Since Powell is going to have more free time in the not too distance future, I think June would be a nice time for The Bulwark to start a Receipts podcast for Catherine and feature Powell as a regular guest. So many topics to cover, especially tariffs, tariffs, and tariffs.
I have question for John Deere's CEO. What is he doing about this beside cutting staff and making fewer tractors? Do the people losing their jobs know why? Of course now that their welfare checks are coming maybe farmers can afford to pay more for their farm equipment.
This addition to The Bulwark is much needed for those that can wrap their head around economic policy. I’m not one of those, but I trust those with broad knowledge of economics. I do understand how putting the Fed under the influence of this President would be a disaster. The American people need at least some understanding or trust experts. I have had my doubts about the breadth of knowledge of a lot of members of our legislature. They are certainly not “low IQ” with a few exceptions, but all of the things going on in the government and the way they interlock is very complex. “If you this, then that would result in that happening in another agency, that would result in this consequence for…” My wife occasionally asks me a question totally out of my professional reach, and if I tell I don’t know, she responds with, “You have a PhD and you should know that.”
I was in college in the 70's too, and I well remember how tuition went up every single term. I didn't realize it was because Nixon strong-armed the fed years before, though. Because of those events, a house we bought in 1989 had a fixed-rate mortgage interest of 12%. Oh yeah. I remember high inflation and I remember high interest rates. Those are two places I never want to go again.
This is truly scary! I remember the stagflation of the 70’s and if was awful! Took years to correct! Any chance this Fed regional bank idea can get to enough bond holders to get them to put up a fuss????
Thank you for the well written and understandable explanation of the fed and monetary policy. The delayed effects of these decisions are lost on most. I grew up in the 70s and remember the high mortgage rates, gas lines and inflation. Arthur Burns policies as fed chair under Nixon/Ford was the cause. It wasn't until Carter put Volcker in did the actions to get us out of the hole get put into place. He took a lot of flack but deserves credit for setting a course and keeping to it. I will continue to refer people who wish to learn more about fiscal policy.
Gas lines or NO GAS. I was traveling and no one had gas. Last gas station I went to was off the beaten path and closed so I pulled in to the pump station and slept there until they opened. College then and headed for a job interview. Got the gas, no job.
If he is allowed to place his hands around the throat of the Fed, by appointing someone like the grinning moron of a sycophant Kevin Hassett- terrifyingly said to be on the shortlist to replace Powell- then all his lost. Basically. However, even the craven cronies on the supreme court seem to grasp how this particular president cannot be granted full control over of our nation's economy. Even these robed dupes seem to grasp the threat. Can they be trusted to act accordingly, when the case of his firing board member Lisa Cook comes to their docket? The multi trillion dollar question. And Kevin Hassett is not the full story.
Because unfortunately, Trump is absolutely allowed to appoint Kevin Hassett. But the really critical case soon to arrive before them will be: can he fire Fed member Lisa Cook? If so, they will have given him the power to fire Fed board members at will. And so we may have Kevin Hassett heading a packed board of politically appointed compliant cronies.
Tariffs were the single biggest negative influence on the economy. First - do no harm. But no - He couldn’t help himself - had to prove something and will NEVER ADMIT his monumental blunder.
Thank you Catherine for opening this layman investor's eyes. Why has gold been skyrocketing over the last year? Seems obvious now that I've read your piece. Duh! The market is expecting (and will get) a sycophantic fed in 2026. Bad time to be a retiree: interest rates go down and prices go up.
* Does your state require citizens to have REAL ID to vote? How do you get REAL ID? Check here: HTTPS://WWW.USA.GOV/REAL-ID
* Be sure the identification you plan to use has the SAME NAME (First Middle Last) as the Voter ID you are presenting to prove you are you. Does one have a nickname? Did you legally change your name for ANY reason? That can be enough to prevent you from voting!
* If you plan to vote, make sure your Senators and Representatives know that! That will help them understand that voters are serious enough to VOTE THEM OUT OF OFFICE.
Maybe only a FEW of the GOP politicians will pay attention, but that could, possibly, perhaps maybe be enough to steer them to more sane votes on issues that affect us. They (or advisers) do read polls, tea-leaves, constituent feedback.
If they want to keep their jobs, tell them how! (They hate this, but when enough of us call/write, they sometimes take the hint.)
Once again, I stand and ask, "Why would anyone think that a man who bankrupted, not one, not two, but THREE casinos would be good for the economy? Because he CLEARLY doesn't understand what it takes to make money."
Help us out and give us a list of what you consider 'economic institutions'. That's a pretty broad description so hard to think about it. "If you have thoughts on other ways Trump is sabotaging our economic institutions that you think I should pay attention to, please drop me a line in the comments."
Since Powell is going to have more free time in the not too distance future, I think June would be a nice time for The Bulwark to start a Receipts podcast for Catherine and feature Powell as a regular guest. So many topics to cover, especially tariffs, tariffs, and tariffs.
I have question for John Deere's CEO. What is he doing about this beside cutting staff and making fewer tractors? Do the people losing their jobs know why? Of course now that their welfare checks are coming maybe farmers can afford to pay more for their farm equipment.
