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From: "Little@man.Ball" <suck@ra.mentos>
Newsgroups: talk.politics.misc
Subject: Re: Corporate Overlords Are Laughing At You
Date: Sat, 27 Apr 2024 14:20:58 -0600
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On Sat, 27 Apr 2024 14:53:19 -0400
Governor Swill <governor.swill@gmail.com> wrote:

> Interest rates are controlled by a politically independent financial
> regulator.=20

A lie.

https://www.investopedia.com/terms/f/federalfundsrate.asp

The term federal funds rate refers to the target interest rate range set by=
 the Federal Open Market Committee (FOMC). This target is the rate at which=
 commercial banks borrow and lend their excess reserves to each other overn=
ight.

The FOMC, which is the policymaking body of the Federal Reserve System,
meets eight times a year to set the target federal funds rate, which is
part of its monetary policy.

POLITICAL appointees:

https://www.federalreserve.gov/aboutthefed/bios/board/default.htm

The seven members of the Board of Governors of the Federal Reserve System a=
re nominated by the President and confirmed by the Senate. A full term is f=
ourteen years. One term begins every two years, on February 1 of even-numbe=
red years. A member who serves a full term may not be reappointed. A member=
 who completes an unexpired portion of a term may be reappointed. All terms=
 end on their statutory date regardless of the date on which the member is =
sworn into office.

The Chair and the Vice Chair of the Board, as well as the Vice Chair
for Supervision, are nominated by the President from among the members
and are confirmed by the Senate. They serve a term of four years. A

> Trump wants to bring under the direct control of the
> Executive. =20

https://thehill.com/business/4444150-trump-blasts-powell-as-political-as-fe=
d-weighs-rate-cuts/

Former President Trump accused Federal Reserve Chair Jerome Powell of being=
 =E2=80=9Cpolitical=E2=80=9D and suggested the lifelong Republican would co=
nsider cutting rates to help Democrats during the 2024 election.

=E2=80=9CI think he=E2=80=99s going to do something to probably help the De=
mocrats, I think, if he lowers interest rates,=E2=80=9D Trump said in an in=
terview on Fox News Business Network=E2=80=99s =E2=80=9CMornings with Maria=
=E2=80=9D that will air Sunday.

=E2=80=9CIt looks to me like he=E2=80=99s trying to lower interest rates fo=
r the sake of maybe getting people elected, I don=E2=80=99t know,=E2=80=9D =
he added.

When asked if he would reappoint Powell if he won the election in
November, Trump said, =E2=80=9CNo, I wouldn=E2=80=99t do that.=E2=80=9D


https://finance.yahoo.com/news/trump-set-interest-rates-himself-171733557.h=
tml

The document also suggests Mr Trump could be consulted on interest rate
decisions by the Federal Reserve chair, who would then negotiate the
final decision on borrowing costs with other policymakers on his behalf.

Less sweeping changes to the central bank could include exposing its regula=
tions to more regular reviews by the White House, the WSJ reported.

Interest rates, which stand at 5.5pc in the US, are set to play a key role =
in this year=E2=80=99s election. Traders in financial markets have priced i=
n just one cut for this year, most likely to come in November.

If that forecast holds true, the timing of the election means Americans
will not benefit from lower borrowing costs by the time they go to the
polls.