As the deadly coronavirus continues to spread like wildfire around the globe and across the nation, a new report from the Washington Post suggests that Donald Trump’s fear has reached new heights, leading him to lash out at some of his closest cabinet members.
Keep in mind that through the entirety of what’s now officially been declared a pandemic, Trump’s only real concern has been the impact that the virus will, and has, had on him.
Frankly, the more the Dow plummets and puts millions of Americans at risk of potential financial ruin, the more Trump’s chances at reelection go swirling down the sewer pipes.
Now, the Post has discovered that Trump’s paranoia is quickly turning into rage as the potential for economic destruction becomes more and viable — specifically towards his Treasury Secretary, Steven Mnuchin.
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It’s reported that earlier this week Trump put the squeeze on Mnuchin to pressure Federal Reserve Chair Jerome Powell, who Donald allegedly appointed to the position after encouragement from Mnuchin, to do more for the economy in the midst of the financial calamity induced by COVID-19 — an interaction between Trump and Mnuchin that the Post described as an “explosive tirade.”
Under Powell’s direction, the Fed has already rolled out an emergency interest rate cut and has pledged to do more to combat economic ruin should the situation call for it. However, the entity is ultimately left with very little wiggle room as interest rates were already so low — not to mention, it appears as though investors don’t have much faith in the Fed either way as the stock market continues to hit record-breaking lows.
The Post report reads, “On Monday, the Dow Jones industrial average fell more than 2,000 points, and it is down more than 5,000 points since Feb. 12. Trump has long seen a high stock market as one of his biggest achievements, and he has told voters that they should support his reelection because of it.”
“While Trump has long publicly clashed with Powell, Monday’s outburst was an ‘eruption’ unlike many others due to the political and economic stress that has gripped the White House as the coronavirus spreads, one of the officials said,” WaPo continued. “It caused some White House aides to worry that the president’s fury with Powell could lead to upheaval and economic woes if he continues to lash out at the Federal Reserve.”
The Post goes on to note that Trump does not have the legal ability to fire Powell from his Fed Chair position. However, there have been rumors of the president demoting him from his authority position and simply leaving him on the Fed board, though it’s unclear as to the legalities of such a move.
You can read the full report here.
Featured image via Official White House Photo by Shealah Craighead
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