I so appreciate him just clearly stating what is really happening and being clear on how it violates important principles. He is doing it knowing that it is a risk to himself personally, but he chooses to protect the independence of an important institution. I'm not hopeful that others will stand with him. Proud of him as he watches everything crumble around him, but chooses not to make it easier for the bulldozer.
The USA is so far gone they can’t even look after their own financial wellbeing. People believing the fed is somewhat independent, and that their interest rates are sensible, is one of the most important foundations of the US economy: both the *real* economy and the stock market. I get it, trump’s a gobshite fascist - but his supporters are fascist too, so there’s a twisted logic to that. But this schism benefits nothing and no one (except the USA’s enemies, of course, of which there are many).
This schism benefits the billionaire class. Even if the real economy collapsed by half this would serve as an opportunity for billionaires to buy masses of distressed properties increasing the disparity between the haves and have-nots.
Gold surged above $4,600 per ounce for the first time in response, as investors sought safe-haven assets amid the unprecedented confrontation between the White House and the central bank. What goes up comes down hard. They're firing every competent and credible person in the government.
Gold started it's rapid rise in price back in spring of 2024, so this was all very predictable when you see our society starting to collapse. While I'll happily blame the GOP for making everything so much worse, this shitshow has been building for years and no one is willing to do the tough work to actually stop it.
At some point I reckon Pam will just get tired of the law being in the way of her orders and just strap up with Krosseye and go to capping everyone on the enemies list without bothering the courts.
Powell's tenure ends in May, he has to step down at that point. Trump is going to put in someone who will say yes to everything, and that person is going to dump the interest rates to dangerously low levels that will tank the economy really hard. This is by design. Trump and his wealthy friends are prepared for this moment and to make a massive amount of money in the process, while the rest of us suffer horribly with out of control inflation.
In a sane world, the Fed Chair going in front of a camera and basically screaming at the top of his lungs "GRANDPA IS FUCKING WITH THE MONEY!" Would be the unifying moment that everyone in Congress (by way of their wealthy donors) decided enough was enough.
The prime lender, to all other national lenders/banks, etc- is the Federal Reserve. The true Bank of America. It loans money to fund others loaning money. What rate they charge in interest when it loans money impacts the rate everyone else charges. But it must independently evaluate market/economic issues to make sure money is not too cheap, or too expensive to borrow. Too cheap leads to inflation; too expensive kills the economy.
There's a solid argument that its QE, 'let's bail out the people we think matter' bullshit has eclipsed that traditional role. Yes, fat orange fuck bad . . . but no iteration of the Fed is the good guy.
He’s worked diligently under bush, Obama, Trump and Biden. He’s not a politician or a hypocrite. If you were to force it to be political, he’s been an active trump detractor if anything: one of the most public figures actually doing something tangible to oppose trumps disastrous economic “policies”. In short: He knew they were leopards, he never doubted a leopard would bite him, he’s never petted the leopards, he took a job in a part of the zoo, specifically designed to keep the leopards out.
He wasn’t appointed by republicans, he was appointed bipartisanly through congress. The Fed’s independence from party lines is specifically structured as such so that no party can cause the economy to immediately collapse due to lack of economic aptitude.
These are technical workers, not elected representatives. This is like blaming the IT guy for Steve from Sales letting his kid pour a 32 oz drink on the server
This destroys stability for everyone, not just MAGA
It should be noted that while he wasn't appointed by Republicans, he was appointed by Capitalists to sustain a Capitalist structure. You can call it bipartisanship, but that's not really what is happening. The GOP is a right wing capitalist party while the Democratic Party is liberal and capitalist. Technically 2 parties, but still working from the same economic theory that is based on profits over people.
When you sleep with capitalists, don't be surprised when you wake with fascists.
This comment is gibberish. Capitalism is flawed, but fascism and capitalism don’t go hand in hand unless you’re a 2edgy4you kid who doesn’t really know what those words mean in the real world. Being an economist who works under capitalism doesn’t mean you liked, supported or enabled fascism, that’s just stupid. There is absolutely no ignorant hypocrisy (a la the leopard song) in Powel, a career economist working for a bi-partisan-by-design institution railing against partisan meddling in the fed
The Fed is audited every single year by independent public accounting firms. It's also subject to annual and surprise audits, as well as other reviews, by the Office of Inspector General and the Government Accountability Office.
The Chair of the Federal Reserve isn't a politician. They're a career administrator that is appointed by a politician (the president) from the current sitting Board of Governors.
His position is *strongly* protected by federal law. Once Powell was appointed, he could no longer be fired except "for cause", which requires documented, provable malfeasance.
He doesn't have any reason to take shit from anyone, so long as he's doing his job.
He's not stupid and coming out publicly ahead of it was very smart. He's feeling the immense pressure and realizes this is a Lawless Administration. Hello Greatest Depression Evah.
