Powell Let Congress Know The Central Bank Needs Help When The Recession Hits

Senate Democrats want Bill Barr to resign. Mr. Barr continues to protect Trump’s personal and government decisions even though the president’s decisions violate constitutional law, according to political scholars. Mr. Barr’s latest attempt to protect Trump fanboy and conspiracy maven Roger Stone was way out of legal bounds, according to those scholars.

The president gave Barr the attorney general’s job after Mr. Trump sent Jeff Sessions back to Alabama licking his Twitter wounds. Mr. Trump didn’t hide the fact he didn’t like Jeff’s decision to recuse himself from the Mueller investigation even though Sessions played a key role in the immigration smackdown on the Southern border. But the president never got over Jeff’s inability to help in other sketchy government matters so Trump put Bill Barr, a former attorney general during the Bush administration, in his place, according to the Washington Post.

Mr. Barr protected the president when the Mueller report surfaced, and Bill continues to protect the president by using the Department of Justice as the president’s protector and defense team. Mr. Barr jumped into the Huawei debacle to stop Huawei’s 5G business, and Barr continues to investigate the FBI for the spying on the 2016 Trump campaign, according to the New York Times.

Overturning the sentence request made by four DOJ prosecutors during the Roger Stone sentencing trial was too much to take for Senate Democrats. Minority leader Chuck Schumer told the press Barr needs to resign or face impeachment. But Barr claims he has the right to control the DOJ his way.

The coronavirus or COVID-19 continues to rattle the Chinese government as well as hurt Gross Domestic Product growth. Wall Street economists think Chinese GDP growth will take a 2.0% hit in the first quarter. Chinese businesses remain closed and flights in and out of China may stay on the ground until April. President Xi surfaced recently, and he told the press China has the virus under control thanks to new hospitals and a possible vaccine. But new COVID-19 cases continue to pop up around the globe, and the death rate continues to climb.

Fed Chairman Jerome Powell told a group the U.S. economy is in good shape, but the coronavirus could take a bite out of GDP growth in the first quarter. If growth falls below the Feds projections, and a recession becomes more of a reality, the central bank may not have enough tools to stimulate the economy because of low-interest rates. Mr. Powell wants Congress to cut spending and take other steps to increase economic growth.

Source: https://www.wsj.com/articles/feds-jerome-powell-set-to-testify-before-senate-on-economy-11581503400

Dil Bole Oberoi