This addition to The Bulwark is much needed for those that can wrap their head around economic policy. I’m not one of those, but I trust those with broad knowledge of economics. I do understand how putting the Fed under the influence of this President would be a disaster. The American people need at least some understanding or trust experts. I have had my doubts about the breadth of knowledge of a lot of members of our legislature. They are certainly not “low IQ” with a few exceptions, but all of the things going on in the government and the way they interlock is very complex. “If you this, then that would result in that happening in another agency, that would result in this consequence for…” My wife occasionally asks me a question totally out of my professional reach, and if I tell I don’t know, she responds with, “You have a PhD and you should know that.”
suspect you'll update your piece after the 12 Regional bank presidents were approved/reappointed (?) today by the Fed?
I was in college in the 70's too, and I well remember how tuition went up every single term. I didn't realize it was because Nixon strong-armed the fed years before, though. Because of those events, a house we bought in 1989 had a fixed-rate mortgage interest of 12%. Oh yeah. I remember high inflation and I remember high interest rates. Those are two places I never want to go again.
Make Austerity Great Again - Stoicism is fun!
It seems to work for Putin, who Trump can't stop admiring.
This is truly scary! I remember the stagflation of the 70’s and if was awful! Took years to correct! Any chance this Fed regional bank idea can get to enough bond holders to get them to put up a fuss????
Thank you for the well written and understandable explanation of the fed and monetary policy. The delayed effects of these decisions are lost on most. I grew up in the 70s and remember the high mortgage rates, gas lines and inflation. Arthur Burns policies as fed chair under Nixon/Ford was the cause. It wasn't until Carter put Volcker in did the actions to get us out of the hole get put into place. He took a lot of flack but deserves credit for setting a course and keeping to it. I will continue to refer people who wish to learn more about fiscal policy.
Gas lines or NO GAS. I was traveling and no one had gas. Last gas station I went to was off the beaten path and closed so I pulled in to the pump station and slept there until they opened. College then and headed for a job interview. Got the gas, no job.
If he is allowed to place his hands around the throat of the Fed, by appointing someone like the grinning moron of a sycophant Kevin Hassett- terrifyingly said to be on the shortlist to replace Powell- then all his lost. Basically. However, even the craven cronies on the supreme court seem to grasp how this particular president cannot be granted full control over of our nation's economy. Even these robed dupes seem to grasp the threat. Can they be trusted to act accordingly, when the case of his firing board member Lisa Cook comes to their docket? The multi trillion dollar question. And Kevin Hassett is not the full story.
Because unfortunately, Trump is absolutely allowed to appoint Kevin Hassett. But the really critical case soon to arrive before them will be: can he fire Fed member Lisa Cook? If so, they will have given him the power to fire Fed board members at will. And so we may have Kevin Hassett heading a packed board of politically appointed compliant cronies.
Tariffs were the single biggest negative influence on the economy. First - do no harm. But no - He couldn’t help himself - had to prove something and will NEVER ADMIT his monumental blunder.
Thank you Catherine for opening this layman investor's eyes. Why has gold been skyrocketing over the last year? Seems obvious now that I've read your piece. Duh! The market is expecting (and will get) a sycophantic fed in 2026. Bad time to be a retiree: interest rates go down and prices go up.
There are solutions to these issues and others, though none are quick or easy. Surviving tRump will be a long slog:
* Join a local group that is organising responses to tRump. There are many; here are a few, no particular order
HTTPS://INDIVISIBLE.ORG/
HTTPS://WWW.NOKINGS.ORG/
HTTPS://WWW.ACLU.ORG/
HTTPS://WWW.LWV.ORG/
HTTPS://WWW.DIGITALDRUMBEAT.COM/
* Be sure you can vote. Each state's voting requirements change from election to election: HTTPS://VOTE.GOV/ and HTTPS://WWW.VOTE.ORG/ can help you!
* Does your state require citizens to have REAL ID to vote? How do you get REAL ID? Check here: HTTPS://WWW.USA.GOV/REAL-ID
* Be sure the identification you plan to use has the SAME NAME (First Middle Last) as the Voter ID you are presenting to prove you are you. Does one have a nickname? Did you legally change your name for ANY reason? That can be enough to prevent you from voting!
* If you plan to vote, make sure your Senators and Representatives know that! That will help them understand that voters are serious enough to VOTE THEM OUT OF OFFICE.
Maybe only a FEW of the GOP politicians will pay attention, but that could, possibly, perhaps maybe be enough to steer them to more sane votes on issues that affect us. They (or advisers) do read polls, tea-leaves, constituent feedback.
If they want to keep their jobs, tell them how! (They hate this, but when enough of us call/write, they sometimes take the hint.)
* Contact your Senators & Reps: HTTPS://WWW.CONGRESS.GOV/MEMBERS/FIND-YOUR-MEMBER
Once again, I stand and ask, "Why would anyone think that a man who bankrupted, not one, not two, but THREE casinos would be good for the economy? Because he CLEARLY doesn't understand what it takes to make money."
And I have yet to hear a MAGA voter explain that.
From the Fed's website:
"The Board ... is an agency of the federal government that reports to and is directly accountable to Congress."
https://www.federalreserve.gov/aboutthefed/fedexplained/who-we-are.htm
I think that makes it different from other agencies. It is not attached to the executive branch.
Help us out and give us a list of what you consider 'economic institutions'. That's a pretty broad description so hard to think about it. "If you have thoughts on other ways Trump is sabotaging our economic institutions that you think I should pay attention to, please drop me a line in the comments."
Thanks for joining the Bulwark! Important info we all need to know.