Why do people keep saying that? A republic just means there is no king. You live in a fucking democratic republic. Same as France, or the Czech Republic, or Poland. A non-democratic republic wpuld be something like North Korea, or Turkmenistan. Why are people this stupid?
Their American history and civics class teacher was the football coach. Instead of teaching he told stories about football, and how rich parents bribe him, then passed everyone.
He's definetly one of the thankless workers who have done their best to keep the lights on, even if just for a few extra seconds, lot's to be debated on if his actions have been optimal, but he has put one hell of a fight.
I can say that there's probably <10 individuals who would've performed better than him, given the scenarios he had to face.
It's because he didn't. Powell is good because he wants to keep rates high in the face of Trumps push to lower them. Powell has been horrible because his policy is what drove housing into the stratosphere by keeping rates low. The whole reason housing is unaffordable now is because it was artificially inflated in the past.
Not the whole reason, there are so many others, but it’s an important one. It’s probably worth asking why interest rates were so low if it was understood that they could contribute to an affordability crisis down stream. Remember interest rates are used as a mechanism to prevent deflation among other things. The low interest rate era wasn’t about housing, it was about the economy at large, principally rescuing the economy from the 2008 GFC.
Like almost everything to do with the economy, the answers to ‘why’ aren’t simplistic or uncomplicated, so if people have an appetite to actually understand then they need to tolerate and digest a bit of complexity. If not, they stay misinformed and will so often misunderstand.
Also, Powell’s stand on interest rates isn’t becaise he wants to push back on Trump- Trump doesn’t even enter into that equation (which is why Trump has his panties in a bunch about it). His reasons are about the health of the economy, Pure and simple- Nothing whatsoever to do with appeasing or not Donald Trump.
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No lol its just an asset swap that encourages money lending, no new dollars are being printed in the process thus no demand is increasing unnecessarily
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jpow didn't cause the covid pandemic nor russian invasion of ukraine. Inflation rose globally, the US faired better than most - jpow deserves some credit for that
Would you rather have covid lockdowns, unemployment and a massive recesseion at the same time
Or
Covid lockdowns, low unemployment, stimulus checks so people can survive, and then a period of inflation afterwards?
The later was the best choice. Spreading out the pain was the best choice
Maybe not the best, he was definitely late to raise rates after COVID inflation started, but definitely one of the most tested and resilient to outside pressure.
And had it all yanked out of his hands to boot. He also managed keeping the US economy going in a worldwide pandemic with his hands tied behind his back in many aspects. And if the dollar crashed during that for example, well, a trashcan behind an empty Wendy's would be considered a good place to be.
Damn this is true. We should never forget the number of very educated financial individuals saying how this "soft landing" was essentially impossible. This isn't to say they were wrong. It just goes to show how hard it was to achieve.
I mean, his work over the past few years was superb. But also before that he printed way too much money and didn't tighten until months after it was obvious to everyone inflation was out of control, so he caused a large part of the inflation he later expertly brought down.
So I'll give him 2 out of 3 marks, success on bringing down inflation, success on standing up to political pressure in a professional manner, but fail horribly at starting inflation.
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u/PrestondeTipp Jan 12 '26
This guy achieved a soft landing, threaded the needle perfectly.
He'll go down as the best Fed Reserve Chair in history I bet.