1/8th of US Economy Erased Since Fed Chair Spouted Off in October — $4 Trillion in Wealth GONE — Fire This Jackass Already
by Jim Hoft
TheGatewayPundit.com
December 17, 2018
On Monday December 17, 2018, President Trump tweeted out a fresh attack on the the Federal Reserve.
The Fed is clearly a political machine not working in the interest of President Trump or the American people. As a result of Fed policies Americans are being bound with massive interest payments on Obama debt for years to come.
The Dow Jones shrank by 2,700 points since the Fed’s Jerome Powell’s insidious comments in early October to continue to increase interest rates.
Update— And after today the Dow is down 3,200 points since its high on October 3rd.
The DOW reached another all-time high on October 3rd reaching 26,829. It was up for the 103rd time since Donald Trump was elected President and 46% since the November 2016 election.
This was clearly too much for the Fed’s Powell who then scared investors with his message that he will raise rates well into next year.
“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.”
On Monday after the president’s tweet the Fed announced it would likely raise rates — The Dow immediately dropped another 507 points.
1/8th of the US economy is gone thanks to the Federal Reserve.
$4 Trillion in Wealth has been erased!
Via Lou Dobbs Tonight:
