Khaobaadi,I agree with your first statement. But if Trump is not infallible, him picking Jerome Powell, not a trained economist, for a position that affects the entire financial world and the current human population in a wide and deep manner - was an absolute blunder. A high-schools honor student in your school district could have probably done a better job than Powell and his gang at the Fed now. Had Jerome caught a wind of the impending crisis by the alarmingly red-hot consecutive monthly stats with PCE exceeding 0.50% (normal is 0.165%) and non-farms payrolls exceeding 400k-900k (normal is 200k) by Summer of 2021 with half of US population already covid-vaccinated and 19% working remote, and raised the interest rate, he could have tamed inflation without crossing 4% Fed's fund rate instead of a 5.50% that caused a massive multi-year drag to the world economy. A timid 0.25% hike would finally materialize in March 2022 and then aggressive catch-up hikes till the year-end. The Fed drama was hardly over by then. In the FOMC meeting immediately following the final rate-hike, the Fed would make a sharp U-turn by adjusting at an aggressive pace of MINUS 0.50% thus depriving the financial world of a steadily holding fund-rate. If Moe Green had been witnessing this embarrassing spectacle put out by this Fed, he could have predictively blurted out, "You goddamn guineas really make me laugh".
It is fruitless for people in the job-market these days to complain about employers' fastidious screening criteria, innumerable rounds of interviews, ghosting, and then putting the open-position "on-hold". These candidates, understandably disillusioned by now must contact their senators and members of congress to fix the Fed and prevent similar crisis from arising in the near future.
For what reasons do people like Powell?
Powell's tough stance to maintain interest-rate high to in the hope of settling inflation rate down to 2% is only good for individuals on fixed income or pensions he, himself, will be enjoying soon.
But who was in charge of the Fed while PCE inflation gradually but noticeably swelled to its peak of 10.8% (12*0.9) twice in 2022 alone???
This is another example of narcissistic individuals running for prestigious political positions or high government job-titles to make up for their low self-esteem and mediocrity. That is well and good - until - their decisions or actions or lack thereof marks the undoing of everybody else.