I understand that. Should’ve wrote “political figures” instead
Doesn’t matter whether you’re like Powell or elected, your job is to serve the country and its people, not be self serving, and they should act accordingly
I wish I could believe in what you said, but there were several cases of positions exactly fitting that description that were fired last year such as the CFPB that *are* protected by the law yet Trump fired them anyway and the supreme court just decided that the law did not apply to our president. I fail to see how this is functionally different.
I could go into more detail, but I think there's a simpler way to make the point:
It's functionally different because if it wasnt, Trump already would've fired him last year along with those positions.
You have to remember that Trump is mad about the high Fed interest rates. Those rates went up in 2023, and his problem with Powell is that he wants the Fed to cut them more and faster.
So, Trump already wanted to fire Powell back when he fired those other people. He just... couldn't/can't.
Doesn't matter. The Supreme Court has ruled that, just like in Animal Farm, there are three separate but equal branches of government; however some of them, the executive and Trump in particular, are more equal than others. Checks and balances? None.
Congress is the most powerful branch of government *on paper*. Because they most directly represent the citizens, they can overrule anything the Judiciary or Executive does, *if* they operate with a determined majority. They just choose not to because Republicans are complicit.
Thats one of two current critical failures of our system right now; the corrupted SCOTUS and the corrupted Congress. If Trump moves to interfere or disband the midterm elections; the last remaining avenue to breaking his stranglehold on legal governance, the only remaining way to break America out of this crisis is going to be *redacted*
The whole structure of the government has become a tangled mess. Congress really does control government agencies, but they have abdicated their role, for various reasons, because it just works better when the executive branch has more autonomy. SCOTUS really fucked up when they decided Trump gets to act like a king and remove agency heads and saying agency independence was unconstitutional for so many other agencies. The economy will collapse with Trump's next appointee, a "Yes Man."
People really don't realize the consequences of the Fed obediently lowering rates later this year in an inflationary environment. High deficit spending and extremely high tariffs, plus lower prime lending rate, VERY PREDICTABLY will launch inflation into the fucking stratosphere, with a very soft job market. That's called stagflation kids, and it's really hard to end. He's trying to make us all poor and sick.
The Supreme Court are working very hard to put the fed out of reach for Trump while enabling everything else he wants. They are creating a legal mess, but they also have money.
tinyfootprints
It's easy to see that his balls are still in place and functioning properly.
Huor
You'd think a statement like that would be a slam dunk, but no. He stands alone.
d0n0r
Good man. Don't let a man that bankrupted casinos dictate anything concerning finance.
HypnagogicHallucinations
I so appreciate him just clearly stating what is really happening and being clear on how it violates important principles. He is doing it knowing that it is a risk to himself personally, but he chooses to protect the independence of an important institution. I'm not hopeful that others will stand with him. Proud of him as he watches everything crumble around him, but chooses not to make it easier for the bulldozer.
Pentjotal
Jesus Fucking Christ !!!!! Do you understand that trump he's going to invade Uranus to bury this clip.
tinyfootprints
I like having mature adults in my government. That works for me.
mobeers3000
Integrity There’s a value not many politicians possess theses days Certainly not the president
[deleted]
[deleted]
iLIEKbananas
Oh just googled it 🤘🤘
Munchman347
The fat pedo, 'Can no one rid me of this troublesome Fed Chairman?' ICE goons, 'Where's he parked?'...
mynamespaul
The USA is so far gone they can’t even look after their own financial wellbeing. People believing the fed is somewhat independent, and that their interest rates are sensible, is one of the most important foundations of the US economy: both the *real* economy and the stock market. I get it, trump’s a gobshite fascist - but his supporters are fascist too, so there’s a twisted logic to that. But this schism benefits nothing and no one (except the USA’s enemies, of course, of which there are many).
slamorama
This schism benefits the billionaire class. Even if the real economy collapsed by half this would serve as an opportunity for billionaires to buy masses of distressed properties increasing the disparity between the haves and have-nots.
Shawnofavitch
Gold surged above $4,600 per ounce for the first time in response, as investors sought safe-haven assets amid the unprecedented confrontation between the White House and the central bank.
What goes up comes down hard. They're firing every competent and credible person in the government.
freshthrowaway1138
Gold started it's rapid rise in price back in spring of 2024, so this was all very predictable when you see our society starting to collapse. While I'll happily blame the GOP for making everything so much worse, this shitshow has been building for years and no one is willing to do the tough work to actually stop it.
Antrobus55
At some point I reckon Pam will just get tired of the law being in the way of her orders and just strap up with Krosseye and go to capping everyone on the enemies list without bothering the courts.
amtronic
Got that copier busy putting out Pardons.
chancelorcoffey1360
I need this man reading homoerotic poetry with finger snaps after every sequence. We could defeat fascism completely.
