FED Lowers Rates, But it’s not political!
Cartoon published 09/19/2024
Federal Reserve Chairman Jerome Powell and his gang delivered an interest rate cut of 50 basis points. Some Democrats in Congress wanted 75, but a Republican Senator accused Powell of prioritizing politics over economics.
One Fed Governor, Miki Bowman, did not go along with Powell, claiming rates should not be lowered so close to a presidential election. For over 10 months people have been calling for a rate cut, but the fact that it happened now creates an appearance that the Fed is tipping the balance in favor of Kamala Harris.
Speaking of Kamala, her father was a Marxist economics professor. She seems to have inherited his Marxism and little of his economic intelligence.
After his rate cut announcement, Powell held a press conference and spewed out the usual Fed speak containing platitudes and various gobbledegook. Inflation is one of many weak points for Harris, so Powell claimed it was under control. All the while the stock market dithered along with his words.
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We aren’t the Soviet Union and our economy should not be micromanaged by so-called experts who speak a complex language to hide the reality that they are only guessing. Now, like the most of the government, the Fed has become politicized and will lower or raise rates to favor one candidate over the other.
It’s time to end the Federal Reserve—or at least nationalize it.
— The GrrrTeam
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