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So, friends, it's time for J. Powell to finally resign. This is the topic of my conversation today. I don't see much media hype around this, so let me draw your attention to it. It is significant that a Wall Street Journal editorial today called for J. Powell to resign. Is anyone talking about this ?
Well, one person who talked about this before the article was published was...wait for it. Wait. I don't want to shock you. Oh, President Trump. Here are some snippets of what he said yesterday. J. Powell is a disaster. He...I call him "too late" because he was late with the bets. He could do it for 50 million.
I think I could do it for 25 million. I would leave the walls. I would leave those gorgeous ceilings. We would putty them, repair them, paint them, and they would be beautiful. They would last another 100 years. They demolished them. And now they're putting up drywall , just regular drywall. You would have new electricity, new air conditioning— everything is new.
And they wouldn't tear down the magnificent eagles on the ceiling. And the reason for the lack of insulation, he said, was that it wasn't in the budget. It wasn't in the budget. No insulation was ordered. Insulation costs pennies per foot. It's terrible what they did. He is incompetent. And a person who is incompetent should not sit on the Federal Reserve Board.
Okay, no one is really shocked to hear Mr. Trump, although I myself think it was a great speech. He knows what he's talking about. He was a great builder early in his career . But the Wall Street Journal editorial board, commenting on the Inspector General's report, noted, and let me quote verbatim : "The main conclusion is that this project was the victim of as much incompetence as was to be expected, but without criminal acts.
Okay, period." End of quote. This is according to a publication by Fed Inspector General Michael Horowitz regarding this whole construction fiasco. The general then continues, and I quote: "The planned budget of $1.3 billion has increased to $2.4 billion, and the project will be completed 3 years behind schedule." Point.
End of quote . G.I. Horowitz describes it this way: "A long and expensive comedy of errors." End of quote. Macroeconomists at the Fed are constantly changing construction projects, and contracts for contractors are drawn up extremely poorly. And the magazine concludes, and let me quote: "Imagine a faculty trying to build a new football stadium." Point.
End of quote . Very good. Now the new Fed Chairman, Kevin Warsh, being much smarter than his predecessor, has handed over the Fed's reconstruction project to the General Services Administration, which has extensive experience in construction projects and will likely do a better job than the Fed's "faculty." Mr.
Horowitz, Inspector General Horowitz, noted shortcomings in the Fed's management of the entire project, but states, and let me quote directly: " We did not find any administrative violations during our inspection." End of quote. In other words, J. Powell will not be punished. He will not go to prison, even though he was the one who ran the institution during this massive mismanagement and cost overrun.
However, the magazine notes that now that Powell is legally clean, and let me quote directly: "This paves the way for Mr. Powell to resign in accordance with tradition and do his part to de-escalate the fruitless political battles that have dragged on at the Fed." Period, end of quote . Well, well said for the magazine.
The question now is whether Powell will have enough common sense to resign. Many believe he was a highly politicized Fed chairman from the start, with his Biden-esque over-emphasis on the "voucher " policies of DEI, climate change, and cheap money under Biden. You know, Democrats today think they're going to win the midterm elections on the issue of affordability .
But the last time they held the levers of power, they spent $7 trillion monetized by Powell's Fed, which led to a peak inflation of 9% and a cumulative inflation of over 21%. They are now complaining about gas prices, but they have been doing everything they can with their radical "green" climate policies to do away with fossil fuels entirely and in the meantime strangle gasoline with taxes.
And today, in Gavin Newsom's California, gasoline costs $6.50, two bucks higher than the national average. Mr. Powell may not have done anything criminal in the Fed building fiasco , but he was certainly complicit in the disaster known as “big state socialism” under Biden. And that's all I wanted to say.
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