Trump Ups Ante, Targets Federal Reserve as Media Defends Bankers

By Mark Anderson
21st Century Wire

President Trump had already said and done enough to unnerve the powers-that-be on various fronts—from hedging on free-trade deals to making bold foreign-policy strides with North Korea and Russia—when he upped the ante even more July 19, speaking out against the Federal Reserve central bank that’s seen by worshipful monopoly capitalists and their media cohorts as being too kingly for presidential criticism.

Most interestingly, in the wake of the president’s nomination of conservative Brett Kavanaugh to the Supreme Court—which the dominant political-media establishment fears will pack the court to Trump’s liking for decades to come—there also are grave concerns among those in the same crowd that the president will soon reconstitute the Federal Reserve Board to his liking to prevent further interest-rate hikes. Trump sees rate hikes as highly detrimental to his ambitious economic-growth plans, concerning jobs, infrastructure renewal etc.

On July 20, right after Trump complained that the Fed’s interest-rate increases are hurting the economy, Richard Bove of CNBC—one of many Fed apologists in the “mediasphere” who quickly leapt to the Fed’s defense—noted: “Trump will have the opportunity to fashion the central bank in the image he would like, as he has four vacancies to fill on the board of governors. The result could be a more politicized Fed.”

Bove, looking at this matter from Trump’s perspective, added:

President Donald Trump has multiple reasons as to why he should take control of the Federal Reserve. He will do so both because he can and because his broader policies argue that he should do so. The president is anti-overregulating American industry. The Fed is a leader in pushing stringent regulation on the nation. By raising interest rates and stopping the growth in the money supply, [the Fed] stands in the way of further growth in the American economy.

Bove also acknowledged:

The Board of Governors of the Federal Reserve is required to have seven members. It has three. Two of the current governors were put into their position by President Trump. Two more have been nominated by the president and are awaiting confirmation by the Senate. After these two are put on the Fed’s board, the president will then nominate two more to follow them. . . . [I]t is possible that six of the seven Board members will be put in place by Trump.

The Dodd-Frank Act’s 2010 passage increased the Fed’s power by giving it sweeping authority to regulate the banking industry. The Fed began to penalize banks that disobeyed its new rules, including determining which loans were desirable to approve and which weren’t, along with dictating how much banks could pay out for investors’ dividends. The Fed also crippled lending in the housing market. Trump, as an opponent of over-regulation, wants to rectify this situation…

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