"This is Not Normal!" (But Actually is Normal): Federal Reserve Independence Edition
I seriously may need to make a series offering a does of sanity to those with Trump Derangement Syndrome who are suffering unhinged overreactions over the current administration. So Trump criticized the Fed's decision to raise the Federal Funds rate and of course, the "this is not normal!" chorus of blue checkmarks started going again. This was basically par for the course:
How dare Trump criticize an institution that was planned in secret, passed on just before Christmas Eve, caused or at least deepened the Great Depression and Great Recession for that matter and refuses any sort of real audit? How dare he!
And yeah, while the economy is hot (4.1 percent growth last quarter) and may need cooled off, this chart does look just a wee bit suspicious:
But let's set aside the conspiracy theories. As far as the "this is not normal!" hysteria from the Left regarding Trump and the Fed, well, a better way to put it is "this is rather mundane." Former Congressman Ron Paul reminds us of a slightly more egregious case "political interference" with the Fed,
"When it comes to intimidating the Federal Reserve, President Trump pales in comparison to President Lyndon Johnson. After the Federal Reserve increased interest rates in 1965, President Johnson summoned then-Fed Chairman William McChesney Martin to Johnson’s Texas ranch where Johnson shoved him against the wall. Physically assaulting the Fed chairman is probably a greater threat to Federal Reserve independence than questioning the Fed’s policies on Twitter."
But "muh this is not normal!" or whatever...
"Every day is a new life to the wise man."
The Righteous Mind
Star Slate Codex
Consulting by RPM