Our story begins with an unfit President who was really mad at the chairman of the Federal Reserve. The chairman was a brave, pricipled fellow who just wanted to do his job. The President ordered the Fed Chair to lower interest rates. The Fed Chair resisted. He knew that lowering interest rates would sink the economy.
The President threatened to fire the Fed Chair and ordered him to resign. The Fed Chair knew that President couldn’t fire him and chose not to resign.
The President said mean things about the Fed Chair and called him lots of names. The Fed Chair ignored the President.
Eventually, the Fed Chair’s four year term in office ended and he left his position with honor and dignity. The President nominated a new Fed Chair, a guy who was supposed do exactly what the President wanted him to do.
Not only did the new Fed Chair NOT do what the President wanted, he actually raised interest rates.
The President is really mad.
