President Donald Trump is blaming Federal Reserve Chairman Jerome Powell for the nation’s current economic crisis, which in reality is a response to the president’s own mishandling of the coronavirus pandemic and global instability fears.
In the Oval Office on Monday Trump had an “explosive tirade,” the Washington Post reports, and turned to Steve Mnuchin, urging the Treasury Secretary to pressure Powell to take even more drastic action to fix the stock markets, which have plummeted in the past month. As of close today the DOW is in “bear market” territory, meaning it has lost at least 20 percent of its recent 52-week high.
“Trump fumed that Powell never should have been appointed and is damaging the nation and his presidency,” the Washington Post reports. Originally an Obama appointee, Trump elevated Powell when he nominated him to be Chairman of the Federal Reserve in 2017.
Mnuchin was not the only administration official Trump urged to pressure the Fed Chair.
“Trump’s push to prod Powell came during an Oval Office meeting where he also suggested to other officials that they should call the Fed chair and ask him to consider further interest rate cuts,” the Post says.
Trump’s personal business reportedly has millions of dollars in loans, and he “makes” money each time interest rates are cut, as Mother Jones and other news outlets have reported.
“Trump has told several confidants that he wishes he could remove Powell from his post, but he has mentioned the idea only in passing as he voices frustrations and watches the markets slide,” the Post also reports.
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