Only 1,370 Days to Go

Opinion|Only 1,370 Days to Go

Bret Stephens: Gail, any strong feelings on whether Jerome Powell should remain chairman of the Federal Reserve?

Gail Collins: Gee, Bret. Do I think the Fed chairman should be bounced for calling President Trump’s maniacal tariff plans “very fundamental policy changes?” Hmm.

Bret: What Powell meant to say is, “This is the stupidest @$*%# idea since the French cavalry suited up in armor at Agincourt.”

Gail: True, Powell did say the Fed was confronting rather daunting challenges in trying to deal with the chaos Trump has thrown the world economy into. But his word choices were certainly … muted, given the historically idiotic, horrific, miserable, ego-driven, disastrous nature of Trump’s chaos-creating actions.

Guess I’m thinking Powell has been pretty restrained.

Bret: Trump wants Powell to cut interest rates to ease the pain of tariffs. But the reason interest rates are up in the first place is because the country is still dealing with an inflation hangover caused in large part by government overspending. If Powell cuts rates now, inflation could rise again even as prices go up over tariffs and overall economic uncertainty. It’s a fiasco whose only silver lining is Trump’s rapidly falling approval rating.

At this point, I’d gladly take a recession if that’s what it takes to wake Americans up to the threat Trump poses to our civil liberties. You?