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Powell for Fed Chair

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Legend
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Posted: #51
Quote Originally Posted by thirdperson:

Replacing Yellen is a bad decision because she has done such a good job.  US economy has done well in recovering from recession.  Unemployment and inflation are contained while GDP growth is solid. 

Risky in choosing someone to lead the most important monetary policy making body in the world.  When bad policies are potentially devastating, the safest course of action is the best one.  Continuity matters. For decades, that is why most Presidents often kept the same head of federal reserve regardless of political stripe.


It doesn't matter whether Janet Yellen has done a good job, Donald J Trump will repeal and destroy everything from former Pres. Barack Obama's legacy. Trump has done almost nothing under his administration but tries to destroy Affordable Care Act, Iranian Nuclear Deal, Paris Climate Accord, North America Trade Agreement, TPP,... gets rid of Yellen and fires FBI director James Comey. 

Trump's job is to destroy Obama's legacy. No wonder, Pres. 41 did NOT vote for him.  
 
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Posted: #52
Pres. 43 also did NOT vote for Donald J Trump.  
 
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Posted: #53
Quote Originally Posted by Europa:

Pres. 43 also did NOT vote for Donald J Trump.  


After what candidate Trump did to his little brother ,,I'm not surprised...

Bye the by .........JImmy Carter did not vote for Hillary Clinton..and neither did his wife Rosalynn Carter...
 
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Posted: #54
Quote Originally Posted by Europa:


Trump's job is to destroy Obama's legacy. No wonder, Pres. 41 did NOT vote for him.  


Not any surprise here either that G.H.W.Bush didn't vote for President Trump,,but it is astonishing ,, that he voted for Democratic nominee Hillary Clinton..................
 
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Posted: #55
Quote Originally Posted by wallstreetcappers:


My view does not matter too much since I was not running for president on the platform Trump was, I have been critical of the FED many many times but I am not a politician who made the claims he did/does.

My issue isnt who he picked rather that he constantly abuses and lies and does not follow through with his loud mouth. If he feels it necessary to abuse and intimidate then the onus is pretty big on him to do SOME of what he yaps about..if not he is a hypocrite period...I already thought he was anyway and this isnt the first nor the last time he will do it...

But as a citizen when do we hold this guy accountable for the abuses and claims when he does not act any different himself?

Its easy to call shots and attack others from the sidelines, easy to say what you would do when you are not in the seat, and Trump has done this for decades...he is a joke, a hypocritical joke.

As for what I would do, we are stuck the FED is stuck no question, so do we want to be Japan and be stuck for 20 years with zero growth and an aging population continually buying government paper and worse or should we look to reverse this and give chance to the future to unwind this and have options when something bad happens in the future?
Absolutely your view matters.  Mine matters.  Everyone matters that has an opinion.  It would be more hypocritical to 'abuse and intimidate' and then NOT replace someone.  Maybe after interviews, studying, and due diligence ---  Trump decided this fellow would be a better choice to suit his ideals.  It would be MORE hypocritical if the new guy does do exactly like Yellen and THEN Trump does not replace him.  I guess I just do not see it as hypocritical as much as a savvy compromise.
When you say 'zero growth' you have to allow that you have it properly defined when you say it, you have to allow that the FED could change it, and you have to allow that you would know a good change when you saw it.  
As you say, it is easy to call the shots from the sidelines.  We are all somewhat knowledgeable about what we do or do not like, or at least in our opinion we are.  For example, if we do not like the play a coach calls --- we have an opinion about what we think would have been a better play.  AND if we do not like a coach we think he should be replaced AND we also have an opinion,usually, about who should be the replacement.  AND when we see who the owner chose as the new coach we also think he chose the right or wrong coach.  We also, if we have more than a casual interest, have an idea of who the owner should have chosen instead --- if we disagreed with the owner's choice.
I see it the same here --- if we are someone that keeps up with business, economics, or politics, etc.  Or else we seem like a disgruntled fan that just hates ownership.  So you have to understand why someone asks a simple question about who your choice is when you SEEM to care about the subject.  We all know by now you do not like Trump.  So, it could be taken like that in this instance also.
 
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Posted: #56
Not clear on what growth you are referring to?  Growth beat expectations and continues to grow.  Not like it is stagnant?  Or were you referring to something else?
 
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Posted: #57
Quote Originally Posted by Raiders22:

Not clear on what growth you are referring to?  Growth beat expectations and continues to grow.  Not like it is stagnant?  Or were you referring to something else?

Reference was how Japan has gone for two decades with little to no growth with their central bank buying their gills full of government paper AND propping their markets.

