Peter Navarro: Jerome Powell ‘Immediately’ Turned Coat After Becoming Fed Chair

PAYNE My next guest ░░░░░░░░ a scathing piece on ░░░░░░░░ Reserve Chairman Jay Powell ░░░░░░░░ the weekend noting the ░░░░░░░░ of Powell blunders right ░░░░░░░░ four rate hikes in ░░░░░░░░ we all remember that ░░░░░░░░ Then of course there ░░░░░░░░ no rate hikes as ░░░░░░░░ began to surge in ░░░░░░░░ and they waited until ░░░░░░░░ of 2022 and began ░░░░░░░░ very aggressive tightening cycle ░░░░░░░░ m going to bring ░░░░░░░░ now White House Senior ░░░░░░░░ Counselor Peter Navarro And ░░░░░░░░ we know about how ░░░░░░░░ Powell s been behind ░░░░░░░░ respect to the curve ░░░░░░░░ want to ask you ░░░░░░░░ something that you wrote ░░░░░░░░ caught my eye Powell ░░░░░░░░ audition for worst Fed ░░░░░░░░ began shortly after his ░░░░░░░░ 2018 appointment promising President ░░░░░░░░ in the Oval Office ░░░░░░░░ supportive posture to support ░░░░░░░░ nomination I didn t ░░░░░░░░ know can the Fed ░░░░░░░░ that I mean someone ░░░░░░░░ I want to be ░░░░░░░░ charge of the Fed ░░░░░░░░ they say to the ░░░░░░░░ hey I m going ░░░░░░░░ support your agenda Because ░░░░░░░░ he did not NAVARRO ░░░░░░░░ dirty little secret here ░░░░░░░░ the swamp Everybody s ░░░░░░░░ partisan animal and Fed ░░░░░░░░ are partisan animals And ░░░░░░░░ remember well when Powell ░░░░░░░░ angling for the job ░░░░░░░░ had a fan in ░░░░░░░░ Mnuchin the Treasury secretary ░░░░░░░░ the time He comes ░░░░░░░░ the Oval and he ░░░░░░░░ all the right things ░░░░░░░░ the boss about how ░░░░░░░░ supports the policies this ░░░░░░░░ and the other thing ░░░░░░░░ gets the job and ░░░░░░░░ turns coat It was ░░░░░░░░ what are you doing ░░░░░░░░ the important thing here ░░░░░░░░ and you and I ░░░░░░░░ this really well is ░░░░░░░░ Trumponomics has the ability ░░░░░░░░ grow the American economy ░░░░░░░░ faster than Obamanomics or ░░░░░░░░ without causing inflation And ░░░░░░░░ in 2018 the first ░░░░░░░░ major blunder we re ░░░░░░░░ along and Powell gets ░░░░░░░░ his head well we ░░░░░░░░ going to get inflation ░░░░░░░░ re doing too well ░░░░░░░░ Right NAVARRO And it ░░░░░░░░ it was too early ░░░░░░░░ PAYNE Yeah Yeah NAVARRO ░░░░░░░░ first major blunder And ░░░░░░░░ look it was criminal ░░░░░░░░ this gets to the ░░░░░░░░ of it again When ░░░░░░░░ wanted to get reappointed ░░░░░░░░ Biden right what did ░░░░░░░░ do He held back ░░░░░░░░ interest rates even as ░░░░░░░░ inflation started to build ░░░░░░░░ it wasn t until ░░░░░░░░ was out of control ░░░░░░░░ you couldn t put ░░░░░░░░ Biden inflation back in ░░░░░░░░ bottle that he starts ░░░░░░░░ rates PAYNE And then ░░░░░░░░ But Charles the worst ░░░░░░░░ he did when Biden ░░░░░░░░ the Congress were doing ░░░░░░░░ that ill named Inflation ░░░░░░░░ Reduction Act all that ░░░░░░░░ kept his mouth shut ░░░░░░░░ him and what I ░░░░░░░░ in The Hill op ░░░░░░░░ it s like William ░░░░░░░░ Martin right When Johnson ░░░░░░░░ prosecuting the Vietnam War ░░░░░░░░ t want to exchange ░░░░░░░░ for butter what did ░░░░░░░░ do He took away ░░░░░░░░ punch bowl What did ░░░░░░░░ do The other great ░░░░░░░░ at the Fed I ░░░░░░░░ in modern history PAYNE ░░░░░░░░ NAVARRO Powell is just ░░░░░░░░ opposite PAYNE Right NAVARRO ░░░░░░░░ you and I agree ░░░░░░░░ s done two major ░░░░░░░░ The only thing is ░░░░░░░░ what he s doing ░░░░░░░░ a third major blunder ░░░░░░░░ clearly it is PAYNE ░░░░░░░░ NAVARRO The data says ░░░░░░░░ we should be at ░░░░░░░░ 50 basis points lower ░░░░░░░░ now And the cost ░░░░░░░░ that let me let ░░░░░░░░ let me just do ░░░░░░░░ cost for you That ░░░░░░░░ about a quarter to ░░░░░░░░ half point of GDP ░░░░░░░░ that we lose That ░░░░░░░░ about 500 000 to ░░░░░░░░ 000 jobs we don ░░░░░░░░ create That s about ░░░░░░░░ billion added over 10 ░░░░░░░░ to the national debt ░░░░░░░░ 20 to 30 percent ░░░░░░░░ that debt will be ░░░░░░░░ by short term rates ░░░░░░░░ s over a thousand ░░░░░░░░ a year to people ░░░░░░░░ have a mortgage on ░░░░░░░░ home And it s ░░░░░░░░ the revolving credit card ░░░░░░░░ where we got a ░░░░░░░░ dollars out there Collectively ░░░░░░░░ s like 5 billion ░░░░░░░░ Jay Powell adds This ░░░░░░░░ is blundering his way ░░░░░░░░ hurting Americans to the ░░░░░░░░ of billions And that ░░░░░░░░ why I nominated him ░░░░░░░░ the worst Fed chair ░░░░░░░░ history And I think ░░░░░░░░ s earned that.”