Grifters Gotta Grift
Comrade Trump has demonstrated that he doesn’t understand The Federal Reserve since the beginning:
This Janet Yellen of the Fed. The Fed is doing political — by keeping the interest rates at this level. And believe me: The day Obama goes off, and he leaves, and goes out to the golf course for the rest of his life to play golf, when they raise interest rates, you’re going to see some very bad things happen, because the Fed is not doing their job. The Fed is being more political than Secretary Clinton.
So he You’re Fired’ed Janet Yellen for not being tall enough as he cast his reality teevee administration, and hired (tall person?) Jerome Powell, to you know, do the political. So when Powell noticed that Prznint Tax Cuts was overheating the economy at the exact moment when it really didn’t need to be heated up, Powell had no choice but to raise interest rates and the blood pressure of Prznint Stupid:
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!
— Donald J. Trump (@realDonaldTrump) December 24, 2018
(Interesting side note: Comrade Putter has had 154 golf outings as of Thanksgiving weekend, usually at his own properties, but he was not at Merde-a-Lardo this holiday; odd his description of the Fed as failed golfer, innit?)
But as we know, Prznint Stupid only listens to his gut (and given his, um, eating habits I think we all know what THAT means), the gut that knows more about stuff than any advisor ever will, and as he has stated that the Federal Reserve exists to help him score political points, so when Powell started raising interest rates per his job description, he caught Comrade Trump by surprise and made him vewy, vewy angwy, and now every chance he gets he pisses and moans to the press his displeasure at his hand-picked chairman.
As far as I can tell, no presidents have openly criticized the Fed, which is considered an independent institution, but Prznint Stupid is not most presidents. Pundits who are paying attention to Comrade Stupid’s rants about the Fed tell us that he is enraged that Powell could torpedo his chances in the 2020 Goat Rodeo.
Could there be another reason he’s so bent out of shape? A more Trumpian reason?
Every time the Fed raises rates, Trump’s payments on some $340 million in variable-rate loans go up. Since his January 2017 inauguration, the Fed’s steady rate hikes may have added a cumulative $5.1 million a year to his debt service costs, according to a Bloomberg News analysis of the president’s financial disclosures and property records.
If Federal Reserve officials raise interest rates by another quarter-percentage point when they meet December 18–19, as investors expect, make that $6 million per year.
That might not seem like much to a billionaire. But the president is renowned for his preoccupation with preserving his wealth. He once cashed a 13-cent check and, according to a lawsuit by the New York attorney general, has used money from his personal charity to settle business disputes. Trump has denied misusing charity funds. . . . Trump’s privately held company doesn’t disclose its performance, but there are signs business has slipped since he took office. An ambitious plan to launch new hotels in dozens of cities faltered, and Trump-branded buildings in Manhattan, Toronto, and Panama City have dropped the president’s name.
I know it is shocking for me to suggest that our Grifter-in-Chief might be putting his balance sheet ahead of the country, but, you interest on his colossal debt must be part of whatever has gotten his Depends in a twist. That’s bankable.