Trump: The Fed Chair Hates Me

The S&P 500 is now officially down for the year, ending today about 2 percent under its value at the beginning of January:

How big a deal is this? I don’t know, though I’m a little surprised that investors couldn’t stay excited about a big corporate tax cut for more than a few months. However, President Trump is pretty sure he knows what’s going on. As usual, it’s a personal attack, this time from Federal Reserve Chairman Jerome Powell:

“Every time we do something great, he raises the interest rates,” Mr. Trump said, adding that Mr. Powell “almost looks like he’s happy raising interest rates.”

….The president’s caustic comments about Mr. Powell came as Mr. Trump repeatedly described the economy in personal terms. He referred to economic gains during his time in office as “my numbers,” saying, “I have a hot economy going.” He described his push for growth as a competition with former President Obama’s record, saying that increases under his Democratic predecessor were skewed because of low-interest rates.

Poor Donald. Everyone has it out for him, even the conservative Republican millionaires that he’s personally appointed.

POSTSCRIPT: It’s odd that Trump’s normally excellent attack-dog instincts have failed him on this topic. The self-evident explanation for the stock market decline is that fake news has been excitedly reporting a “blue wave” for the upcoming election, which makes investors nervous that Democrats will take over and ruin the economy. I’m not sure how Trump has missed something so obvious.

UPDATE: Now we’re talking:


Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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