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re: Trump’s Justice Department launches a criminal investigation of Fed chair; JPow responds
Posted on 1/13/26 at 8:19 am to NC_Tigah
Posted on 1/13/26 at 8:19 am to NC_Tigah
Sigh. I was responding to the initial question as to whether or not taxpayers are funding thee renovation. And they are not. Period. In any sense. Joe the Plumber didn’t work overtime to fund this thing.
However if we play your 6 degrees of Kevin Bacon connection here, where is your outrage for the one person who has generated more government debt than any other POTUS, sans Obama? All I hear is a bunch of crickets. As I recall, you were one of the Big, Beautiful Bill cheerleaders here, so your sudden concern over construction overspending is laughable. Only a real patsy would argue out of both sides of their mouth.
As for the renovations themselves, I couldn’t care less. I find the weak-minded pearl clutching hilarious relative to other government boondoggles. And who knows? Maybe digging underneath an existing building and renovating an old building costs a lot of money.
And I say this as someone who is not a fan of Powell. I have been a critic of his “soft-landing” bullshiite since he uttered those words. So the binary thinking here is stupid and weak. If dont agree with x, i must believe in Y. That bird dog don’t hunt, at all.
However if we play your 6 degrees of Kevin Bacon connection here, where is your outrage for the one person who has generated more government debt than any other POTUS, sans Obama? All I hear is a bunch of crickets. As I recall, you were one of the Big, Beautiful Bill cheerleaders here, so your sudden concern over construction overspending is laughable. Only a real patsy would argue out of both sides of their mouth.
As for the renovations themselves, I couldn’t care less. I find the weak-minded pearl clutching hilarious relative to other government boondoggles. And who knows? Maybe digging underneath an existing building and renovating an old building costs a lot of money.
And I say this as someone who is not a fan of Powell. I have been a critic of his “soft-landing” bullshiite since he uttered those words. So the binary thinking here is stupid and weak. If dont agree with x, i must believe in Y. That bird dog don’t hunt, at all.
This post was edited on 1/13/26 at 8:25 am
1
Posted on 1/13/26 at 9:11 am to Ten Bears
quote:Take that political question to the poli-talk board, and I'll happily address it.
where is your outrage for the one person who has generated more government debt than any other POTUS, sans Obama? All I hear is a bunch of crickets.
The OP is incorrect.
There is no investigation of the Fed Chair, per se.
The issue here is money.
The DOJ inquiry is targeting cost overruns and absurd expenses at the Fed.
My response to you in this thread is about that, and who is ultimately on the hook.
The taxpayer is ultimately on the hook.
You were naive to assert otherwise.
Posted on 1/13/26 at 9:51 am to NC_Tigah
When I see yahoo finance articles with "not a good idea to go after the fed" in the title. I believe it's time to at least take a look inside.
Posted on 1/13/26 at 10:25 am to BCvol
"Global Central Bankers Rush to Defend Fed’s Powell"
Title of Yahoo Finance story
MSM actively running cover backed by the globalist.
Title of Yahoo Finance story
MSM actively running cover backed by the globalist.
Posted on 1/13/26 at 11:54 am to rickgrimes
This is idiotic and sets a really bad precedent
I can’t help but think that if Powell hadnt acted independently on rates, this would not have happened
Trump is being very petty here
I can’t help but think that if Powell hadnt acted independently on rates, this would not have happened
Trump is being very petty here
Posted on 1/13/26 at 12:03 pm to SlidellCajun
quote:Both the renovation cost and cost overruns are absurd. Powell's Congressional testimony about them was questionable. You think DC should just let it ride?
Trump is being very petty here
Posted on 1/13/26 at 12:08 pm to NC_Tigah
No
I think they can handle it differently without legal action. I don’t think any illegal activity is taking place. Trump hired Powell!
The cost went up 30% since 2017. Not absurd.
And what about the grand ballroom trumps building!?
Where is the concern on that?
I think they can handle it differently without legal action. I don’t think any illegal activity is taking place. Trump hired Powell!
The cost went up 30% since 2017. Not absurd.
And what about the grand ballroom trumps building!?
Where is the concern on that?
This post was edited on 1/13/26 at 12:13 pm
Posted on 1/13/26 at 12:18 pm to SlidellCajun
no one is above the law
Posted on 1/13/26 at 12:28 pm to Big Scrub TX
quote:You and I rarely agree with each other but on this issue we are in lockstep. It's Trump's way of intimidating Powell to reduce overnight rates faster just to please the real estate developer, The Donald.
Trump’s Justice Department launches a criminal investigation of Fed chair; JPow responds
This is so fricking stupid.
And I'm disgusted by the claims that Powell is wasting taxpayer money with the cost of the Fed's headquarters renovations. I don't know if the cost overruns are justified or not but the renovations are not costing taxpayers a penny.
The Fed is not on the federal government's budget. The Fed's expenditures are paid from the Fed's self generated revenues including the cost of the renovations.
And I guess the complainers about the renovation costs forget that Trump45 was President when the renovation plans were first approved in 2017.
