A Quote by Donald Trump
And we have a Fed that's doing political things. This Janet Yellen of the Fed. The Fed is doing political - by keeping the interest rates at this level.
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Believe me: The day [Barack] Obama goes off, and he leaves, and goes out to the golf course for the rest of his life to play golf, when they raise interest rates, you're going to see some very bad things happen, because the Fed is not doing their job. The Fed is being more political than Secretary [Hillary] Clinton.
I remember being 18 and being fed up with everything - fed up with society, fed up with the political system, fed up with myself - and then you kind of go, 'Actually, this voting thing is amazing,' because you have a chance to change it, right?
The market needs to set prices, including interest rates and allocate resources. If it were up to me, we would abolish the Fed and return to the gold standard. Absent that, the Fed should be completely removed from the political sphere, its dual mandate replaced by a single mission to provide the nation with sound money.
America is fed up with political correctness, and it is fed up with government that doesn't work. It's fed up with weakness being interpreted as wisdom.
Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.
I studied what happened in the bond and the stock markets during previous periods when the Fed stopped manipulating the bond market. In every single case, the moment the Fed announced that there would be a cessation of intervention, stocks declined and interest rates went up.
People are fed up. They are fed up with what's happening in Washington. They are fed up with both parties. They are fed up with politicians who have lied to them.
I'm against having a Fed. It's socialism in its worst form. But until the Fed is gotten rid of, the only economic variable the poor have to counteract the injustices of the Fed is the minimum wage law.
I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.
This is very intriguing to think we should audit the Fed, but I discovered that probably if they audited the Fed, it would get a clean bill because it's undoubtedly doing exactly what it's supposed to do according to the law.
Once an economy reaches a certain level of acceleration... the Fed is no longer with you... The Fed, instead of trying to get the economy moving, reverts to acting like the central bankers they are and starts worrying about inflation and things getting too hot.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
Minimum wage law is the 'People's Fed.' Tie minimum wage to money supply. If there is pushback against this idea, then shut down the Fed and its ability to distort the economy, penalizing labor, or make the Fed's distortions available to all businesses and all workers.
What happens at the Fed, what Janet Yellen and the other people decide there, what happens in central banks in other parts of the world is very important. This can make the difference between a high unemployment rate, a slow recovery or a more rapid recovery.
The greatest economic power might in fact remain in the hands of the Federal Reserve. Economists credit the Fed's policy of keeping interest rates at historic lows with helping to pump up the economy and bring unemployment down.
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