If the FED does not unwind into what little growth we have, then what happens when either a shock comes or growth slows to less than inflation? The FED will not only have to do more but they were unable to unwind this decade long accumulation. Powell does not have any history of unwind philosophy, unlike some other FED heads, I've not seen anything from him in what he writes or comments on that suggests he is different than Yellen, in fact it is my opinion he could be even more dovish..

The longer rates are extremely suppressed the more debt the government will think they can float, the more corps will lever and the more addicted the economy becomes on these rates and the greater the odds of growth will decline.
 
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Posted: #58
Yes.  Japan had more issues than that.  We also have that and more issues.  You are right about that.  Real GDP went up last couple of years after '14 but looks to be down this year even after the last quarter.  But should still end up around 2%.  GDP should end up close to 4% and that's about what it has been since '05-'06.  So at least it turned around since '08-'09 and looks to have stabilized.  But of course it is a concern.
 
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Posted: #59
Look at this link and maybe this would help you decide better.  Frankel does good analysis usually and this is pretty decent by him on the candidates.  He seems okay if Trump chose Powell.  He also gives Yellen credit for what has gone right as well.

https://www.belfercenter.org/publication/choice-candidates-fed-chair
 
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Posted: #60
Quote Originally Posted by Raiders22:

Look at this link and maybe this would help you decide better.  Frankel does good analysis usually and this is pretty decent by him on the candidates.  He seems okay if Trump chose Powell.  He also gives Yellen credit for what has gone right as well.

https://www.belfercenter.org/publication/choice-candidates-fed-chair

My point wasnt about the choice...Powell is a status quo pick, much like Yellen was after Ben, keeping things going as they are/were.

My point is about Trump and his decision making, that he is a hypocrite for blasting the FED and Yellen and keeping things as they were previously. It is disingenuous and phony. I dont mind if someone is outlandish with their style. I do mind when someone is openly abusive and disgusting like Trump is, but Sanders is similar in his extreme views relative to the norm and if he were president and pulled the crap Trump has, I would be saying the exact same thing.

OR...if the clown would come out and own up to his mouth and retract his moronic abusive treatment and admit that he did not understand how things function and that he maybe should not have been as abusive that changing the process is a slow and tedious process..I would have SOME respect for that...at least owning up to your abusive destructive attacks might mean something.

Powell being chosen isnt the issue, his status quo approach isnt the issue, Trump is the issue. Dont come and bash someone and make claims then fail to fulfill when you are in charge.


 
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Posted: #61
Ok.  Just not sure he completely status quo because he not economist and has some outside experience.  But as far as rates he does seem to agree with Yellen, which is why I think a decent compromise.  Sure he could have gone way out on a limb and picked an unknown.  But no chance of someone like that being approved. 
So, he had to make a change --- but had to choose from a limited few.  So, in that instance you would say he went status quo --- no matter who he picked.
 
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Posted: #62
Quote Originally Posted by Raiders22:

Ok.  Just not sure he completely status quo because he not economist and has some outside experience.  But as far as rates he does seem to agree with Yellen, which is why I think a decent compromise.  Sure he could have gone way out on a limb and picked an unknown.  But no chance of someone like that being approved. 
So, he had to make a change --- but had to choose from a limited few.  So, in that instance you would say he went status quo --- no matter who he picked.

I'd rather he went out on a limb and the person was not approved...at least that would be some REMOTE attempt to do even a LITTLE of what he campaigned on...even if the pick gets tossed out, someone that represented a small part of what Trump blasted about would be better than this guy.

I am not sure why you are stuck on if the person is an economist or not, the issue is of how the person will lead policy and rate decisions....and there is nothing I see from Powell that gives me any indication he will stray from the status quo. The ONLY teeeny tiny blip is he wants to remove small banks from the Dodd Frank rules, but who knows what the guy really thinks because until now his part in the game has been just a cog in the machine.

If you campaign in extremes then you need to act in SOME way similar to what you lie to your voters about to get elected. Trump will say whatever he thinks even if he does not back it up with action or in how he makes decisions. And that is mega hypocritical. 

As I said, if Sanders were elected and he did not take action on his platform promises (as in many cases they are pretty extreme from the norm) I would take issue..but Sanders does not go and personally attack those he disagrees with even to a remote fraction of how our disgusting pathetic president does.
 
 
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Posted: #63
Yeah. Kinda would've been like something you'd expect Trump. But having to choose from the board of governors, he kinda went a tad astray from what most wanted by picking the non-economist is my point. Who else could've he have picked from them?  Think like you do that he had to opt for someone besides Yellen though.  Guess only other choice would've been someone that disagrees with Yellen. But there are all economists. And Trump has long said he preferred a non-economist, which is the guy he chose. 
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