Jim Bianco on Division at the Fed and Jerome Powell’s Controversial Decision to Stay
Episode publishedPodcast: Monetary Matters with Jack Far...Monetary Matters with Jack Farley
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We are here another edition of Monetary Matters live on monitoring the situation. I'm Jack Farley.
And I'm Max Wheatley. We've got a
big day, Jack. It's almost a comically large amount of news we have to get into. We're gonna be speaking about the Fed in just a moment with Jim Bianco of Bianco Research. We've had
a little bit more time to to process what happened with Jay Powell. You've been getting a lot of flack today, because you believe that Jay Powell staying is a mistake. Why
do
you think that's a mistake?
Because of the reason he's staying. The reason he is staying on with the Fed is because he believes that he doesn't trust the administration to properly investigate the overruns in the building contract, in the buildings or renovations of the Federal Reserve buildings. Okay, fine. So you're going to stay on and you're going to hold the institution hostage in order to get an effective outcome that you want. I thought his outcome was pretty clear. The Fed's an independent institution. No one is allowed to ask any questions. If they want to build a marble edifice to themselves that's going to run
Don't investigate the construction projects?
Yes, the construction projects. Because, you know, that's what he's basically said. That's what this is all about, It's about the the overrun, the over cost overrun that which could run north of a couple of billion dollars depending on how you measure it over several years, and he doesn't want any you're not allowed to ask about that marble building that they're building. They're just building it, and it's none of your business, how much it costs. That's effectively what I heard him say. Might not like Trump. Jim, You might not like Trump, and I understand it. And I got, man, do I have issues
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