As Markets Plunge To New Lows, Trump Attacks The Federal Reserve Yet Again

On Monday, as the Dow Jones Industrial Average again sank to a new low, President Donald Trump doubled down on his attacks aimed at the Federal Reserve, suggesting on Twitter that the only problem with the U.S. economy is a slight uptick in the interest rate to 2.5 percent, which remains incredibly low:

Within minutes of that tweet, the market dropped 150 points, threatening to dive below the 22,000 mark.

But the real reason the president is so upset with the Federal Reserve and its chairman, Jerome Powell (who was appointed by Trump), according to Bloomberg, is because each hike in the interest rate costs him money on the millions he owes in loans:

“Every time the Fed raises rates, Trump’s payments on some $340 million in variable-rate loans go up. Since his January 2017 inauguration, the Fed’s steady rate hikes may have added a cumulative $5.1 million a year to his debt service costs, according to a Bloomberg News analysis of the president’s financial disclosures and property records.”

As with everything, Trump only gives a damn if something impacts him; the rest of us are on our own.

In recent weeks, there have even been suggestions that Trump has discussed removing Powell as Fed chair and replacing him with Jared Kushner, which would all but guarantee a complete stock market meltdown and global depression.

Social media was only too happy to remind Trump that he owns the bad stock market and is the one to blame for an ongoing trade and tariff war:

So, to sum things up: The government is in a shutdown, the stock market is in free fall, our allies no longer trust us, and a 72-year-old man-baby is whining that everything is everyone else’s fault. Yep, it’s just another day in Mr. Donnie’s neighborhood.

Featured Image Via CNBC