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Post by Deleted on Aug 23, 2019 12:04:50 GMT -5
A play in 3 acts: 1) 2) 3) BREAKING: Dow slides more than 510 points to new session low cnb.cx/33TYrdiIt's Powell's fault!
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Post by happyhoya1979 on Aug 23, 2019 13:27:20 GMT -5
Yes, it is Powell's fault. The President clearly as a matter of policy wants to use monetary policy to weaken the Dollar to counteract the currency manipulation, failure to buy US agricultural products, failure to cease the shipment of fentynol, and increases of tariffs on U.S. goods by China. And he wants to do it now. Jerome Powell completely disagrees with this and is not elected. The U.S. has never had this stark a policy difference between a FED chair and a President (you can go back to Johnson-Martin, Nixon-Burns, Reagan-Volker etc.). For Powell to continue to wage a policy war in these circumstances is, I will use the word, boderline treasonous. He should resign, write a lengthy op-ed in the Washington Post and give a speech to the Council on Foreign Relations on how moderation will help grow the world economy, but he should go. It is a disservice to the country to pit the Federal Reserve against the Presidency. The country does not need 500 point swings in the markets week after week. Mr. Powell you are doing great harm to a country you love.
If the U.S. refuses to use monetary policy to fight China, and puts it completely off the table, please consider Mr.Powell if you are going to force the US to engage in other far worse policy alternatives such as, for instance asset seizures, or cyber attacks (or god forbid the use of force). Mr. Powell, please just disagree and go.
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Post by happyhoya1979 on Aug 23, 2019 13:48:29 GMT -5
Mr. Powell, you went to Princeton before partially redeeming yourself at Georgetown Law. Please do not join the great pantheon of Princeton Editeds flatheads that began with Aaron Burr, and extended to Woodrow Wilson and Donald Rumsfeld. Please do Old Nassau proud and have the integrity to resign.
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prhoya
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Post by prhoya on Aug 23, 2019 13:48:32 GMT -5
Yes, it is Powell's fault. The President clearly as a matter of policy wants to use monetary policy to weaken the Dollar Do you think Trump understands monetary policy?
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Post by happyhoya1979 on Aug 23, 2019 13:58:56 GMT -5
Trump was clearly right about monetary policy last December. I thought he was actually wrong at the time when he called out the Fed last October-November. But he proved himself right
and He is the President for God's sake. We checked his name or Hillary's on a ballot.
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Post by Deleted on Aug 23, 2019 14:08:06 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 14:11:35 GMT -5
I am not laughing at all. We have non-independent (or maybe rather a co-dependent)Fed Chair wedded to China.
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Post by Deleted on Aug 23, 2019 14:23:10 GMT -5
Riiiight.... Anybody else confused??
Welp, I guess I'll just go watch a replay of the Hoyas #BahamaBusinessTrip....
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TC
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Post by TC on Aug 23, 2019 14:34:27 GMT -5
Riiiight.... Anybody else confused?? House of cards starting to fall / 401k slow motion freakout?
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Post by badgerhoya on Aug 23, 2019 15:30:19 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. So what you're saying is you'd rather have the Fed be closer to the National Bank of China as a currency manipulator?
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prhoya
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Post by prhoya on Aug 23, 2019 15:44:42 GMT -5
Trump was clearly right about monetary policy last December. I thought he was actually wrong at the time when he called out the Fed last October-November. But he proved himself right and He is the President for God's sake. We checked his name or Hillary's on a ballot. So you want the Fed to do Trump's bidding? IS that what the Fed is there for? Suggestions: Stop reading Trump's tweets. Stop watching Fox News in the morning and night.
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Post by aleutianhoya on Aug 23, 2019 15:47:49 GMT -5
Yes, it is Powell's fault. The President clearly as a matter of policy wants to use monetary policy to weaken the Dollar to counteract the currency manipulation, failure to buy US agricultural products, failure to cease the shipment of fentynol, and increases of tariffs on U.S. goods by China. And he wants to do it now. Jerome Powell completely disagrees with this and is not elected. The U.S. has never had this stark a policy difference between a FED chair and a President (you can go back to Johnson-Martin, Nixon-Burns, Reagan-Volker etc.). For Powell to continue to wage a policy war in these circumstances is, I will use the word, boderline treasonous. He should resign, write a lengthy op-ed in the Washington Post and give a speech to the Council on Foreign Relations on how moderation will help grow the world economy, but he should go. It is a disservice to the country to pit the Federal Reserve against the Presidency. The country does not need 500 point swings in the markets week after week. Mr. Powell you are doing great harm to a country you love. If the U.S. refuses to use monetary policy to fight China, and puts it completely off the table, please consider Mr.Powell if you are going to force the US to engage in other far worse policy alternatives such as, for instance asset seizures, or cyber attacks (or got forbid the use of force). Mr. Powell, please just disagree and go. The FED has a statutory mandate to facilitate high employment and stable pricing as best it can through monetary policy. It has no mandate -- none -- with respect to a "fight" with China, whether that be about currency manipulation or fentanyl or whatever else. For Powell to do as you suggest would be the very opposite of his job and would amount to allowing the administrations political efforts to get in the way of its mandate.
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prhoya
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Post by prhoya on Aug 23, 2019 15:59:01 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. "Best people"!
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Post by happyhoya1979 on Aug 23, 2019 16:13:08 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. So what you're saying is you'd rather have the Fed be closer to the National Bank of China as a currency manipulator? Please let's not be moral prigs. Yes. the same way that if we were in a hot war and the other side used automatic machine guns, we would use automatic machine guns.
