Super Stupid

Trump Muses About The Fed Chairwoman Who Got Away

JM Ashby
Written by JM Ashby

Trump doesn't like Federal Reserve Chairman Jerome Powell.

Although Trump chose Powell for the position, he doesn't approve of the Fed's decision to slowly raise interest rates above zero in response to rising inflation that Trump's policies -- from his trade war to his tax cuts -- are largely responsible for.

Trump could have simply renominated former Federal Reserve Chairwoman Janet Yellen instead of Powell, Trump has privately said, but there was one thing in particular about Yellen that he did not like according to the Washington Post.

Trump participated in an interview with the Post in which he nonsensically blamed Jerome Powell for General Motors' recent decision to close factories. Trump also expressed regret that he didn't keep Janet Yellen, but the Post reports that Trump told his staff that she was too short before he nominated Powell instead.

Trump considered reappointing Yellen to the post, and she impressed him greatly during an interview, according to people briefed on their encounter. But advisers steered him away from renominating her, telling him that he should have his own person in the job.

The president also appeared hung up on Yellen’s height. He told aides on the National Economic Council on several occasions that the 5-foot-3-inch economist was not tall enough to lead the central bank, quizzing them on whether they agreed, current and former officials said.

Yellen may be one inch shorter than the average American woman, but she also would have slowly raised interests rates in the same manner that Powell has.

If you asked him, I have serious doubts that Trump could even explain the process of raising rates or what effect it has.

  • swift_4

    The fed knows they need to raise the rates as fast as they can so they can drop them when the next crash comes. But they won’t be able to. It’s going to be a repeat of the end of Bush term into Obama’s, except the country is less well equipped to recover.

  • Draxiar

    I knew trump was as shallow as a rain puddle but Sweet Pete this is just…surprisingly not surprising I guess…

  • muselet

    Donald Trump possesses all the detailed understanding of the effects of interest rates on macroeconomics as a Madagascar hissing cockroach (with apologies to Madagascar hissing cockroaches). It’s no wonder he’s unhappy with Jerome Powell: Powell worked in the Department of the Treasury in the early ’90s and was on the Federal Reserve Board of Governors from 2012–2017, and so knows things Trump does not.

    To me, the bigger mystery is why Donald Trump, who famously likes to be the tallest person in the room, would object to Janet Yellen continuing to chair the Fed. Trump would have towered over her—which would have made him look big! and powerful! and manly!—but I guess he felt she doesn’t look like she came from Central Casting (which is, if anyone’s curious, a real company which casts background actors).

    Not entirely off-topic, remember when Trump howled about how Janet Yellen was creating a “false economy” by keeping interest rates “artificially low” in order to benefit Ds electorally?

    –alopecia

    • He likes his men shorter than him and his women taller than average. OR he pulled the excuse out of his a$$ like he does most of his buffoonish thoughts.