979 on Aug 23, 2019 11:18:22 GMT -5
We now have a really untenable situation with the US Government and economy. The Fed Chairman and the US President cannot be at cross purposes and apparently, not even communicating. Independence is one thing, nuanced policy differences of degree another, but being on opposing sides policy wise is another thing entirely. Since Trump was elected and Powell wasn't, it should be Powell that goes. If he doesn't go, Trump's second term is going to have a major rewrite of the Federal Reserve Act, that will lower the power and independence of the institution permanently which will not be good. China has stepped things up, with what they did today with the tariffs, with the fentynol, and with the broken promises to purchase US agriculture products. Events now require the US to respond with every policy tool it has. We need a "war time" Fed chair, and by dint of personality and degree of decision-making rectitude, Powell is just not the guy and needs to admit that to himself and go.
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Post by happyhoya1979 on Aug 23, 2019 11:21:36 GMT -5
We now have a really untenable situation with the US Government and economy. The Fed Chairman and the US President cannot be at cross purposes and apparently, not even communicating. Independence is one thing, nuanced policy differences of degree another, but being on opposing sides policy wise is another thing entirely. Since Trump was elected and Powell wasn't, it should be Powell that goes. If he doesn't go, Trump's second term is going to have a major rewrite of the Federal Reserve Act, that will lower the power and independence of the institution permanently which will not be good. China has stepped things up, with what they did today with the tariffs, with the fentynol, and with the broken promises to purchase US agriculture products. Events now require the US to respond with every policy tool it has. We need a "war time" Fed chair, and by dint of personality and degree of decision-making rectitude, Powell is just not the guy and needs to admit that to himself and go.
Powell cannot, for the good of the country, be part of a daily cold war with the US President. You don't agree with the President, so for God sakes go!
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Post by happyhoya1979 on Aug 23, 2019 11:25:42 GMT -5
While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rule book for international trade."
Monetary policy through the operation of currencies is the very basis of international trade. This statement indicates a cluelessness over the impact of currency prices.
The US needs to weaken the dollar and needs to do so now. The President is on one side and the Fed chair is on the other. In the immortal words of Lincoln "a house divided against itself cannot stand."
Two people in these powerful positions cannot be completely opposed to each other.
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TC
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Post by TC on Aug 23, 2019 12:04:29 GMT -5
We now have a really untenable situation with the US Government and economy. The Fed Chairman and the US President cannot be at cross purposes and apparently, not even communicating. Sure they can. You think Reagan liked Volcker or Clinton liked Greenspan? I think you really aren't grasping the concept of Fed independence.
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