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Episode 13 – Trump with Some Surprising Clarity About the Fed
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In this episode, I get to discuss two of my favorite topics: the United States’ higher education system and the Federal Reserve. First, ITT Technical Institute closed its doors today after the U.S. Department of Education ruled that it cannot accept students with federal financial aid and student loans. This failure is a microcosm of the higher education system as a whole; a majority of American colleges would fail in a similar fashion if the federal gravy train was removed. Next, Donald Trump made some surprisingly perceptive comments about the Federal Reserve’s easy money policies and the artificially high stock markets. He called what Janet Yellen has done “a political job” and believes that she will continue to keep rates low to keep the markets propped up until the election. This echoes what I have been saying for most of 2016, but it is surprising to see Trump talk at length about the Fed in public. Hillary Clinton, yet again with no shame, came out and said that it is unpresidential to discuss the actions of the Federal Reserve. Though we did not need more proof, it shows where her bread is buttered: Wall Street and the bankers that benefit most from loose Fed policy.
Suggested Readings/Referenced Articles:
“ITT Tech Shuts Down All Its Schools; One Student Says He’s ‘Angry Times 10 Million'” – Los Angeles Times
“Trump says U.S. interest rates must change as Fed weighs rate hike” – Reuters
“Clinton says Trump’s comments on the Fed show he should not be president” – CNBC
“Barney Frank to Fed: Don’t raise rates before election” – The Hill
“Student Loan Subsidies Cause Almost All of the Increase in Tuition” – Foundation for Economic Education (FEE)
“CFPB: Repayment of U.S.-Backed Student Loans Lags” – Inside Higher Ed
“The Student Loan Bubble: Gambling With America’s Future” – SchiffGold
“The College Bubble (incl. Education & Student Loan Bubble)” – The Bubble Bubble
Probabilities of Fed Funds Target Rates – CME Group
Book: “End the Fed” by Ron Paul
Book: “The Case Against the Fed” by Murray Rothbard (free, legal PDF download)
Podcast: “Ep. 192: Data Dependent Fed Ignores Bad Data” – Peter Schiff Show
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