President Donald Trump has criticized Federal Reserve chief Jerome Powell for not cutting interest rates as much and as quickly as the president wants.

cross-posted from: https://beehaw.org/post/24179103

Federal prosecutors have opened a criminal investigation of Federal Reserve Chairman Jerome Powell, he confirmed on Sunday evening.

Powell said the probe was the result of the Fed “setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of” President Donald Trump.

Terrible precedent that will harm our economy’s ability to recover from high unemployment or inflation.

Powell’s statement is worth a read

  • DarkCloud@lemmy.world
    41·
    6 hours ago

    I find it crazier that Trump’s first year in office isn’t over yet. Inauguration was 20th Jan 2025.

    Imagine what a democratic socialist of this level could achieve. A country could be completely rejuvenated using the same methods in the other direction.

    … except I guess the billionaires wouldn’t be so cooperative.

    • porcoesphino@mander.xyz
      17·
      4 hours ago

      A lot of those methods involve completely ignoring people’s interests or the legal system, the international order, deliberately trying to kneecap institutions that get in your way, filling the government with people of one political view while trying to remove those of the other political views, threats, bribes, and weaponising the justice department. I can see how that worked to get more done but I think even with noble goals thats a pretty expensive cost to get there

    • Rhaedas@fedia.io
      11·
      5 hours ago

      Maybe not. It takes a lot longer and greater resources to build something than to destroy it.