Trump offers unique solution to bank crises, in slam at ‘interest-rate-happy’ Fed chair

Trump blasts Biden after bank failures, pitches unique solution

Former President Donald Trump He suggested that Federal Reserve Chairman Jay Powell is overly focused on interest rates, while offering what could have been an alternative energy-based economic adjustment in the wake of recent bank failures.

Silicon Valley Bank and Signature Bank – the latter featured the former banking regulation architect. Barney Frank, D-Massachusetts, on its board – has failed over the past several weeks.

Some observers said SVB had to sell large volumes of Treasury bonds — whose value had shrunk due to rising interest rates — at a loss to cover marked increases in withdrawal requests from its clients in the technology sector.

“I wouldn’t have supported the bailout,” Trump said Monday. “The Bank would have to get along on its own, and maybe they could.”

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Former US President Donald Trump speaks to the media during an Election Night event at Mar-a-Lago on November 8, 2022 in Palm Beach, Florida.  Trump spoke as the nation awaited the results of the vote in the midterm elections.

Former US President Donald Trump speaks to the media during an Election Night event at Mar-a-Lago on November 8, 2022 in Palm Beach, Florida. Trump spoke as the nation awaited the results of the vote in the midterm elections. ((Photo by Joe Riddle/Getty Images))

“What happened to the bank is that interest rates went up too much,” he told Hannity.

Trump blasted Powell — whom he nominated to replace current Treasury Secretary Janet L. Yellen as chair of the Federal Reserve — saying he “had his own stand” with him and had to “beat him hard.”

“I wasn’t a big fan of Powell. Some people recommended him [for Fed chair]. I didn’t like him. He is very pleased with the interest rate.”

While Powell’s roadmap to quelling the inflation crisis focused on raising interest rates, Trump offered an alternative solution that he suggested would have a broad-based effect on US markets that could lower the temperature.

“What you’re doing is lowering oil prices. That’s bigger than interest rates — the only thing.”

Trump continued to criticize SVB for its reliance on 10-year bonds as investments:

“They stupidly bought long-term Treasury bonds,” he said, and went on to call out his presidential successor.

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“These Treasuries have collapsed because Powell keeps raising interest rates. But it’s up to Biden. And he himself will have to worry about that.”

Trump later He suggested that America was about to become “dominant” in energy if his policies stayed in place when Biden tore up the Keystone pipeline and slashed US production, listening to his oil price proposal.

“I would have done a big number about Powell,” he quipped. Cut at the end [rates during my presidency] So much so that it almost made trouble… because he thought I was going to fire him.”

Trump later cited Russia as an adversary both in energy and in general, stating that the criticism he receives for being “too close” to the former KGB officer is largely unfounded because he was able to “get along” with him instead. push him into conflict.

“If this thing isn’t resolved by election time, it probably won’t be resolved — and we could also be in World War III with these idiots doing what they do,” Trump saidapparently to refer to the invasion of Ukraine.

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“You can end up in a nuclear world war that makes World War I and World War II look like pancakes. It’s incredible because we have people who don’t know what they’re doing. But if it’s not resolved, I’ll solve it in 24 hours with Zelensky and with Putin.”

Trump said he had a “one-day” solution he would put forward if elected that would resolve the conflict between Russia and Ukraine, saying he could not disclose it at this time because it could not be used in formal negotiations between the warring nations. .

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