Federal Reserve Cuts Interest
Rates by 25 Basis Points – Fed Chair
Powell Says He Won’t Step Down if Trump
Asks For His Resignation (Video)
Gateway Pundit,
by
Christina Laila
Original Article
Posted By: Imright,
11/7/2024 4:08:11 PM
The Federal Reserve cut interest rates by 25 basis points – or 0.25% – on Thursday after President Trump’s landslide victory.
The latest rate cut comes after the Fed slashed rates 50 basis points in September.
The benchmark rate is between 4.5% to 4.75%
Fed Chairman Jerome Powell told reporters on Thursday that he will not resign his position if Trump asks him to step down “If [Trump] asked you to leave, would you go?” a reporter asked Fed Chair Powell.
“No,” Powell said.
“Do you think that legally you’re not required to leave?”
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Reply 1 - Posted by:
sunset 11/7/2024 4:18:51 PM (No. 1828416)
Persuasive methods may be required to effect his exit, but he will be replaced whether he likes it or not.
62 people like this.
Reply 2 - Posted by:
DVC 11/7/2024 4:33:53 PM (No. 1828430)
Trying to pump up inflation now.
46 people like this.
Reply 3 - Posted by:
Highlander 11/7/2024 4:56:14 PM (No. 1828452)
If a president hired him, a president can fire him!
52 people like this.
He’s playing a word game. There is no “chair” of the Fed. They are a group of equals and pick a leader among themselves.
Trump can fire him from the board of governors per the statute. It allegedly requires cause, but Trump presumably decides what is cause. It’s also of questionable constitutionality, as executive authority is solely given to the president. He can fire at will.
51 people like this.
Reply 5 - Posted by:
Ida Lou Pino 11/7/2024 5:00:12 PM (No. 1828457)
Why is there a Federal Reserve? It was a concoction of the racist communist Woody Wilson - - and it has failed to see or anticipate every recession and depression for ovwer 100 years.
It's about time someone drove a stake through the heart of this beast. President Trump - - please whack this monster!
56 people like this.
Reply 6 - Posted by:
JoElla Bee 11/7/2024 5:07:21 PM (No. 1828465)
There are some interesting comments beneath this article at the site regarding how the Federal Reserve came to be, and how to remove it, and Powell.
What are some Ldotter thoughts on that?
13 people like this.
Reply 7 - Posted by:
BarryNo 11/7/2024 5:10:49 PM (No. 1828469)
Then perhaps he will be shown the door?
16 people like this.
Reply 8 - Posted by:
FJB 11/7/2024 5:27:46 PM (No. 1828483)
I'm really enjoying all these L.com posts about how gracious Lefty Drat losers are being in their miserable defeat! MAGA
28 people like this.
Reply 9 - Posted by:
slipstik 11/7/2024 5:36:39 PM (No. 1828491)
Wasn't there once a television show where "YOU'RE FIRED" a repeated mantra? Wasn't one of the players in this drama the person who regularly uttered that phrase? Does anyone think he won't say it again?
27 people like this.
Reply 10 - Posted by:
itsonlyme 11/7/2024 5:40:57 PM (No. 1828496)
You'll go if you are TOLD to go
31 people like this.
Reply 11 - Posted by:
thefield 11/7/2024 5:48:25 PM (No. 1828502)
Snowboarding, he is being considered for treasury.
10 people like this.
Reply 12 - Posted by:
jhpeters2 11/7/2024 5:54:28 PM (No. 1828510)
Cue the financial guru of the democrats to come to Powell's aid - Fauxcahantas Warren. By lowering the rate a quarter Powell is rubbing his hands together and is hoping inflation rises. And Warren will be performing a magical leftist version of an inflation dance.
16 people like this.
Reply 13 - Posted by:
Venturer 11/7/2024 6:26:03 PM (No. 1828541)
Trump may not ask, he may demand and there are ways a President has that can assure the result.
20 people like this.
Reply 14 - Posted by:
Nimby 11/7/2024 6:32:17 PM (No. 1828545)
He is a failure at his job and he wants to hang on to it?
22 people like this.
Reply 15 - Posted by:
Catherine 11/7/2024 6:53:52 PM (No. 1828556)
Stop his paychecks. That should do it.
24 people like this.
Reply 16 - Posted by:
John Farson 11/7/2024 7:06:16 PM (No. 1828565)
The president is the boss. The supreme court’s ruled that the president is in a position to fire anyone who works under him.
