I think I figured out Powell.

[newdayneeded]

He hates people in their mid to upper 50s. that's why he keeps raising interest rates to spook the stock market so he can watch our 401Ks shrink by a quarter.

This guy has a big hammer in his tool box and that's it, no other tools. to me he's the same as the repubs. their only solution is tax breaks for the rich, their only tool!

[mobeau69]

1. Runaway inflation hurts the value of your savings as well.

[Fiendish Thingy]

2. Did you see the jobs report today?

The economy is still running hot, with record low unemployment, which means Powell’s decision to continue hikes makes perfect sense.

Historic (pre-2008 GFC) interest rates have averaged 5-7%. We’re at 4.5% now. Powell’s original target was 5.1%, but he has indicated it may need to be higher if the economy continues to run hot.

Powell’s only error was he waited too long to start hiking, so once he did start, the hikes had to be larger and more frequent.

To ascribe malice against a certain part of the population as the reason for the hikes is just nonsense.

[newdayneeded]

4. the economy is rolling along "hot"

as you put it. Jobs aplenty..... ...So let's fucking kill the economy. SMH

[Fiendish Thingy]

6. Rates hikes won't kill the economy

Powell has clearly telegraphed his intentions, and the market has mostly baked in the hikes.

What could kill the economy is the war in Ukraine and the idiots holding the debt ceiling hostage, not rate hikes.

Unemployment is currently at 3.5%, a 50 year low. Rate hikes are projected to bump that up to 4.5%, still below the “full employment” level of 5%.

[Hortensis]

3. President Obama first appointed Jerome Powell to the Fed.

The tRump admin elevated him from the board to chair to replace Yellen when he refused to renominate her. Biden subsequently renominated him as chair.

Bill Clinton named Yellen to the fed, and Barack Obama later renamed her to the board and then named her chair.

And as Fiendish says.

I don't agree with your take on Powell, or how it could happen without Democratic Presidents Clinton, Obama and Biden choosing him to keep that giant sucking sound revved up.

Both Presidents Obama and Biden were and are committed to reducing wealth inequality and have not only said so many times but taken action. Clinton's record following Republican presidents and stagnation is more complex, but he also worked seriously to reduce income inequality and had significant successes.

Why not google that?

[JohnSJ]

5. Nonsense. Perhaps you might understand if you saw what Volker did