Trump Attacks Federal Reserve, Blames Chairman Powell For Stock Market Decline And GM Layoffs
In a rambling interview with the Washington Post on Tuesday, president Donald Trump blamed the recent stock market drop and General Motors’ announcement that it plans to lay off thousands of workers on the Federal Reserve. Trump, who has been quick to claim credit for any positive movement in the economy, according to NPR, rejected any personal responsibility for the events, which some experts claim could be a sign of a cooling economy. Instead, he laid blame at the foot of his hand-picked Federal Reserve Chairman Jerome Powell, according to CBS News.
During the interview, Trump said that he is “not even a little bit happy” with Powell and that, given unfettered control, he would be able to make better decisions because he follows his “gut.”
“I’m doing deals, and I’m not being accommodated by the Fed. They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me,” Trump said.
“So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.”
The president added that despite the fact that GM is laying off 15 percent of its workforce, interest rates are rising and the stock market has been declining, he isn’t worried about a recession. He believes that rising interest rates and other Federal Reserve policies are damaging the economy, however.
Trump expressed “disappointment” with GM on Tuesday for deciding to close plants and lay off employees, threatening to “cut all GM subsidies.”
Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including….
— Donald J. Trump (@realDonaldTrump) November 27, 2018
….for electric cars. General Motors made a big China bet years ago when they built plants there (and in Mexico) – don’t think that bet is going to pay off. I am here to protect America’s Workers!
— Donald J. Trump (@realDonaldTrump) November 27, 2018
Also during the 20-minute interview, Trump reiterated that he didn’t believe in climate change and dismissed his own government’s report that manmade global warming will have dramatic financial and human costs. Yesterday, Trump said that he ignored the report because he “doesn’t believe” in climate change. Today, he elaborated, saying that his “high levels of intelligence” gave him insight into climate change and claimed without evidence that the US environment was “at a record clean.”
“One of the problems that a lot of people like myself, we have very high levels of intelligence but we’re not necessarily such believers. You look at our air and our water, and it’s right now at a record clean,” he said.
“As to whether or not it’s man-made and whether or not the effects that you’re talking about are there, I don’t see it.”