Head of the FBI, CIA , Secret Service, makes no difference.
Anyone who works under Trump can be fired. Period.
22 people like this.
Reply 17 - Posted by:
DVC 11/7/2024 7:56:45 PM (No. 1828592)
Re #3, actually under Fed Reserve rules....nope. Fed Reserve is 'independent', set up that way in early 1900s for good or bad.
11 people like this.
Reply 18 - Posted by:
snowoutlaw 11/7/2024 9:46:27 PM (No. 1828692)
His term ends in 2026 so he's gone soon, no need to fire.
5 people like this.
Reply 19 - Posted by:
JimBob 11/7/2024 10:47:13 PM (No. 1828722)
Interest rates affect inflation, but so do many other factors.
I remember the 1970's, the founding of the OPEC cartel, and the resulting huge price increases in petroleum, which drove inflation regardless of what the Federal government did.
The Fed's interest rate tool does affect economic activity and thus indirectly affects inflation, but it is a blunt tool, and the wrong tool for the present inflation which I believe is caused by energy prices and Federal overspending.
If Trump's policies increase the petroleum supply and drive down prices, which lowers the cost to produce and transport everything, and if he is successful in cutting Federal spending so that there is not a flood of cash in the market which in turn reduces the value of each dollar, prices increases will slow to a crawl, and prices may actually start falling.
Economic Disaster may be averted, but it won't be easy.
7 people like this.
Reply 20 - Posted by:
Strike3 11/8/2024 6:16:29 AM (No. 1828850)
Right now it's just another media-created fantasy.
6 people like this.
I hope Ron Paul is offered the job.
8 people like this.
Reply 22 - Posted by:
Dodge Boy 11/8/2024 8:39:39 AM (No. 1828971)
Chairman Powell has the worst job on the planet. There is nothing positive about his job except to try keeping the US dollar afloat. I don't have a problem with Powell. But I do have a problem with the Federal Reserve being our central bank.
If you have some time for some serious reading, buy the book, "U.S. Money vs. Corporation Currency, Aldrich Plan: Wall Street Confessions! Great Bank Combine" by Alfred O. Crozier. Crozier wrote the book in 1911 when the Federal Reserve's predecessor, the National Reserve Association was around. Crozier also discusses how the House of Rothschild influenced the formation of the National Reserve Association.
As Crozier points out throughout the book, greed, graft, and corruption within America's financial system was quite alive and well 113 years ago.
7 people like this.
Reply 23 - Posted by:
Zigrid 11/8/2024 9:54:01 AM (No. 1829047)
Hanging on for that last claim to glory and power...he's made a mess of our economy and there's something to be said for exiting stage right when your time is up....and not waiting for the hook to pull you off stage.....what's he waiting for...he must do as the President says...and President Trump 47 is on his way...so I think the outcome is pretty much determined....it's a countdown now....60 days left....look in the mirror...you're through....
4 people like this.
Do him one better, abolish the FED.
7 people like this.
Reply 25 - Posted by:
MickTurn 11/8/2024 12:04:23 PM (No. 1829188)
Hmm...a Raid by the FBLIE at 3 in the morning, terrorize his family like they did to Mr. Stone.... I think he will get the MESAGE!
3 people like this.
Reply 26 - Posted by:
Hermit_Crab 11/8/2024 12:54:43 PM (No. 1829230)
How about getting rid of the Corrupt Federal Reserve FIAT system completely... Maybe BRICS will let us in. ;-)
3 people like this.
Reply 27 - Posted by:
Miceal 11/8/2024 1:41:33 PM (No. 1829288)
Awfully arrogant appearing little person. Someone remind him the Congress will be controlled by Republicans.
2 people like this.
Reply 28 - Posted by:
janjan 11/8/2024 7:22:51 PM (No. 1829575)
Don’t test Trump. He has a clear mandate and will soon have the power of the Presidency. If he wants Powell gone, he will be gone.
2 people like this.
Reply 29 - Posted by:
NeonVortex 11/8/2024 8:21:14 PM (No. 1829623)
Oh yes you will, tough guy.
0 people like this.
Reply 30 - Posted by:
Lawsy0 11/8/2024 8:45:16 PM (No. 1829639)
Powell thinks more highly of himself than he ought to think.
0 people like this.
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