Powell: "I won't quit"
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@George-K said in Powell: "I won't quit":
@Jolly said in Powell: "I won't quit":
I've heard the Board of Governors described as "Independent within the government".
Weird.
I'm just an old guy who breathed too many halogenated hydrocarbons for 40+ years.
What the actual fuck does that mean?
That means that once appointed, unless you catch them in bed with a live boy or a dead woman, they ain't going anywhere they don't want to go.
@Jolly said in Powell: "I won't quit":
That means that once appointed, unless you catch them in bed with a live boy or a dead woman, they ain't going anywhere they don't want to go.
Well put. I haven't heard that expression in a while.
Continuing the thoughts on accountability, who has the power to dissolve the Fed and replace it with something else, assuming its continued existence is a good thing?
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Once appointed, is there any accountability?
I'm not saying that Powell should be ousted - at all. Just wondering about the Fed. What other "independent" parts of the US government exist? Or, is the Fed not part of the government?
@George-K said in Powell: "I won't quit":
What other "independent" parts of the US government exist?
Supreme Court?
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@George-K said in Powell: "I won't quit":
What other "independent" parts of the US government exist?
Supreme Court?
@taiwan_girl said in Powell: "I won't quit":
@George-K said in Powell: "I won't quit":
What other "independent" parts of the US government exist?
Supreme Court?
No. The Supreme Court is a branch, one of three, of the government as established by the constitution as part of the judiciary. It is co-equal with the executive and legislative branches.
Where does the Federal Reserve fit into that? Which one of the three branches does it fall under?
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I don’t know the particulars about removing a fed governor or chair but I can say it is very very independent.
The Federal Reserve Board of Governors (full disclosure, where one of my sisters works) is technically a Government Agency. But they don’t own the banks in the system, they just have an oversight role.
The individual banks are “owned”, but not really, by member banks from that region. But those banks have limited rights, can’t sell the stock, can’t set policy, etc.
Ultimately it’s accountable to congress who created it and could amend the legislation if it wanted to.
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I consulted for the NY Fed, the one regional branch with a special function that puts it above the others - it actually is a market participant that literally implements Fed policy by buying and selling bonds (“open market operations”, in the vernacular)
In my experience they behave as if they were a government agency when it’s convenient and they act like it’s private when it suits them.
“Don’t make me repeat myself”
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INteresting. I think that the ability to stay pretty independent is, in the long term, very good for the US economy.
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I consulted for the NY Fed, the one regional branch with a special function that puts it above the others - it actually is a market participant that literally implements Fed policy by buying and selling bonds (“open market operations”, in the vernacular)
In my experience they behave as if they were a government agency when it’s convenient and they act like it’s private when it suits them.
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INteresting. I think that the ability to stay pretty independent is, in the long term, very good for the US economy.
@taiwan_girl said in Powell: "I won't quit":
INteresting. I think that the ability to stay pretty independent is, in the long term, very good for the US economy.
It is. Looking historically non-independent central banks ending up serving the interest of the political career of the executive rather than the country. It’s inevitable.
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President Trump, the great economic thinker that he is, gives his opinion on Chairman Powell. As always, he keeps is classy.
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Apparently we're all getting rich. I'm still waiting for that shit to trickle down.
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Can he fire him? I thought it was not possible.
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Whether he fires Powell or later replaces him (next year?) with a Hulk Hogan type person when his term is up, I am (in a slightly tin-foil hat way) concerned it would lead to a ripple effect that'll really put the US dollar at risk sending the world into a massive financial depression.
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Can he fire him? I thought it was not possible.
@taiwan_girl said in Powell: "I won't quit":
Can he fire him? I thought it was not possible.
Under the law it isn’t but he may try to test that in the courts under the ‘unitary executive’ theory.