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Post by badgerhoya on Aug 23, 2019 16:43:03 GMT -5
So what you're saying is you'd rather have the Fed be closer to the National Bank of China as a currency manipulator? Please let's not be moral prigs. Yes. the same way that if we were in a hot war and the other side used automatic machine guns, we would use automatic machine guns. Ok. So to take the war analogy a bit further, wars are fought and planned for to the nth degree by analysts and generals. They look at contingencies and what-ifs to decide what to do. This war, on the other hand, is being led by a baby that changes his mind at the drop of a hat, depending on who’s offended him that day / minute. He makes pronouncements, and pulls them back. And as far as I can tell, there doesn’t appear to have been any planning, war gaming, or strategy to actually win the damn thing except to parade around Tienenman Square screaming “Us Americans have such giant Editeds, and yours are so small so you should bend the knee.” How in hell can an independent entity set a plan for that?
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tashoya
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Post by tashoya on Aug 23, 2019 18:02:10 GMT -5
Quarterbacking the market on a day-by-day basis and blaming it on xyz is a waste of time and disingenuous. Acting as though the market is an accurate reflection of the economy as a whole is also misleading. Regardless, the more plausible argument is that, regardless of what the Fed does with rates, the increasing tariffs are far more to blame than Trump's tweets from minute to minute. Arguing that the long-view monetary policy of Donald Trump is well-considered or anything other than right twice a day seems odd. He seemed surprised (recently, mind you) that China manipulates its currency.
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Post by happyhoya1979 on Aug 23, 2019 18:38:36 GMT -5
Yes, it is Powell's fault. The President clearly as a matter of policy wants to use monetary policy to weaken the Dollar to counteract the currency manipulation, failure to buy US agricultural products, failure to cease the shipment of fentynol, and increases of tariffs on U.S. goods by China. And he wants to do it now. Jerome Powell completely disagrees with this and is not elected. The U.S. has never had this stark a policy difference between a FED chair and a President (you can go back to Johnson-Martin, Nixon-Burns, Reagan-Volker etc.). For Powell to continue to wage a policy war in these circumstances is, I will use the word, boderline treasonous. He should resign, write a lengthy op-ed in the Washington Post and give a speech to the Council on Foreign Relations on how moderation will help grow the world economy, but he should go. It is a disservice to the country to pit the Federal Reserve against the Presidency. The country does not need 500 point swings in the markets week after week. Mr. Powell you are doing great harm to a country you love. If the U.S. refuses to use monetary policy to fight China, and puts it completely off the table, please consider Mr.Powell if you are going to force the US to engage in other far worse policy alternatives such as, for instance asset seizures, or cyber attacks (or got forbid the use of force). Mr. Powell, please just disagree and go. The FED has a statutory mandate to facilitate high employment and stable pricing as best it can through monetary policy. It has no mandate -- none -- with respect to a "fight" with China, whether that be about currency manipulation or fentanyl or whatever else. For Powell to do as you suggest would be the very opposite of his job and would amount to allowing the administrations political efforts to get in the way of its mandate. The mandate for stable pricing is for stable pricing of the currency. When you are targeting the currency you are involved in all the larger issues of the economy and political economy writ large. With the proportion of the economy involved in international transactions (unlike say the great depression or even the 1950s for that matter)this is especially true. There is no limted mandate to the Fed's mission. If there were, the job of FED chair would be easy and all the chair would have to do is have a fixed increase in the money supply (as Milton Friedman advocated in his monetarist macro models which were patterned that way versus traditional Keynesian and neoclassical models)
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Post by happyhoya1979 on Aug 23, 2019 18:51:16 GMT -5
Please let's not be moral prigs. Yes. the same way that if we were in a hot war and the other side used automatic machine guns, we would use automatic machine guns. Ok. So to take the war analogy a bit further, wars are fought and planned for to the nth degree by analysts and generals. They look at contingencies and what-ifs to decide what to do. This war, on the other hand, is being led by a baby that changes his mind at the drop of a hat, depending on who’s offended him that day / minute. He makes pronouncements, and pulls them back. And as far as I can tell, there doesn’t appear to have been any planning, war gaming, or strategy to actually win the damn thing except to parade around Tienenman Square screaming “Us Americans have such giant Editeds, and yours are so small so you should bend the knee.” How in hell can an independent entity set a plan for that? I actually think your issue is that Trump does have a strategy-it is just not the globalist model of enhancing and supporting multinational corporations. large trading blocks and transnational enterprises of all types, that people with elitist backgrounds support with a near religious zeal. His strategy is a nationalist one that seeks to enhance and improve outcomes for the American nation-state versus the global order. You just don't like his strategy. Fair enough. But insisting he doesn't have one is just not true.
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Post by happyhoya1979 on Aug 23, 2019 18:57:13 GMT -5
Trump was clearly right about monetary policy last December. I thought he was actually wrong at the time when he called out the Fed last October-November. But he proved himself right and He is the President for God's sake. We checked his name or Hillary's on a ballot. So you want the Fed to do Trump's bidding? IS that what the Fed is there for? Suggestions: Stop reading Trump's tweets. Stop watching Fox News in the morning and night. Yes, the Chairman of the Federal Reserve Board should support the major policy direction of the President of the United States. If the Fed chair does not do this and acknowledge that we are a democracy, his mandate will soon end. It is much like the military who are the experts in warfare, but accede to the policy direction of the duly elected leader of the country.
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Post by happyhoya1979 on Aug 23, 2019 19:01:24 GMT -5
I hope I answered everyone's questions-I feel like an early 1960s New York Rangers goalie on this board.
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