Trump expressing unhappiness with Mnuchin: report

[DonViejo]

Source: The Hill



BY CHRIS MILLS RODRIGO - 11/23/18 05:03 PM EST

President Trump has been expressing dissatisfaction with Treasury Secretary Steven Mnuchin, the Wall Street Journal reported Friday.

Trump reportedly blames Mnuchin for backing Federal Reserve chairman Jerome Powell and for recent volatility in the stock market. The president has publicly sounded off on Powell's decision to raise federal interest rates, claiming that it's endangering the country's economic growth.

Trump called the Fed his "biggest threat" during an October interview and suggested that he may have made a mistake appointing Powell. Mnuchin praised Powell in August as a "phenomenal leader," shortly after Trump called him out.

According to the report, Trump is also pinning the turbulent stock market on Mnuchin. The president said, "If he’s so good, why is this happening?” someone familiar with the matter told the Journal.

Read more: https://thehill.com/homenews/administration/418041-trump-expressing-unhappiness-with-mnuchin-report

[empedocles]

1. and expressing unhappiness with just about everyone else - as is his custom

[Lindsay]

2. Yup.

It's a day ending in "y."

[NRaleighLiberal]

3. Trump hates - loathes - himself, so he will loathe everything and everybody. He is a sick person.

[Maxheader]

10. Very sick...

But I won't cut the bastard any slack for being a level B dementia

[pangaia]

11. One of few to go to the core. His self-hatred.

That psychology kills everything it touches.

I am amazed he is still alive.

[duforsure]

4. More for news cycle

And to distract away from other issues. Don't fall for it media and refocus on the bad news against him and his family , and the russia stuff .

[msongs]

5. nice analysis/opinion piece - gotta love thos anonymous un named sources lol nt

[Ilsa]

6. Go ahead and fire him. It'll be fun to witness

over 100% turnover in his administration in less than two years.

This only points to the fact that he doesn't have a fucking clue.

[mtngirl47]

9. This! n/t

[NCjack]

7. The Secretary of Treasury does nothing but take his trophy wife

to social parties. The Orange Menace should fire him and personally take on the party duties.

[TexasBushwhacker]

8. So much winning n/t

[GulfCoast66]

12. Best cabinet ever! Who will they get to join this shitshow?

[FakeNoose]

14. He hires anybody who bends over and kisses the ring - and then he fires them!

[flibbitygiblets]

16. That is f**king awesome.

Mr. Giblets appreciated this one as well.

[paleotn]

19. Perfect!

[SWBTATTReg]

13. Ridiculous presumption on rumps' part if he feels like Mnuchin has anything to really ...

do w/ the way the markets are moving. Ridiculous. It just goes to show how ignorant he is, on a daily basis.

[LastLiberal in PalmSprings]

15. So when the market goes up, Trump takes all the credit. If it falls, its someone else's fault.

The effect of the Trump Tariffs doesn't appear in his analysis.

[flibbitygiblets]

17. Religious people do this also: Something good happensGod is happy with you. Something bad?

If something bad happens, well that obviously has nothing to do with God. (Unless you are a liberal, in which case all unfortunate outcomes are God's wrath.)

I wonder what religious people think about the missionary killed by the Sentinel island tribe while trying to "spread the word"?

[paleotn]

18. Idiot. The fed should have started raising rates a long time ago.

Artificially low interest rates have created a corporate debt bubble. Particularly with lower quality debt. What happens when those companies have to roll over that debt?...with much of the proceeds burned to buy back equity shares, boosting stock prices short term, instead of on productive capital investment. That's certainly starting to unravel, with Nov. being brutal for equity markets.

https://www.cnbc.com/2018/11/21/theres-a-9-trillion-corporate-debt-bomb-bubbling-in-the-us-economy.html

https://www.forbes.com/sites/jessecolombo/2018/08/29/the-u-s-is-experiencing-a-dangerous-corporate-debt-bubble/#3d8b47bc600e

https://www.washingtonpost.com/business/economy/beware-the-mother-of-all-credit-bubbles/2018/06/08/940f467c-69af-11e8-9e38-24e693b38637_story.html?utm_term=.de504c9fe17a

Another potentially damaging side affect is how this will play out for the debt heavy frackers. They've been fracking like mad with relatively high oil prices and cheap debt. With oil prices down, thanks to another of shitler's stupid ideas, and interest rates rising, we may see a fracking bust, causing a drop in supply and a potentially nasty spike in future oil prices. I don't like fracking anymore than anyone else, but I also worry about the impact of $4 gas.

With the disaster that is our policy on Iran and the fact that Saudi probably doesn't have the excess capacity to make up for fracking losses, we may be in for some expensive driving. Then again an oil price spike would pull the Canadian tar sands guys butts out of the fire they currently find themselves in. What a tangled mess of impacts to the global economy and climate change. All because we have a policy toddler in the white house who has no clue what market stability even means.

[smirkymonkey]

20. +1000

[truthisfreedom]

21. They won't let him print money, so he goes after

Stoking the fire until he burns the economy down. If he understood money he wouldn’t have run multiple casinos into the ground. Casinos... WHERE THE HOUSE ALWAYS WINS.

[FakeNoose]

23. Except in Cheeto's case

... the House doesn't win, it launders money for the Russian Mob. Until it runs out of money and then it goes belly up.

[TomCADem]

22. Bernie Sanders Op-Ed: To Rein In Wall Street, Fix the Fed (Said Same Thing as Trump!)

I wonder whether Bernie Sanders will support Trump given that Bernie Sanders has said the same thing as Trump. Indeed, maybe Trump is just once again hijacking Bernie Sanders' playbook. First, trade. Now, attacks on the Fed.

https://www.nytimes.com/2015/12/23/opinion/bernie-sanders-to-rein-in-wall-street-fix-the-fed.html

WALL STREET is still out of control. Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time.

To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.

The recent decision by the Fed to raise interest rates is the latest example of the rigged economic system. Big bankers and their supporters in Congress have been telling us for years that runaway inflation is just around the corner. They have been dead wrong each time. Raising interest rates now is a disaster for small business owners who need loans to hire more workers and Americans who need more jobs and higher wages. As a rule, the Fed should not raise interest rates until unemployment is lower than 4 percent. Raising rates must be done only as a last resort — not to fight phantom inflation.

What went wrong at the Fed? The chief executives of some of the largest banks in America are allowed to serve on its boards. During the Wall Street crisis of 2007, Jamie Dimon, the chief executive and chairman of JPMorgan Chase, served on the New York Fed’s board of directors while his bank received more than $390 billion in financial assistance from the Fed. Next year, four of the 12 presidents at the regional Federal Reserve Banks will be former executives from one firm: Goldman Sachs.