On Wed. I argued that our democratic institutions [appear to be] holding out against Trump's onslaught.
The federal reserve debacle provides another example.
Wednesday's thread⤵️
Why? Perhaps because Trump has $340 million of debt with Deutsch Bank and raising the interest rate would cost him dearly:
bloomberg.com/news/articles/…
marketwatch.com/story/trump-st…
The idea of the president manipulating interest rates sent Wall Street into a panic, prompting a massive selloff, causing stock prices to plunge.
Here's what the Fed. Reserve says about why it must be independent.⤵️
federalreserve.gov/faqs/why-is-it…
The Federal Reserve (a national bank) was created in 1913.
The Federal Reserve operates entirely independently from the government, subject to Congressional oversight.
investopedia.com/articles/inves…
In other words, the President must keep his hands off.
Trump tried to manipulate (bully?) the Feds into enacting policies that would personally enrich him. He gave other reasons for wanting low interest, but still.
usatoday.com/story/money/20…
Consider it a pleasant New Year’s thought, from me: We will get through this with liberal democracy intact.
terikanefield-blog.com/trump-fought-t…