Neo-fascist demagogue and delusional buffoon Donald "The Chosen One" Trump, fresh off from stating "I hereby order" American companies to stop doing business in China, kept demanding that the Federal Reserve, led by his out-of-favor chairman Jerome Powell, lower interest rates to juice the economy following clear signs of a coming recession. The problem with that is the Fed doesn't have much wiggle room, with their rates already low at roughly 2%.
The Washington Post notes in an article today that Trump has another reason for demanding lower interest rates from the Fed: his own financial interest.
"President Trump stands to save millions of dollars annually in interest on outstanding loans on his hotels and resorts if the Federal Reserve lowers rates as he has been demanding, according to public filings and financial experts.It's no secret that a major Trump objective is to make money off of the Presidency, now and in the future. It's always about him and how much money he can grift. His unabashed kowtowing to the Kremlin is clearly about business deals there that he has in mind, or has already nailed down once he's out of office. With pressuring the Fed to lower interest rates, he not only has someone to blame if lower rates don't save him from a recession caused by his trade war folly, he also avoids higher payments on his business' debt. See? Win win.
In the five years before he became president, Trump borrowed more than $360 million via four loans from Deutsche Bank for his hotels in Washington, D.C., and Chicago, as well his 643-room Doral golf resort in South Florida.
The payments on all four properties vary with interest rate changes, according to Trump’s official financial disclosures. That means he has already benefited from falling interest rates that were spurred in part by a cut the Federal Reserve announced in July, the first in more than a decade — and his payments could drop by millions of dollars more annually if the central bank grants Trump’s wish and further lowers short-term rates, experts said." (our emphasis)
2 comments:
Color me surprised. ** eyeroll**
Anything Trump does involves money, and usually it's about how he'll get more of it. Benefit other people, not so much. There's always an angle, always a grift.
donnah -- Let's hope that once he becomes exposed to Federal charges -- namely money laundering and bank fraud -- his voracious grifting will have finally caught up to him.
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