President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the Federal Reserve, speaks at the White House, Nov. 2, 2017.
Photo:
carlos barria/Reuters
Allysia Finley is correct that “if the Fed is to blame, it’s for leaving interest rates too low for too long” (“The Coming Biden Bailout of Blue States and Cities,” Life Science, April 3).
Also to blame is former President
who repeatedly pressured and even threatened to fire Federal Reserve Chairman
Jerome Powell
to continue to keep the interest rates low to aid his re-election campaign. When Mr. Trump was first elected, the 2007-09 recession and its aftereffects had more or less ended. But he wanted low interest rates to artificially boost the economy at great expense. He met with the Fed chairman to remind him of his expectations.
Ms. Finley accuses Mr. Biden of bailing out blue states and citizens. Unlike Mr. Trump, however, who favored red states, Mr. Biden has demonstrated that he will come to the assistance of any state in need.
Americo A. Salini Jr.
Andover, Mass.
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