Posted on 1/13/26 at 12:31 pm to SlidellCajun
quote:White House ballroom construction is ahead of schedule, privately funded, and is projected for completion before President Trump's term ends in 2029.
Where is the concern on that?
Nevertheless, it was plastered wall-to-wall in the news until other current events overtook it.
Posted on 1/13/26 at 12:31 pm to BCvol
Do you really think Powell broke the law?
Posted on 1/13/26 at 12:32 pm to SlidellCajun
quote:More and more Republican politicians are coming out in support of Powell.
Asked in an interview with Fox Business on Monday whether he believed the probe was political, Sen. Roger Marshall, R-Kan., said Trump was perhaps “almost trolling here,” adding, “We’ve got bigger issues to go after than this one.”
House Financial Services Committee Chair French Hill, R-Ark., defended Powell as "a person of the highest integrity" and warned that the subpoenas "could undermine this and future Administrations’ ability to make sound monetary policy decisions."
“Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus and creates an unnecessary distraction,” Hill said in a statement. Hill's committee oversees the Federal Reserve, the Treasury Department and the Securities and Exchange Commission.
Trump and Treasury Secretary Scott Bessent spoke Sunday evening after the Justice Department announced its investigation, two sources familiar with the conversation told NBC News.
One of the sources described the situation as a mess — citing blowback from Congress — and said Bessent expressed his frustration to Trump that it creates an unnecessary distraction from other work on the Treasury Department’s plate.
Can't help but wonder why not start the investigation with the Fed's NBC IG
Posted on 1/13/26 at 12:58 pm to SlidellCajun
No idea if he broke the law or not. I do know that an entity as powerful as the Fed should never be immune from scrutiny.
Posted on 1/13/26 at 1:25 pm to BCvol
quote:The proper place to fix this is indeed through Congressional oversight. However, Powell was elusive in Congressional hearings, and Congress basically rolled over.
Sen. Dave McCormick, R-Pa., a Banking Committee member whom Trump endorsed in the 2024 election, added that he did "not think Chairman Powell is guilty of criminal activity."
"I believe strongly in an independent Federal Reserve. I also agree with President Trump that Chairman Powell has been slow to cut interest rates. I think the Federal Reserve renovation may well have wasted taxpayer dollars, but the proper place to fix this is through Congressional oversight," McCormick said in a statement Monday.
Claiming the taxpayers are not ultimately on the hook for the addition to our debt which this entails is ridiculous. So the question is how do we get to the bottom of it. Is the contention that fed corruption cannot be prosecuted or pursued outside of Congress? If so, the SCOTUS should weigh in. That may be where this is headed.
But Powell blatantly lied when he took to the podium and claimed he was being indicted. He's a lawyer. He knew damn well he was lying. That speaks more urgently to the money matters the DOJ is attempting to ferret out.
Posted on 1/13/26 at 1:54 pm to SaintsTiger
quote:
. It is the new Air Force 1. He’s leaving it when he departs the White House
Hamas Force 1
Posted on 1/13/26 at 2:39 pm to NC_Tigah
quote:I just wonder how much that quid pro quo arrangement will cost taxpayers??
privately funded
The Fed's renovation is also "privately funded" out of its earned revenues, not from taxes.
Posted on 1/13/26 at 7:16 pm to BottomlandBrew
Either there is fraud or incompetence.
You dont like it, get over it. Its tax payer dollars and there has to be accountability to that.
You dont like it, get over it. Its tax payer dollars and there has to be accountability to that.
Posted on 1/13/26 at 11:33 pm to Jjdoc
Senator Kevin Cramer is just dumb enough to give up the game publicly:
Loading Twitter/X Embed...
If tweet fails to load, click here.Posted on 1/14/26 at 5:26 am to LSURussian
quote:I know you know this, but others may not.
The Fed's renovation is also "privately funded" out of its earned revenues, not from taxes.
The Fed’s earns its income from interest on US Treasury securities and MBS, and to a much lesser extent on fees for financial services.
Subsequent profit disposition follows a statutory sequence: (1) Pay the Fed's operating expenses, (2) Pay dividends to banks for paid in portions of capital subscription, (3) Any surplus >$6.825B (as mandated by Congress) is then remitted to Treasury.
In other words, currently paused remittances notwithstanding, had the renovation money not been pissed away negligently, it would have flowed to the Treasury, which is synonymous with the taxpayer.
Regarding the absurd expenses and overruns involved in the Fed Building project, I don't know what the bottomline is. Incompetence? Negligence? Corruption? Some combination of those?
All I know is, under auspices of "Fed Independence," Powell resisted oversight of the expenditures, first by Congress and now by the Executive Branch. The DOJ sought court assistance to access the Fed Building financial records. It was a matter which could have been handled quietly behind the scenes. Instead, Powell chose to escalate. He responded by falsely claiming on national TV the DOJ was threatening to indict him. That set a false narrative still being carried in the press and in Congress 4 days later (look no further than the OP thread title). Powell is a lawyer. He lied. He knew he was lying.
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