Victor Davis Hanson explains the long-running tensions between Jerome Powell and Trump, why Trump has dubbed him “Too Late Powell,” and the economic consequences for everyday Americans on today’s episode of “Victor Davis Hanson: In His Own Words.”
“ The Wall Street Journal was forecasting a ‘stock crash,’ a ‘trade war,’ ‘uncertainty over tariffs,’ ‘anemic GDP,’ and all of the barometers… At that point, you would've thought that Powell, who agreed, basically, with the consensus of the economic media and most of the economists, why didn't he intervene in fears that they were right, that we were headed toward a recession and lower rates? Instead, he didn't do anything.
“ Jerome Powell has been in this fight with Donald Trump. … And whether we like it or not, he's acting emotionally or angrily to Donald Trump. And he has been under threat of being fired. He does not want to show that he's going to back down and lose the independence of the Fed to the president. The problem with that stance is it really hurts millions of Americans.”
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(0:00) Powell vs. Trump
(0:17) Trump's Economic Argument
(2:18) The Fed's Role in Inflation and Recession
(2:47) Trump's Criticism
(6:43) Powell's Independence and Consistency
(7:19) Lessons for Powell
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