Trump Is Preparing to Fire Jay Powell and Replace Him with Jim Cramer
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Trump Is Preparing to Fire Jay Powell and Replace Him with Jim Cramer

Trump tweeted at 8:22 AM this morning:

"I agree with @jimcramer, the Fed should lower rates. They were WAY too early to raise, and Way too late to cut - and big dose quantitative tightening didn’t exactly help either. Where did I find this guy Jerome? Oh well, you can’t win them all!"

Trump doesn’t hide his cards very well, and here he doesn't want to. He is threatening Powell here to get his 50 basis point cut this month. When it is only 25, as most expect, he is going to fire him. Powell says he will refuse to leave. I wrote in October that I think the President has the right to fire him.

Cramer, of course, is great entertainment. He is a real showman and he is showing some swag on CNBC with David Faber this morning because he knows he is closer to the job he wants. I am not sure about his qualifications to be Fed Chair, but he certainly is a strong advocate for the stock market, and from that podium he might just drive the Dow Jones to 30,000 before the election.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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  • Fred Fed

    September 09, 2019

    I hope your not serious????

  • Don

    September 19, 2019

    The fact that this could even be a thought (by anyone) is troubling. This country is in deep chit!

  • Rod Flunck

    September 24, 2019

    Most people quietly lose their marbles in the comfort of their own home in their own age. Jim Cramer has lost his in public on TV over the course of 25 years (and in middle age). He, Larry Kudlow and Wilbur Ross will be quite the economic team.

  • Jack

    September 28, 2019

    I don't see why we should continue the failed policies of the Obama era FRB. Prior to Obama CD rates were 5-6% and to me that is a fair return it also incentifies people who don't save to save and need to save, for 8 years of .01% the FRB pumped my returns into an abusive ungrateful global economy why would President Trump want to encourage the same failed policies of European banks 0% interest and into -0% range, what's going to happen is people will pull their money back out of CD,s Bond,s and fixed income assets and put it back under their mattress, which makes me think Jim Cramer would be a big mistake.

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