Strange reply.
by EricCartman (2024-02-27 12:01:24)

In reply to: Who was first nominated by Trump *  posted by sprack

Cannot Reply Return to Political

Biden could have dumped Powell, and Biden should have dumped Powell after Powell let Trump bully him around.

Don't worry, when Powell was renominated Biden had full confidence that Powell would keep inflation under control. Ya know, until Powell lost control of inflation and CPI exploded.

“I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before. Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system,” Biden said.

In July of 2020 Powell famously said "We’re Not Even Thinking About Thinking About Raising Rates" last year, Powell said that the Fed is "not thinking about rate cuts right now at all". Powell has been behind the curve at every step of his tenure. He deserves to get the boot, and should have gotten the boot in 2021.



Inflation was worldwide
by sprack  (2024-02-27 16:12:39)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

How people think a depression could have been avoided without stimulating the economy during Covid is beyond rational comprehension.

And I was just stating a fact that Trump nominated Powell, because, well, he did, and unlike many of his appointments, he actually appointed a guy well-qualified for the job.
July of 2020, CPI was 1%
by DBCooper  (2024-02-27 12:15:51)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

and right in the middle of covid. Did he say that in July, 2021? I dont remember timeline

The Fed is almost always is behind the curve a little bit, they are never going to try to front run economic data. That is for the market.

My issue is more of that comment was tone deaf.
by EricCartman  (2024-02-27 14:18:04)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

The Fed unleashed trillions in liquidity, PPP was pushed out, and the vaccine was on the horizon. Did we need bravado from the Fed Chair? What was the point of declaring an absolute position? Then, he did it again just a few months ago.

The transitory timeline also really annoys me. Powell was slow to acknowledge reality, and extremely slow to start QT.

I'm failing to see the justification for giving him another term. He's not Burns bad, and he isn't Volcker great. He is also below Greenspan and Bernanke (who I also have issues with).

I'm starting to believe that we need to overhaul monetary policy. We place too much emphasis on the Fed's every move and statement. It reeks of central planning, and we need to devise a better system. Maybe embrace AI and let an algorithm set interest rates. Friedman proposed it decades ago, so the idea was been around for a long time (under less advanced technology).

Not sure how you fill out the scorecard *
by ufl  (2024-02-27 15:31:40)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply