Donald Trump’s wild and whirling day showed why most
Americans disapprove of him and think he’s ignoring their key issues — and why
his most loyal supporters will never desert him.
Trump ignited more speculation he may fire Federal
Reserve Chair Jerome Powell after a Tuesday meeting at which he polled
lawmakers about what he should do.
Ousting Powell would be the most overt attempt by a modern
president to interfere in the Fed’s role of setting interest rates and could
tip the global economy over a cliff. It might also be the riskiest power grab
yet of Trump’s expansive second term, since it would traumatize markets by
obliterating an assumption that made the US the world’s most powerful economy —
that presidents don’t emulate developing world dictators by cooking the books
for political gain.
Donald Trump later insisted it was “highly unlikely” he’d
dismiss Powell after markets shuddered. But given his volatile nature and
obvious desire to exact revenge on an official who has refused to bow to his
autocratic impulses, few will take such assurances to the (central) bank.
Meanwhile, in an extraordinary outburst on Truth Social,
Trump blasted some of the most vocal MAGA personalities as “weaklings” over
their criticism of his administration’s refusal to throw open files on the late
convicted sex offender Jeffrey Epstein. Trump’s defensiveness supercharged
a furor simmering for more than a week — and is likely to spur more claims
he’s got something to hide and to encourage Democratic calls for more
transparency.
In seeking to defuse a conspiracy, Trump created a new one,
nonsensically accusing Democrats of being behind the storm — even though
Epstein was charged with sex trafficking by Trump’s own first-term Justice
Department. “Their new SCAM is what we will forever call the Jeffrey Epstein
Hoax, and my PAST supporters have bought into this ‘bullsh*t,’ hook, line, and
sinker,” Trump wrote on Truth Social.
Trump’s volatility is very risky
These two dramas — which are hardly what keeps most voters
awake at night — encapsulate the exceptional and often dangerous aspects of
Trump’s unique presidency.
He’s looking for a Fed chief who will throw caution to the
wind and slash interest rates in pursuit of fast growth. As with his obsession
with tariffs, which similarly affronts economic orthodoxy, Trump is itching to
implement a risky pet theory that many experts predict would court disaster.
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