Fmr. Obama Economist Calls on Fed Chair Jerome Powell to Step Down

Smith First up some ░░░░░░░░ be shocked to hear ░░░░░░░░ Obama economist is siding ░░░░░░░░ President Trump on this ░░░░░░░░ and you are now ░░░░░░░░ for Jerome Powell to ░░░░░░░░ down Why EL ERIAN ░░░░░░░░ am I ve been ░░░░░░░░ of Chair Powell for ░░░░░░░░ while He made a ░░░░░░░░ policy mistake that saw ░░░░░░░░ go up to 9 ░░░░░░░░ We had supervision of ░░░░░░░░ problems there were insider ░░░░░░░░ allegations to his committee ░░░░░░░░ s mission creep the ░░░░░░░░ goes on I think ░░░░░░░░ Chair Powell has decided ░░░░░░░░ redefine his legacy in ░░░░░░░░ of protecting the independence ░░░░░░░░ the Fed but by ░░░░░░░░ on is actually threatening ░░░░░░░░ independence of the Fed ░░░░░░░░ those of us who ░░░░░░░░ that an independent central ░░░░░░░░ is critical to economic ░░░░░░░░ think that the right ░░░░░░░░ for him to do ░░░░░░░░ to step down Smith ░░░░░░░░ So Mohamed so you ░░░░░░░░ that he should step ░░░░░░░░ to keep the independence ░░░░░░░░ the Federal Reserve Do ░░░░░░░░ agree with Jerome Powell ░░░░░░░░ decision to not have ░░░░░░░░ interest rates more by ░░░░░░░░ EL ERIAN So I ░░░░░░░░ been public about this ░░░░░░░░ certainly should reduce interest ░░░░░░░░ next week They re ░░░░░░░░ going to according to ░░░░░░░░ signal he has sent ░░░░░░░░ he should be reducing ░░░░░░░░ rates next week Smith ░░░░░░░░ is he too late ░░░░░░░░ mean President Trump has ░░░░░░░░ him the nickname Too ░░░░░░░░ Powell Do you agree ░░░░░░░░ he s too late ░░░░░░░░ ERIAN So he s ░░░░░░░░ too late Powell He ░░░░░░░░ too late in recognizing ░░░░░░░░ had an inflation problem ░░░░░░░░ 2021 He was too ░░░░░░░░ in increasing interest rates ░░░░░░░░ 2023 So he has ░░░░░░░░ too late I think ░░░░░░░░ he needs to be ░░░░░░░░ He needs to lead ░░░░░░░░ committee to cut interest ░░░░░░░░ by 25 basis points ░░░░░░░░ week Smith I mean ░░░░░░░░ based on everything you ░░░░░░░░ said it sounds like ░░░░░░░░ re not just calling ░░░░░░░░ him to step down ░░░░░░░░ preserve to preserve the ░░░░░░░░ of the Fed You ░░░░░░░░ think he s gotten ░░░░░░░░ policy wrong EL ERIAN ░░░░░░░░ I ve said that ░░░░░░░░ he were CEO he ░░░░░░░░ have been fired by ░░░░░░░░ for all the mistakes ░░░░░░░░ s made But that ░░░░░░░░ not how it works ░░░░░░░░ he s there Smith ░░░░░░░░ you think that these ░░░░░░░░ political decisions and political ░░░░░░░░ only on the part ░░░░░░░░ Jerome Powell I mean ░░░░░░░░ Trump is making the ░░░░░░░░ that he s not ░░░░░░░░ interest rates to stick ░░░░░░░░ to President Trump EL ░░░░░░░░ So I don t ░░░░░░░░ if it s a ░░░░░░░░ decision I think his ░░░░░░░░ has proven to be ░░░░░░░░ He s not an ░░░░░░░░ by training He certainly ░░░░░░░░ t had massive experience ░░░░░░░░ the marketplace He s ░░░░░░░░ lawyer and I think ░░░░░░░░ judgment has failed him ░░░░░░░░ critical points during his ░░░░░░░░ Right now his judgment ░░░░░░░░ that he s protecting ░░░░░░░░ independence of the Fed ░░░░░░░░ staying He s not ░░░░░░░░ s making it more ░░░░░░░░ that the independence will ░░░░░░░░ eroded.”