FelonyRaptor
Is he declared a terrorist or a member of the antifa yet?
DickMcStiffens
He only a radical left lunatic for now.
FiftyShadesOfCauliflower
I don't think so, but it won't be long before trump starts with the "Will no one rid me of this turbulent Powell" rhetoric.
OceansRust
Trump: Powell is a Criminal Fraudster and enemy to the country's Leader's prosperity.
GuyPilot
Great guy. And now he's doomed, sadly...
omgitsbees
Powell's tenure ends in May, he has to step down at that point. Trump is going to put in someone who will say yes to everything, and that person is going to dump the interest rates to dangerously low levels that will tank the economy really hard. This is by design. Trump and his wealthy friends are prepared for this moment and to make a massive amount of money in the process, while the rest of us suffer horribly with out of control inflation.
MarkRavingMad
In a sane world, the Fed Chair going in front of a camera and basically screaming at the top of his lungs "GRANDPA IS FUCKING WITH THE MONEY!" Would be the unifying moment that everyone in Congress (by way of their wealthy donors) decided enough was enough.
It won't be, but it should.
OceansRust
And on a Sunday too, really unprecedented from this guy. He actually cares.
clonedeeznuts
Does any of this matter to the free dumb crowd?
OceansRust
North Korea's leader controls their currency and that has worked out so well for them, that Trump wants to do it to US too.
WackyWavingFlailingArmTubeMan
Honestly I have no idea what the federal reserve does either
ChrisCorona
The prime lender, to all other national lenders/banks, etc- is the Federal Reserve. The true Bank of America. It loans money to fund others loaning money. What rate they charge in interest when it loans money impacts the rate everyone else charges. But it must independently evaluate market/economic issues to make sure money is not too cheap, or too expensive to borrow. Too cheap leads to inflation; too expensive kills the economy.
JohnSatclaire
There's a solid argument that its QE, 'let's bail out the people we think matter' bullshit has eclipsed that traditional role. Yes, fat orange fuck bad . . . but no iteration of the Fed is the good guy.
ShmooThaSchmuck
Bro needs to hydrate….
ByThePowerOfSCIENCE
that's aging - the skin loses collagen and elastin
ShmooThaSchmuck
I’m talking bout his mouth hole
ShmooThaSchmuck
Please note I said “hydrate” and not “moisturize”…. Though I’m sure he needs to do that too.
Sparkmateriality
Torched. "You Keep Using That Word, I Do Not Think It Means What You Think It Means."
LordofGoats
Inconceivable!
NightOwlRally
Inconthieveable* :v
hohohoooo
Finally, someone with the guts to tell it like it is. Stay strong, Jerome Powell!!!
TheAmazingBlahaj
mynamespaul
He’s worked diligently under bush, Obama, Trump and Biden. He’s not a politician or a hypocrite. If you were to force it to be political, he’s been an active trump detractor if anything: one of the most public figures actually doing something tangible to oppose trumps disastrous economic “policies”. In short: He knew they were leopards, he never doubted a leopard would bite him, he’s never petted the leopards, he took a job in a part of the zoo, specifically designed to keep the leopards out.
HollerinAtTheVoid
He wasn’t appointed by republicans, he was appointed bipartisanly through congress. The Fed’s independence from party lines is specifically structured as such so that no party can cause the economy to immediately collapse due to lack of economic aptitude.
These are technical workers, not elected representatives. This is like blaming the IT guy for Steve from Sales letting his kid pour a 32 oz drink on the server
This destroys stability for everyone, not just MAGA
freshthrowaway1138
It should be noted that while he wasn't appointed by Republicans, he was appointed by Capitalists to sustain a Capitalist structure. You can call it bipartisanship, but that's not really what is happening. The GOP is a right wing capitalist party while the Democratic Party is liberal and capitalist. Technically 2 parties, but still working from the same economic theory that is based on profits over people.
When you sleep with capitalists, don't be surprised when you wake with fascists.
mynamespaul
This comment is gibberish. Capitalism is flawed, but fascism and capitalism don’t go hand in hand unless you’re a 2edgy4you kid who doesn’t really know what those words mean in the real world. Being an economist who works under capitalism doesn’t mean you liked, supported or enabled fascism, that’s just stupid. There is absolutely no ignorant hypocrisy (a la the leopard song) in Powel, a career economist working for a bi-partisan-by-design institution railing against partisan meddling in the fed
whoatherebigfella
Is there a source for this available? Where did you get this video?
HypnagogicHallucinations
Asking for a source is the right question, but this was actually released by the federal reserve.
therealalansmithee
That is very important now that AI has gotten to the point where just about any image or video is questionable.
whoatherebigfella
ILoveThiPlatform
https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm
whoatherebigfella
Gracias
ph2544
At this link you can "contact" the Federal Reserve to send a supportive message to Chairman Powell.
