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Trump bewildered his economic adviser by claiming he could ‘print money’ to reduce the debt: Woodward

posted 6 years ago by TinaKimo (892)
23 replies | jump to latest

https://www.rawstory.com/2018/09/trump-bewildered-economic-adviser-claiming-print-money-reduce-debt-woodward/

President Donald Trump believed he could lower the United States’ debt by instructing the Treasury Department to print more money, according to the new book Fear: Trump in the White House by veteran investigative journalist Bob Woodward, CNBC reported Tuesday.

Chapter seven of the book recounts a November 2016 meeting at Trump Tower that was organized by Jared Kushner. The purpose of the meeting was for Goldman Sachs’ then-president and chief operating officer Gary Cohn to brief president-elect Trump on the economy.

Also attending the meeting were Steve Bannon, Reince Priebus, and Steve Mnuchin.

Cohen reportedly told Trump to expect interest rates to increase.

“We should just go borrow a lot of money right now, hold it, and then sell it to make money,” Trump suggested.

Woodward described Cohn as “astounded” that Trump didn’t realize that issuing bonds to borrow money would increase the national debt.

“What do you mean?” Trump asked, according to Woodward. “Just run the presses — print money.”

Cohn reportedly tried to explain that economics does not work as Trump suggested.

Following the meeting, Cohn was appointed director of the National Economic Council, a position he held until he was replaced by Larry Kudlow in April.

[–] Keelai (34875) 6 years ago

What a dummy! He's as stupid as his core base. Continue to support the village idiot.

[–] McQualude (4231) 6 years ago

#fakeeconomics

[–] TJLamb0518 (3316) 6 years ago

Which is ironic since the book (Fear) exposing his stupidity is basically a license to print money.

[–] Duck6 (425) 6 years ago

The irony is that Obama literally spent 8 years doing exactly that

[–] Keelai (34875) 6 years ago

More deflection to Obama and Clinton.

You meant the Federal Reserve was responsible for QE. Federal Reserve is a banking cartel.

[–] Duck6 (425) 6 years ago

Funny how it's the evil fed's fault when Dem's screw with the economy but it's Trump's fault when now huh

[–] [deleted] 6 years ago

At least you're admitting T-rump is screwing with the economy these days. It took you a while to get there - but you do admit it in your above statement.

[–] HarlemEagle42 (17790) 6 years ago

It's all they can do to defend him. Keep moving the goalposts. Soon he will actually shoot someone on the street and they won't bat an eyelash.

[–] eYeDEF (5050) 6 years ago

You're as clueless as Trump, which is not surprising. The Federal Reserve operates independently from the White House and that is by design. The president has no power to effect what measures the Federal Reserve takes. The only measure of influence the president has is the appointment of the chairman, and Bernanke was a Bush pick.

[–] Duck6 (425) 6 years ago

The Federal Reserve's actions are directly the result of political activity. They have a mandate and insofar as that mandate is affected by government policies regarding the economy, the president DOES have power to effect the measures of the federal reserve. Every time a president opens his mouth, the federal reserve must think about how they are going to respond. A smart president uses this to his political advantage. So no, you are the clueless one.

[–] eYeDEF (5050) 6 years ago

LMAO! And you just demonstrated just how ignorant you are for thinking the Federal Reserve chairman's mandate is responding to the president "every time they open their mouth". Is that what they taught you at Trump University? lolz! If so, you were lied to. Too bad you can't get your money back.

The brutal truth is that you just broadcast the fact that you're an ignoramus because that's not even remotely true. The FR chairman has better things to do like worrying about his real mandate of maximizing employment, stabilizing prices, and moderating long term interest rates.

And if you want to have a real discussion about economic policy, I'll gladly pit my academic background in economics against yours. But given your hysterical ignorance that Obama spent 8 years "printing money" and your ridiculous belief about the Federal Reserve chairman's mandate I'm sure you're incapable of saying anything coherent.

Trump University is not a real school. You got robbed.

[–] Duck6 (425) 6 years ago

I read your first paragraph and it's obvious that your reading comprehension is below the necessary standard to have a useful conversation with if you think that I suggested that their mandate is to respond to the president. I clearly said that the president's actions with regard to the economy have consequences with regard to the mandate set out by the fed. Completely different.

[–] eYeDEF (5050) 6 years ago

I quoted you verbatim "every time they open their mouth". Are these not your words?

So now you realize what a fool you just made out of yourself and you want to take it back. LOLOLOL!

[–] Duck6 (425) 6 years ago

Wow you took a few words and invented your own context. You should go work for CNN

[–] eYeDEF (5050) 6 years ago

You're clearly dodging.

You see, these words of yours are truly hilarious:

"Every time a president opens his mouth, the federal reserve must think about how they are going to respond."

The Fed chairman himself would laugh in your face if you tried to tell him this. You are a clown.

[–] Duck6 (425) 6 years ago

Yeah, the Fed just lives in their own little bubble staring at spreadsheets and isolated fom the world and put their fingers in their ears when political decisions are made. You're retarded as hell,.

[–] eYeDEF (5050) 6 years ago

Nope. Now you're trying to put words in my mouth because you're ignorant and desperate after saying such a succession of stupid things.

First it was about Obama printing money. Now it's about the chairman having to hang on every word of the president. You're clearly not qualified to be having a discussion about economics and you're trying way too hard to talk above your pay grade.

It's obvious. 😀

[–] Duck6 (425) 6 years ago

Well go on then. Do the Fed anticipate political decisions in formulating their policies or not? Simple question, you should be able to answer it. Try hard not to contradict yourself. Or do they completely isolate themselves from reality?

[–] eYeDEF (5050) 6 years ago

Considering how spending might increase in the short or long term future can factor into their decision making process. But spending is legislated by congress, not the president, and it's only one of a multitude of variables they consider when making decisions.

That's why it's obvious you're a total charlatan for thinking the FR spends their time anticipating the words of the president. This is so unequivocally false it's hysterical:

"Every time a president opens his mouth, the federal reserve must think about how they are going to respond."

This was some funny shit which underscored how ignorant you are of what the Fed chairman's responsibilities actually are.

[–] [deleted] 6 years ago

lol, somehow this doesn't seem plausible ...

[–] halomaniac88 (1736) 6 years ago

guess he bought that degree

[–] FishGottoSwim (473) 6 years ago

Trump doesn't understand how Tariffs work.

Or trade. Or deficits. Or the National Debt.

Look at what he said he did w/tariffs - he did it because (he said) "ChY-na is killing us on trade!"

What happens? Farmers in the US are impacted in such a way that Trump acts almost IMMEDIATELY to assuage them - with a fucking BAILOUT.

And from where did Trump borrow the $12 BILLION for the bailout? China.

[–] halomaniac88 (1736) 6 years ago

china loves him, an idiot in power is useful, the dumber the person the more that they are unaware of it.