- Trump meets Powell in the White House…
- The transcript of their conversation…
- The PASSIVE STREAM of income that could MAKE your retirement…
Dear Reader,
Like a mischievous student summoned to the principal’s office… the president summoned Federal Chairman Powell to the White House yesterday.
The president has been slamming his fist upon his oaken desk… and demanding interest rate reductions from the Federal Reserve.
To date, the Federal Reserve has turned a deaf ear to him. It has held rates steady.
Thus the president has denounced Mr. Powell in severest terms.
“TOO LATE POWELL,” Mr. Trump has labeled him.
To which he added “TOO LATE AND WRONG.”
Mr. Trump has likewise thundered that:
- Powell’s termination cannot come fast enough!… If I want him out, he’ll be out of there real fast, believe me.
Yet now the president has granted this demoniac a hearing. He has invited him to the White House.
The Official Story
What precisely transpired at 1600 Pennsylvania Avenue yesterday?
Reads a communique from the Federal Reserve:
- At the President’s invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment, and inflation.
- Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
- Finally, Chair Powell said that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.
There you have the official, sterilized and sanitized account of the meeting.
Yet my highly skilled spies managed to penetrate security. And they were able to plant hidden microphones within the White House.
What follows is a full transcript of the actual conversation, edited primarily for language.
The Bugged Recording
TRUMP: Welcome to the White House, Jerome; that’s what you want me to call you, Jerome?
POWELL: Thank you for inviting me to the White House, Mr. President. It’s truly an honor. You can just call me Jay. My friends call me Jay.
TRUMP: OK, Jerome, let’s have a seat. Let’s have a seat, OK? Can I get you something to drink? Maybe a glass of water?
POWELL: That would be fine, Mr. President, thank you.
(The two men are sitting across from each other. President Trump leans forward in his chair, pauses, indicating seriousness of purpose).
TRUMP: Listen, Jerome, we’ve got a very big problem here, OK, a very big problem. I need you to reduce interest rates. Right now they’re way too high, WAY too high. I’m a low interest rate guy, eh, you know, a low interest rate guy. Low rates are GOOD. You know? And you should be cutting. You should be cutting.
Look, inflation is way down, way down. Just look at oil, look at… EGGS, OK? Look at eggs. They’re way down, so inflation’s really cooled off under me. There’s just no reason to keep rates so high. You’re killin’ the economy. And you know what? You’re killin’ me. You’re killin’ ME. I need you to stimulate the economy, even though the economy’s the greatest it’s ever been under me, it really is. But I need you to do more. You need to do more.
POWELL: Thank you, Mr. President, I appreciate your concern. But our policy decisions are strictly data-dependent. We go wherever we see the data is taking us, the overall outlook. And we just haven’t seen the compelling case for a rate cut yet. Inflation’s still a concern, for example. We’re just not there yet.
TRUMP: Well, you know Jerome, everybody else has cut. Everybody. The Bank of England has cut, the ECB has cut, China has cut. You know, CHINA. But you haven’t. I mean, it’s just ridiculous, it really is. That’s why I’ve been calling you TOO LATE POWELL — TOO LATE POWELL. It’s because you are. You’re just too late. It’s terrible, really, and the American people are paying for it. You need to… WAKE UP, OK?
POWELL: Again, Mr. President, I appreciate your concern. But like I said, we’re going by the data. That’s all. We’ll see what happens at our next meeting. Maybe we’ll cut. We’ll see. But you have to understand, Mr. President, the Federal Reserve is an independent agency. We’re independent of politics, we’re not influenced by politics. So with all due respect, Mr. President, I request that you respect our independence.
TRUMP: Oh, puuuhleeeeze. Give me a break, OK? Don’t try to pull that independent crap on me. You can sell that b******t to the Fake News, but not to me. Everybody knows you’re just a bunch of political HACKS, OK? That’s all you are, just a bunch of political hacks, and everybody knows it.
(President Trump grows animated, his hands gesticulating wildly, his face turning from orange to red. Meantime, Chairman Powell, visibly uncomfortable, sinks in his chair, his eyes darting nervously).
POWELL: Um, Mr. President —
TRUMP: Don’t give me that Mr. President b******t. You want to sit there and tell me the Fed’s independent of politics? Give me a f*****g break.
You remember Nixon, right? In 1972, Fed Chair Arthur Burns inflated the money supply to help Nixon win reelection. And you know what? It WORKED. It WORKED. Nixon won the election by one of the greatest landslides in U.S. history. I think I won an even bigger landslide last year, but you know, maybe it wasn’t, I don’t know, I could be wrong, it’s possible.
The point is, Jerome, the Fed is highly political. And you know it. You KNOW it.
POWELL: That was just one isolated incident, Mr. President. I don’t think it represents —
(President Trump cuts Powell off, growing increasingly animated).
TRUMP: No, no, it’s not just Nixon. It’s not just Nixon. The Fed’s involvement with politics goes back to Truman, Kennedy and LBJ. Way beyond Nixon.
You know what LBJ did, Jerome? I’ll tell you what he did. He pushed Fed Chairman Bill Martin up against a wall to get him to see things his way. He literally pushed him against a wall.
Did you know that? You didn’t think I knew that, did you?
(President Trump, suddenly amused, in light humor).
Is that what I’m going to have to do to you, Jerome? Put you up against a wall? (gaggling). I mean, I’d really rather not do that, right? I’m a peaceful guy, you know, a really peaceful guy, the most peaceful guy. Just look how I’m trying to stop all that senseless killing in Ukraine.
(President Trump’s mood turns foul once again).
Putin NEVER would have invaded if I was president. It never would have happened. I mean NEVER. Everybody knows it. But Sleepy Joe let it happen because Putin knew he was weak. And don’t get me started on the disgraceful Afghanistan pullout. It was the biggest embarrassment in American history. Not even close. It NEVER would have happened if I was president.
Sleepy Joe was the worst president we’ve ever had. And it’s not even close. It’s not even close, really.
(Chairman Powell, suddenly sitting upright in his chair, decisive, resolute)…
POWELL: OK, Mr. President, you want to know the truth? Fine, I’ll tell you the truth. You’re right. The Fed isn’t independent of politics. Look, I live in this town, OK? And everyone in this town, and I mean EVERYONE, hates your guts.
If I cut rates, it’ll improve the economy. And who’ll get credit for it? You, not me — despite your ridiculous tariffs that will actually hurt the economy. If I cut rates, Republicans might even win the midterm elections next year. Then you’ll have free rein to do whatever the hell you want for the next three years.
Do you think my friends would ever forgive me for enabling an authoritarian fascist like you? I’ll never be invited to another Georgetown cocktail party. No one will ever invite me to dinner or be seen with me in public. My name would be mud in this town. I’ll never be paid the handsome speaking fees upon which most Federal Reserve chairmen depend.
So, yes, Mr. President, you’re g*******d f*****g right. I’m not independent of politics. I can’t afford to be.
TRUMP: You’re a DISGRACE, an absolute disgrace. You really are. You know what? I’m going to sic Kash Patel and Pam Bondi on you. They’re amazing people. They’ll fix you good, they really will — as soon as they get to the bottom of the Epstein files, my attempted assassination, the Russiagate Hoax, the J6 pipe bomber and the STOLEN 2020 election.
Just wait, you’ll see. You really will. You’ll see.
END OF TRANSCRIPT
Brian Maher
for Freedom Financial News
