President Trump has long been a vocal critic of current Federal Reserve Chair Jay Powell, and has spent much time in this administration going after Harvard University in order to force it to play by the rules and bow to his administration’s orders. Both things came to a head on Truth Social on Friday, June 20, with the president wrecking Powell and sounding off on Harvard.
The first post came in the mid-afternoon and was about his handling of Harvard University, which has faced serious legal assaults from his administration over its refusal to bow to his demands about such matters as DEI and affirmative action, along with free speech on campus. He announced that a solution is coming.
Beginning, the president said that a solution has long been wanted and could be on the horizon, but slammed the school by noting that it has long been engaged in “improprities,” writing, “Many people have been asking what is going on with Harvard University and their largescale improprieties that we have been addressing, looking for a solution. We have been working closely with Harvard, and it is very possible that a Deal will be announced over the next week or so.”
Continuing on a more positive note, he added that Harvard has at least behaved well during the negotiations and a major solution that is amenable to America could come out of it, saying, “They have acted extremely appropriately during these negotiations, and appear to be committed to doing what is right. If a Settlement is made on the basis that is currently being discussed, it will be ‘mindbogglingly’ HISTORIC, and very good for our Country. Thank you for your attention to this matter!”
It remains to be seen if that will happen. Meanwhile, in another post that came a few hours later, in the early evening on Friday, President Trump hammered Federal Reserve Chairman Jay Powell for consistently being late to cut or raise rates, as appropriate, arguing that in this case Powell should have cut them rather than held things steady.
In that post, the president began by arguing that Powell should cut rates and, in doing so, save America trillions of dollars in interest payments. He said, attacking Powell’s tardiness and the Biden Administration’s overspending, “‘Too Late’ Powell complains about costs, much of which were produced by the Biden Fake ‘Government,’ but he could do the biggest and best job for our Country by helping to lower Interest Rates and, if he reduced them to the number they should be, 1% to 2%, that “numbskull” would be saving the United States of America up to $1 Trillion Dollars per year.”
Continuing, Trump indicated that Powell is acting in such a manner because of the criticism he faces from the president, saying, “I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I’ve tried it all different ways. I’ve been nice, I’ve been neutral, and I’ve been nasty, and nice and neutral didn’t work!”
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Further attacking Powell on that same general line, he said, “He’s a dumb guy, and an obvious Trump Hater, who should have never been there, I listened to someone that I shouldn’t have listened to, and Biden shouldn’t have reappointed him. We have virtually No Inflation, our Economy is doing really well, and will soon be doing, with the tremendous Tariff Income coming in, and Factories being built all over the Country, better than it has ever done before.”
The president then addressed the inflation issue, arguing that inflation would actually be alleviated rather than aggravated by a rate cut. He said, “If [Powell] was concerned about Inflation or anything else, then all he has to do is bring the Rate down, so we can benefit on Interest Costs, and raise it in the future when and if these “other elements” happen (which I doubt they will!). Don’t say that you think there will be Inflation sometime in the future, because there isn’t now but, if there is, raise the Rates!”
Concluding, he addressed the fact that America has higher interest rates than many competetitor nations, nearly none of which have fewer issues than it, saying, “We should be at the TOP of the attached List, not the bottom. I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!”