Former Fed Chair, Janet Yellen, all but called President Trump a fucking orange ape today, in a radio interview — discussing the President’s financial illiteracy.
Asked if she thinks the president “has a grasp of economic policy,” Yellen flatly responded, “No, I do not.”
“Well, I doubt that he would even be able to say that the Fed’s goals are maximum employment and price stability, which is the goals that Congress have assigned to the Fed,” she added in the interview with American Public Media’s “Marketplace.” “He’s made comments about the Fed having an exchange-rate objective in order to support his trade plans, or possibly targeting the U.S. balance of trade. And, you know, I think comments like that shows a lack of understanding of the impact of the Fed on the economy, and appropriate policy goals.”
When it comes to economics, she said Monday that Trump misunderstands some fairly elementary concepts, citing his stance on reducing trade deficits with China and other global partners.
“And when I continually hear focus by the president and some of his advisers on remedying bilateral trade deficits with other trade partners, I think almost any economist would tell you that there’s no real meaning to bilateral trade deficits, and it’s not an appropriate objective of policy,” she said.
Yellen is not alone in getting skewered by Trump.
Her successor, Jerome Powell, has come under intense criticism for raising interest rates, and there was even speculation that Trump might replace him.
Yellen said Trump’s pressure on what is supposed to be an independent Fed isn’t healthy.
“President Trump’s comments about Chair Powell and about the Fed do concern me, because if that becomes concerted, I think it does have the impact, especially if conditions in the U.S. for any reason were to deteriorate, it could undermine confidence in the Fed,” she said. “And I think that that would be a bad thing.”
TRUMP BTFO. What will Donny do? Will he shrink from this round of grape shot into his vessel or will he rise to the occasion and fire off a series of really mean tweets?
DEVELOPING…
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Don’t hit your head on the roof on the way out….
Since the S&P futures hit a high of 2814 today, on an hourly chart, it has been down every hour, that’s 9 straight red candlesticks, down to 2787 so far.
Give the orange chimp a break will ya? He’s bankrupted 6 of his companies so clearly he doesn’t know how to count without using his little fingers.
This is rich – Yellen saying someone doesn’t understand the Fed.