Trump urged Mnuchin to pressure Fed's Powell on economic stimulus in explosive tirade about coronavi

[brooklynite]

Source: Washington Post

President Trump, in an explosive tirade Monday, urged Treasury Secretary Steven Mnuchin to encourage Federal Reserve Chair Jerome H. Powell to do more to stimulate the economy, three officials familiar with the exchange said, revealing the president’s mounting fury as his administration struggles to corral economic fallout from the novel coronavirus.

Trump has frequently complained about the Fed in public for at least two years, but his latest effort to pressure Mnuchin to privately push for action has not been previously reported.

During that tense Monday meeting in the Oval Office, Trump fumed that Powell never should have been appointed and is damaging the nation and his presidency.

He then told Mnuchin, who had encouraged Trump to nominate Powell in 2017, to engage with the chair and ask him to take more dramatic steps to arrest the stock market’s plummet, according to three White House officials and a senior Republican. The people spoke on the condition of anonymity because they weren’t authorized to reveal the exchange.

Read more: https://www.washingtonpost.com/business/economy/trump-urged-mnuchin-to-pressure-feds-powell-on-economic-stimulus-in-explosive-tirade-about-coronavirus/2020/03/11/db7bfeea-63c9-11ea-b3fc-7841686c5c57_story.html

[BigmanPigman]

1. "Urged" Mnuchin

is the same as "explosive tirade" and "fumed"?

Why would anyone voluntarily want to work for him? Really?!?

[Frasier Balzov]

2. Plunge Protection Team to the rescue!

https://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

[jvill]

3. Yeah, because panic sells well on Wall Street.

The window is closed, Fed can't do anything now.

Worse, it would blow what little ammunition the Fed has for when the Trump Recession really kicks in next quarter.

[yaesu]

4. The plunge protection team will be getting a workout in the morning, they better get some sleep. NT

[LudwigPastorius]

5. 0% Fed rate coming next week.

We’ll probably slip into a major recession anyway, except this time there is no room to do anything about it interest-rate-wise.

And, god forbid if inflation starts rising. Trump’s years of artificially juicing the economy with rate cuts has fucked us all.

[pbmus]

7. Deflation before inflation....

Deflation is when to much supply meets little demand...ex...MAGA hats, MAGA straws

Inflation is when to little supply meets much demand...ex...private jets, yachts over 100 ft long, condos on the Mediterranean

[LudwigPastorius]

8. Stagflation is when the Fed increases the money supply to try to get the economy going again, but...

all it does is make prices go up

See: 1973

Yep, Trump is going to out-Nixon Nixon.

[pbmus]

9. If you somehow think the Con will mail you a 1000 dollar check for sitting at home

Something yanglike, not in this lifetime...

Democrats are looking at payroll taxes and unemployment insurance for 99 weeks...

Republicans are looking for sba loans for there poor business owners...

A couple hundred billion , not the 2 trillion dollar balloon he gave the richest of our rich...

[LudwigPastorius]

16. And, those of us who work in the gig economy are...on our own.

Sole proprietor independent contractors receive no payroll checks and don't get unemployment.

I guess, technically, I'm a small business owner, but I seriously doubt there's going to be any kind of interest free loans coming my way soon.

Maybe I can live off the land, eating tree bark and sleeping in a mud hut.

[DENVERPOPS]

10. What comes next?

Paying the corporations to borrow money???????? LOL

[duforsure]

6. What trump wants is to drop interest rates more for himself,

Which will make the recession worse and last longer. Everything trump is doing is hurting us, and will make things worse. We could even be looking at a depression if he continues doing the same things that were done in the 20's, like giving more tax breaks to the wealthy , again. We're already in a recession, and the pandemic has only started here, and with out the proper tests available because of trumps failure to do anything. He knows it too or he wouldn't be claiming others are responsible, or promoting excuses.

[DENVERPOPS]

11. Trump borrow money?????????

I think it has been more than proven repeatedly over the past ten years that the only person who will loan him money is
his old butt buddy Putin......Except Putin has more than gotten his value out of loans to Trump, and Putin will kick him to the curb having outgrown his usefulness......

Here in the U.S. we should be arguing what punishment is best for Trump, his spawn, and the top 200 members of his Republican administration, along with the Entire Republican Senate, a ton of his Judicial Appointees, and throw in a whole big bunch of Supreme Court justices......

Load them all up on some 747's and send them all to Russia (with love) and see how they are all welcomed there, now that Putin has finished using them to fulfill his lifetime dream of bringing down the U.S. without ever having to fire a single missile.......

[beachbumbob]

12. lol, any and all packages need to go thru congress, PPT can do so much and NOTHING for workers

[IronLionZion]

13. People are quite literally sick of winning

[2naSalit]

15. +1

[SWBTATTReg]

14. I don't think anyone who explodes into an explosive tirade is fit to govern. Perhaps time to ...

remove this so called president?

We don't need someone in control like this, w/ lots of loose screws, and is flipping off into the deep end. We have enough of this already.

And, answer me this, just what can the Federal Reserve do to 'goose up' the economy? If people are scared to go out and shop, spend their money, etc., and with the CV, we're supposed to avoid crowds etc., just how are you going to stimulate the economy?

And your answer is to throw a temper tantrum?

Idiot.