(National Sentinel) Wrecked: The Dow Jones Industrial Average fell another 500-plus points on Monday, adding to the 2,700 points the index has lost for the year.
That’s a total of about $4 trillion in wealth that’s been lost in the latter part of this year.
There is one man responsible for it and his name is not Donald Trump.
It’s Jerome Powell, the chairman of the Federal Reserve.
The Dow reached another all-time high on October 3rd reaching 26,829. It was up for the 103rd time since POTUS Trump was elected and 46 percent since the November 2016 election.
Later that month Powell warned that the Fed would need to start aggressively raising interest rates in order to stave off ‘inflation,’ but there isn’t any runaway inflation and no reason to jack up rates that will also make it more expensive for the federal government to service its massive (and growing) debt.
Powell warned again on Monday that rate increases well into next year were necessary — again, to stave off imaginary inflation.
Federal Reserve Chairman Jerome Powell said the central bank has a ways to go yet before it gets interest rates to where they are neither restrictive nor accommodative.
In a question-and-answer session Wednesday with Judy Woodruff of PBS, Powell said the Fed no longer needs the policies that were in place that pulled the economy out of the financial crisis malaise.
“The really extremely accommodative low interest rates that we needed when the economy was quite weak, we don’t need those anymore. They’re not appropriate anymore,” Powell said.
“Interest rates are still acommodative, but we’re gradually moving to a place where they will be neutral,” he added. “We may go past neutral, but we’re a long way from neutral at this point, probably.”
POTUS Trump is furious and with good reason. This man is tanking the record-setting economy built by his pro-growth policies and the GOP tax reform legislation.
“It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike,” Trump said in a tweet on Monday. “Take the Victory!”
It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!
— Donald J. Trump (@realDonaldTrump) December 17, 2018
Before you say the president is just mouthing off again and that he doesn’t know what he’s talking about, check that and remember that before he was president he was a billionaire businessman with international reach. If any president in modern history has an expert’s grasp of the U.S. economy it’s POTUS Trump.
And he sees Jerome Powell tanking it — for some reason.
Perhaps it’s time for the president to find a Fed chairman who understands our economy as well as he does — before Powell wipes out trillions more in wealth that Americans are counting on for their retirement.
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