Jim Cramer, the guy who failed to see the 2008 economic meltdown, recession and the record job losses that followed, then criticized President Obama's policies that brought the economy back, now in its 9th year of expansion, low unemployment and steady job creation is now at war with federal reserve chairman Jeremy Powell for raising the interest rate after another meeting this week.
In a news release of 12/19, CNBC's mad money guy said Powell is Trump's worst re-election nightmare and that Trump is right to worry about a possible recession in 2019 because of the interest rate hikes. But Cramer is silent on the fact that he supports Trump, his policies and the people he appoints. And Trump appointed Mr. Powell to his present position and should have known about Powell's position on raising or lowering interest rates. The previous federal reserve chairwoman, Janet Yellen was appointed by President Obama in 2014 and did a great job in handling the federal reserve while the economy continued to grow, create jobs and lower the unemployment rate.
Janet Yellen has a proven record as an economist. She served on the federal reserve board for a number of years and was President Clinton's White House Council of Economic Advisors from 1997-1999. And every one knows the economic track record of President Clinton.. Trump criticized Janet Yellen's policies at the federal reserve during the 2016 campaign and replaced her simply because she was an Obama appointee. So now he is criticizing his own appointee. Mr. Trump is not very good at any thing except lying.
Jim Cramer may know a lot about the stock market but his economic comments are worthless. A recession is coming regardless what the federal reserve does and its coming because of the Trump tax cuts, a lack of a real policy and the fact that republican administrations have no real success to talk about concerning the economy, job creation balancing the federal budget, regulating business, especially the banking business and have no real understanding of the middle class.
And keep in mind that the stock market and the economy has had its best years under democratic administrations. Jim Cramer and the business community won't tell you that because they are promoting their own thing. The Dow average almost tripled on President Obama's watch. It will not do that on Trump's watch regardless what interest rates do.
NOTE: Just this month, Janet Yellen said, "IT WAS WORRISOME OF A FINANCIAL CRISIS IN THE MAKING FOR THE BANKING INDUSTRY BECAISE OF THE LOSS OF AUTHORITY BY BANKING REGULATORS AND THE MOVE TOWARD DEREGULATION.' And that is what is taking place under the Trump administration.
This commentary written by Joe Lorio
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