I called my Substack “Okay With This” because there are many things that happen in politics that end up not bothering me all that much as someone who’s not a dues-paying member of either of the major political parties.
The Democrats think I’m a MAGA-ott, and must have voted for Trump.
The Republicans think I’m not MAGA enough.
No, I call things as I analyze them, and dispense credit and blame as I deem appropriate.
Was it good for Obama to kill OBL in Pakistan? Absolutely. Was it good for Trump to kill Soleimani in Iraq? Also, yes.
This is big news last night and today.
Do I think Chairman Powell has done a good job? No, not in the least. Why is President Trump using the levers of government to mess with him? Trump wants the artificially-low interest rates extended. Why?
- Continue juicing the economy, and;
- The Federal Debt, which has increased by approximately $25 Trillion in the past fifteen years needs to be refinanced; many of the short-term bonds are coming due.
It is a continuation of President Trump’s retaliatory attacks against political opponents. Letitia James? Letitia James again Jim Comey? Paramount/60 Minutes? And so on…
Should Powell be replaced? I say, emphatically, “YES!” Interest rates are far, far, far too low, and have been for a while now. The Federal Reserve’s inflation calculations do not include energy, equities, and housing. Healthcare is also excluded. That change, made during the Clinton Administration, led to massive gains in the stock market and housing.
But those are the things that people spend money on.
I do follow a lot of Cato’s analysis on inflation, but I’m still not sure that artificially-low rates are sustainable with massive spending. “Both sides” are terrible.