Who Knows What Trump Might Do to the Fed?
At the end of last week, the men and women who decide the world’s monetary policy and supervise its banking system gathered at Jackson Hole, Wyoming. And there, the financial press sat on the edge of their chairs to hear what Fed chair Janet Louise Yellen would say. She hadn’t spoken publicly in the last two months.
Ms. Yellen once had such a bright future. She was a spectacular student – at Fort Hamilton High School in Brooklyn, then at Brown, and then at Yale. She always got the highest marks and the greatest accolades. She had such a promising future. Everyone said so. It was such a great opportunity, too.
With over $13 trillion in bonds now yielding less than nothing (thought to be impossible for the last 5,000 years), with the economy struggling to make any headway – despite worldwide stimulus on an epic scale (Friday brought news that U. S. GDP grew at an annualized rate of just 1.1% in the second quarter)…
…with the median household wage down about 20% (when adjusted properly for inflation) since Yellen joined President Clinton’s Council of Economic Advisors and began helping to shape economic policies…
…and with Republican presidential nominee Donald Trump speaking directly to the plain people of the United States of America and telling them that the system is rigged against them!
Ms. Yellen has not said publicly who she will vote for in November, but we’ll bet dollars to donuts it is a certain HRC. The last thing she wants is a loose cannon in the White House. Who knows what Donald Trump might do to the Fed if he were elected?
This post was published at Acting-Man on September 3, 2016.
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