I could listen to and watch Treasury Secretary Scott Bessent all day long. He’s brilliant with communications and easy on the eyes. (He sounds like he’s not feeling well in this video, though.)
He makes my heart flutter when he says things like, “What we need to do is examine the entire Federal Reserve institution and whether they have been successful.”
Oh my gosh, yes please! Then END THE FED.
Bessent made the comments on CNBC’s Squawk Box:
I think that what we need to do is examine the entire Federal Reserve institution and whether they have been successful. I’m speaking, actually, I’m going to be in the building this evening. There is a regulatory conference that begins tomorrow. I’m the keynote speaker tonight, talking about regulation the Fed as well monitor deals with monetary policy, regulations, financial stability.And again, I think that we should think has the organization succeeded in its mission? You know, if this were the FAA and we were having this many mistakes, we would go back and look at why. Why has this happened?I mean, look at the, as you said, at the top of the at the top of this broadcast, there were, there was fear mongering over tariffs. And thus far, we have seen very little, if any, inflation. We’ve had great inflation numbers.So, you know, I think this idea of them not being able to break out of a certain mindset, you know, all these PhDs over there, I don’t know what they do. I don’t know what they do. This is like universal basic income for academic economists.
The Federal Reserve has been at the forefront due to its inaction on interest rates. Rumors have floated that President Donald Trump would fire Jerome Powell.
Trump denied the rumor, but mentioned that he could do it for fraud. He mentioned the $2.7 billion renovation of the Federal Reserve building, claiming Chairman Jerome Powell “didn’t have proper clearance” to start the project.
It’s all political, playing games with our money. Suspicions over Powell skyrocketed when the Fed cut rates by 50 basis points (0.50%) in September 2024. People accused him of trying to help Kamala Harris in November.
The Fed made this decision despite high inflation numbers and no signs of the inflation rate decreasing.
Our inflation has gone down, except last month, since Trump took office, and now Powell takes a cautious stand. Weird.
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