Trump: The Fed Chair Hates Me

The S&P 500 is now officially down for the year, ending today about 2 percent under its value at the beginning of January:

How big a deal is this? I don’t know, though I’m a little surprised that investors couldn’t stay excited about a big corporate tax cut for more than a few months. However, President Trump is pretty sure he knows what’s going on. As usual, it’s a personal attack, this time from Federal Reserve Chairman Jerome Powell:

“Every time we do something great, he raises the interest rates,” Mr. Trump said, adding that Mr. Powell “almost looks like he’s happy raising interest rates.”

….The president’s caustic comments about Mr. Powell came as Mr. Trump repeatedly described the economy in personal terms. He referred to economic gains during his time in office as “my numbers,” saying, “I have a hot economy going.” He described his push for growth as a competition with former President Obama’s record, saying that increases under his Democratic predecessor were skewed because of low-interest rates.

Poor Donald. Everyone has it out for him, even the conservative Republican millionaires that he’s personally appointed.

POSTSCRIPT: It’s odd that Trump’s normally excellent attack-dog instincts have failed him on this topic. The self-evident explanation for the stock market decline is that fake news has been excitedly reporting a “blue wave” for the upcoming election, which makes investors nervous that Democrats will take over and ruin the economy. I’m not sure how Trump has missed something so obvious.

UPDATE: Now we’re talking:

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THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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