That Trump is a feral rat is well known. That he is also a coward who will not hesitate to muddy any waters he can to escape blame may be less well known - especially among his 40 percent. Look, it's no secret that for the past week the Turd -in -Chief has been pounding on Fed Chair Jay Powell even more maliciously than usual. I already noted in my Aug. 13 post the spectacle of this swine using his tariffs to try to strong arm the Fed into lowering interest rates.
At the same time,Dotard has denied his trade war with China has had ever more dire consequences for the markets, and the larger economy. Let's back track a bit to note the DOW tanked 800 odd points after the Trump announcement of new China tariffs. Seeing the curtains closing on their scam game, the Trump Bozos then gave themselves a 'mulligan', delaying some of the higher tariffs until Dec. 15 this year.. Their excuse? They want to give Americans a break before the Xmas holiday to shop their gym shoes, electronics etc. without getting clobbered by higher prices. Never mind the lump of coal they will get after the holiday.
The move, for anyone observing with an IQ over room temperature digits, amounted to a stark open admission their trade war wasn't working, nor will it ever. Apart from that, the appearance of the inverted yield curve last Wednesday spiked further hysteria amongst the gangster Trumpites. They knew - and we know - that this is one of the most prescient signs of a recession. Of course, in response, the markets dove again. How could they not?
More concerning for Trump and his cabal is that they know the only leg he has to stand on for re-election is the economy. If that goes, as NY Times columnist Ross Douthat has noted, Trump is a goner. As Mr. Douthat so colorfully puts it: "There is no way a president so widely disliked survives the evaporation of his boom."
So what's a no -count bum, con man, coward and criminal like Trump to do about it? Well, as one writer (Aaron Blake) in Sunday's Denver Post Perspective section put it, he will be to try to"make Fed Chairman Jay Powell the fall guy."
And why, pray tell, do that? Well because "Amid all his controversies and unpopularity the economy is what has bouyed Trump". So, were it to vanish, it is "difficult to see how his already difficult election math would add up". Little wonder now Trump is working fast and furious to discredit Powell and the Fed. For example, this 2-legged, orange hued maggot said Monday on Twitter, "Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed."
This from a lying imp who isn't fit to spit shine Powell's wingtips. But as yesterday's front page Wall Street Journal piece ('Fed Caught Between Slowing Economy, Angry President') lets us know, Trump's "unyielding criticism of the Fed" is now challenging its political independence.
But does Trump care? Hell no! He's already contaminated numerous other agencies and institutions to bend to his will, from the DOJ, to the EPA and even the Supreme Court. So why not try to bring the Fed and Jay Powell into his orbit as well? He's doing it by expressing regret for appointing Powell in the first place, as well as highlighting his mistakes. No mention of Trump's own ginormous unforced errors such as starting a trade war with the 2nd largest economy on the planet.
As the writer (Aaron Blake) goes on to paint the Trump strategy to undermine the Fed Chair:
"Trump's strategy in blaming Powell for whatever lies ahead would seem to be twofold: 1) He can lean on Powell to give in to what he wants for fear of getting the blame for anything bad."
Of course Trump, inbred rat fungus that he is, would likely blame Powell in any case. That's his nature. He accepts responsibility for nothing, but will take credit for anything if it boosts his ego or emoluments. Stock market soars, Trump takes credit. Stock market tanks, Trump blames Jay Powell and the Fed. As John Harwood put in on 'All In', Trump is devoid of any economics or historical knowledge, hence "the only standard Trump uses is himself and his own satisfaction."
And the other strategy move?
"And (2) if and when that bad economy does happen he can simply do what he always does and say: "It's not my fault this guy wouldn't listen to me."
So forget "the buck stops here" as FDR, Harry Truman, JFK and any president with a residue of spine and moral fiber would agree. With Trump the grifter and con-man, the 'buck' of blame always goes to anyone other than his wretched, loathsome self.
The sad part as Blake points out, is that his cynical and sordid gimmick could actually work. First, we already have 40 percent of our people dumb clucks to begin with. They already believe anything Trump spouts on his Twitter feed or on FOX news. Then there is another sliver, maybe 10 -15 %, who lack the critical thinking to get over the hump of doubt. And so they will be among those "who don't know whom to believe."
Here's a thought for Jay Powell when he attends the Jackson Hole, WY, annual central bank conference this Friday - and especially after having read the WSJ headline I cited
Just remember to tell your Federal Reserve colleagues to replace the words 'angry president' with 'deranged resident'. This will instantly put the mentally unbalanced buffoon's bluster in its proper perspective. I.e. rhetorical excrement not worth dignifying with a Fed response - well, other than to ignore the asswipe.
Also, be prepared to defend and protect Fed independence from this 45th "president" who is more a poseur with no clue (or inclination) to govern a nation.
Lastly, the level of desperation to try to rescue Trump's economy has now grown to such magnitude that the Trump cabal is considering cutting payroll taxes to juice it. (The payroll tax discussion was first reported Monday by The Washington Post.) Many lazy thinkers, or non-thinkers, might regard this as a terrific idea but it's actually god awful. The reason?
Doing so is effectively a raid on the solvency of Social Security!
Since payroll taxes fund current Social Security then cutting them amounts to cutting Social Security funding leaving it in a more parlous financial position. This in turn will leave it more vulnerable to the privatizers and other predators licking their lips to savage it. Namely those austerity hawks who'd like nothing better than to subject it to budget cuts every year, now that the protection of payroll tax funding has been sliced.
Fortunately, such a payroll tax cut requires congressional approval and can't be done by fiat. The House Democrats would have to be blithering idiots to agree. This is given how an even stronger economy would boost Trump's re-election chances. It would also be the epitome of irony that the party that created Social Security would now act as a willing accessory to its destruction while also helping to re-elect the worst president in history.
See also:
Want to Prevent a Recession, Mr. Trump? Stop Hurting the Economy
And:
Excerpt:
"Donald Trump, in recent weeks, has been stressing both economic themes and culture war themes. The economic themes were evident during a rally in Manchester, New Hampshire on August 15, when Trump tried to frighten 401(k) owners into reelecting him and insisted, “You have no choice but to vote for me because your 401(k), everything is going to be down the tubes (under a Democratic president). So whether you love me or hate me, you’ve got to vote for me.” But if the U.S. does go into a recession in the months ahead, Trump will have a harder time selling himself as the salvation of the American economy — in which case, he would likely become even more aggressive in pushing divisive culture war themes."