RtsWillH1Mself
Audit the fed
powerrangerpl
https://media2.giphy.com/media/v1.Y2lkPWE1NzM3M2U1bXRlZzdhNW1sYmxtZmhhdm56MmVnbnd1bjFubG93Z2RxeTN6am1lciZlcD12MV9naWZzX3NlYXJjaCZjdD1n/3o85xnoIXebk3xYx4Q/200w.webp
dontrike
Trump, is that you?
iLIEKbananas
Are you orange?
LoudBirb
The Fed is audited every single year by independent public accounting firms. It's also subject to annual and surprise audits, as well as other reviews, by the Office of Inspector General and the Government Accountability Office.
You can literally go look at their balance sheet, if you want: https://www.federalreserve.gov/faqs/about_12784.htm
If you're going to call for something to happen, you should probably double check to make sure it isn't already a frequent occurrence.
wandermanspacebot
#wrecked
69Voltage
The second time Powell publicly doesn’t take any shit from klump. If only more politicians acted the same
KleptoKea
If only the American People acted the same.
1stDrunkJoe
It's almost like DJ doesn't know or care that's what's best for him and his cronies isn't what best for the country as a whole. S/
CausticCake
I disagree with his policies, but I'll give him credit for standing against Dump
LoudBirb
The Chair of the Federal Reserve isn't a politician. They're a career administrator that is appointed by a politician (the president) from the current sitting Board of Governors.
His position is *strongly* protected by federal law. Once Powell was appointed, he could no longer be fired except "for cause", which requires documented, provable malfeasance.
He doesn't have any reason to take shit from anyone, so long as he's doing his job.
OceansRust
He's not stupid and coming out publicly ahead of it was very smart. He's feeling the immense pressure and realizes this is a Lawless Administration. Hello Greatest Depression Evah.
69Voltage
I understand that. Should’ve wrote “political figures” instead
Doesn’t matter whether you’re like Powell or elected, your job is to serve the country and its people, not be self serving, and they should act accordingly
LoudBirb
Fair enough and agreed!
IPostOffensiveShit
I wish I could believe in what you said, but there were several cases of positions exactly fitting that description that were fired last year such as the CFPB that *are* protected by the law yet Trump fired them anyway and the supreme court just decided that the law did not apply to our president. I fail to see how this is functionally different.
LoudBirb
I could go into more detail, but I think there's a simpler way to make the point:
It's functionally different because if it wasnt, Trump already would've fired him last year along with those positions.
You have to remember that Trump is mad about the high Fed interest rates. Those rates went up in 2023, and his problem with Powell is that he wants the Fed to cut them more and faster.
So, Trump already wanted to fire Powell back when he fired those other people. He just... couldn't/can't.
ChorizoPig
Dude is literally a national treasure.
OceansRust
Stop that! LOL, but yeah he is.
frischcode
Doesn't matter. The Supreme Court has ruled that, just like in Animal Farm, there are three separate but equal branches of government; however some of them, the executive and Trump in particular, are more equal than others. Checks and balances? None.
LokJok
Congress is the most powerful branch of government *on paper*. Because they most directly represent the citizens, they can overrule anything the Judiciary or Executive does, *if* they operate with a determined majority. They just choose not to because Republicans are complicit.
n3ckr0mantic
Thats one of two current critical failures of our system right now; the corrupted SCOTUS and the corrupted Congress. If Trump moves to interfere or disband the midterm elections; the last remaining avenue to breaking his stranglehold on legal governance, the only remaining way to break America out of this crisis is going to be *redacted*
Prototypo
The whole structure of the government has become a tangled mess. Congress really does control government agencies, but they have abdicated their role, for various reasons, because it just works better when the executive branch has more autonomy. SCOTUS really fucked up when they decided Trump gets to act like a king and remove agency heads and saying agency independence was unconstitutional for so many other agencies. The economy will collapse with Trump's next appointee, a "Yes Man."
Lovingimpaler
People really don't realize the consequences of the Fed obediently lowering rates later this year in an inflationary environment. High deficit spending and extremely high tariffs, plus lower prime lending rate, VERY PREDICTABLY will launch inflation into the fucking stratosphere, with a very soft job market. That's called stagflation kids, and it's really hard to end. He's trying to make us all poor and sick.
khora
The Supreme Court are working very hard to put the fed out of reach for Trump while enabling everything else he wants. They are creating a legal mess, but they also have money.
frischcode
The Supremes have already ruled Trump can't be stopped by anything other than an impeachment and conviction. Good luck!
veedubfreak
There are other ways. His heart is going to take him down sooner rather than later
aqueueforyou
In their minds they're limiting reach rather than stopping him