Tuesday, November 13, 2018

Two Senators Blast Trump for Criticizing Fed

Coons and Flake monetary policy lightweights
In a letter to President, Trump, Sens. Chris Coons (D., Del.) and Jeff Flake (R., Ariz.) called on the president to stop publicly criticizing the Federal Reserve and warned his comments could jeopardize the central bank’s credibility and hurt the economy, reports the Wall Street Journal.

Of course, Trump's criticism of the Fed is ass-backward. He is calling on the Fed to slow down its interest hikes when the Fed shouldn't be manipulating interest rates at all. It is just another example of Trump being an intellectual lightweight.

But Coons and Flake are equally as ignorant. They just seem to like the manipulation the Fed is currently conducting rather than being opposed to it.

“Your ill-advised commentary goes beyond holding the Fed accountable,” said Sens. Coons and Flake in the letter to Mr. Trump. “You appear to be telling the Fed what to do with interest rates, which we believe is unconstructive and dangerous.”

“We have confidence in Chairman Jerome Powell and believe, under his leadership, the Fed will not bow to political pressure of any kind,” they wrote.

Senator Rand Paul is probably the only member of the Senate that understands what correct monetary policy would look like.


1 comment:

  1. Citizens, we cannot tolerate criticism of the central planning agency, it knows what it's doing!