Corrupt Federal Reserve Chairman Jerome Powell, who nearly took down the American economy himself in 2018, sold between $1 and $5 million worth of stock last October before the market tanked.
After nearly tanking the US economy himself, crazy and corrupt Fed Chief Jerome Powell finally stopped increasing interests rates in early 2019. He had a mandate to protect the American economy and he was not upholding it.
During seven years under the Obama Administration, the Fed kept rates at zero, but as soon as President Trump was voted in, the FED started a program of regular rate increases every couple of months. These increases slowed the economy and prevented the US from paying back the debt that could have easily been paid off with the lower rates.
Powell knew what he was doing and did all he could to hurt President Trump. Then in October of 2020, Powell sold between $1 and $5 million of his personal assets as his actions shortly before 2020 did nothing but slow the economy again.
Federal Reserve Chairman Jerome Powell sold between $1 million and $5 million worth of stock from his personal account on October 1, 2020, according to disclosure forms reviewed by the Prospect. Powell’s sale of shares from a Vanguard Total Stock Market Index Fund has not been previously reported. This sale occurred right before the Dow Jones Industrial Average suffered a significant drop.
A Fed media relations spokesperson was not available for comment. We will report on any Fed statement on Powell’s trades.
Three other senior Fed officials have faced serious criticism for making stock trades during the pandemic. Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren were compelled to take early retirements as a result of the disclosure of their trades. Fed Vice Chair Richard Clarida also came under fire for stock trading. The other trades are now the subject of investigations by the Fed’s own inspector general and the SEC.
There is no American with more insider knowledge about government policy that drives financial market movements than the chair of the Federal Reserve. And as COVID caseloads, hospitalizations, and deaths spiked last fall, the economy was in a precarious condition. October turned out to be the stock market’s worst month since March 2020, when the pandemic began.
The Dow would lose 1,600 points in October, or 6 percent of its value.