#EndtheFed’: Elon Musk endorses plan to let presidents meddle with Federal Reserve after Trump election win
https://www.cnbc.com/2024/11/09/elon-musk-endorses-trump-intervene-federal-reserve.html
Gross. Can we not allow this to get legs?
This is really what they call a "psyop".
Trump appointed the current Federal Reserve chair, Democrats meekly brought him round for another term.
The Fed repaid them by... taking action over the runup to the election that, according to its own economic theory, was expected to cause inflation to spike, knowing that inflation was widely considered the #1 issue driving voters to Trump.
I'd say it's more likely that this manufactured angst over the independence of the Fed is intended to build support for a Republican bill to expand the power and protection granted the Fed, so that the next term, which will be appointed by Trump again, may not even be up for reconfirmation by his successor. After all, if the grave fear is that Trump might replace the Fed chair, why shouldn't they lengthen terms to eight years or more (starting, as always, with the
next), or even allow Chairmen to appoint their own successors?
Over the last Presidential term, financial blogs have fastidiously documented the ways Treasury sec'y Yellen, considered a progressive by those for whom the word is an insult, has taken actions that economists regard as directly and indirectly contradictory to contemporaneous Fed policy. Will we now see the Treasury disempowered or even made subsidiary to the Federal Reserve?
The Republican understanding at this point is that the next Republican president will want to keep everything the way Trump puts it anyway, so they are more likely to act to make it harder for the next Democratic president to change it.