5 minutes ago, Sigmund said:

If she is a crook, then she got what was comming. 

Don't you think it should have been proven that she was  a crook before getting fired?

1 minute ago, HappyExpat57 said:

Don't you think it should have been proven that she was  a crook before getting fired?

For a normal person, obviously. 

 

But on a top ranking official seat, even the doubt can tarnish the reputation of the institution. 

7 minutes ago, Sigmund said:

For a normal person, obviously. 

 

But on a top ranking official seat, even the doubt can tarnish the reputation of the institution. 

Right now, the reputation of the Fed rests on whether it is an independent entity free from undue political influence.

25 minutes ago, Sigmund said:

For a normal person, obviously. 

 

But on a top ranking official seat, even the doubt can tarnish the reputation of the institution. 

Your illogic is painfully short-sighted. What you are purporting is that SOME people must adhere to laws until, at some magical point, they rise above the need for the legal protection so the king can fire them at his whim. Painful.

3 hours ago, Tug said:

should be harassing this woma

 

If Ms Cook committed mortgage fraud, and it looks as if that is clearly the case, since you cannot have more than one residence as your main residence, then frankly firing her is a duty and public service. We cannot have people of dubious moral character at the Fed. Thankfully president Trump is aware of this and taking the appropriate steps.

 

Even if the Fed or Ms Cook resist her dismissal, there is no doubt that a mortgage fraud of such heinously obvious proportions will result in her dismissal. 

2 minutes ago, Cameroni said:

 

If Ms Cook committed mortgage fraud, and it looks as if that is clearly the case, since you cannot have more than one residence as your main residence, then frankly firing her is a duty and public service. We cannot have people of dubious moral character at the Fed. Thankfully president Trump is aware of this and taking the appropriate steps.

 

Even if the Fed or Ms Cook resist her dismissal, there is no doubt that a mortgage fraud of such heinously obvious proportions will result in her dismissal. 

The founding of the FED was the start of the US's deterioration. It put too much power into the wrong people's hands.

2 minutes ago, Stiddle Mump said:

The founding of the FED was the start of the US's deterioration. It put too much power into the wrong people's hands.

 

Given the situation then it would be even more important whose hands hold this power. If you look at Ms Cook her research has shown such interest rate critical data  like "lynchings depressed the rate of patent applications by Black Americans, which could have otherwise contributed to innovation and economic growth". She also wrote about the challenges that Black women entering economics face in a 2019 New York Times op-ed titled, “It Was a Mistake for Me to Choose This Field.”

 

If it was a mistake for her to choose her field, then perhaps better she leaves it. Looking at her background it is hard to see what she was doing at the Fed in the first place, until you realise she was an Obama appointee and clearly appointed for reasons wholly unrelated to competence in economics.

 

She's a clear exampe of why DEI is such a bad idea.

Everything Trump does is a shock.  This is why 78 million people voted for him.  He has what it takes to clean up the previous corrupt Democrat Administrations and the protections give to them by their cohorts and the media.  Thank God for Trump.

This is the letter from FHFA's Pulte. Note the word 'appears' in 3rd paragraph:

 

 

In his letter to Ms. Cook Trump re-words the statute to mean that 'cause' is something within his discretion. Maybe because his action is dubious without qualifying that 'cause' is anything says is 'cause'.

 

Similarly with many cases at the Appeals and Supreme Court level, his exec orders depend upon declaring an emergency -- and an emergency to Mr. Trump is anything he claims is an emergency 

One would need to be a bit dim to think this is anything but a political hunt with no merit attached to it at all. Markets will react badly if the central bank is seen to lose independence.

Seems she was caught red handed. Bang to rights. 

 

Let her appeal if she wants all the grubby details exposed for the world to see. It will be a good example to others who think they are above the law. 

 

Well done Donald. 

1 hour ago, HappyExpat57 said:

Don't you think it should have been proven that she was  a crook before getting fired?

What constitutes proof? If clear evidence of wrongdoing exists, she should be terminated. 

 

She’s suing to keep her job and whatever evidence exists, if any, will come out. 

 

If she’s being wronged, the court will make it right.

I doubt the president has the authority to fire her. On top of that, firing for a potential issue that was known at time of confirmation shouldn't be allowed anyway.

It's the only word that you're taught in Journalism School that is required to obtain a degree.
 "Now that will be $150,454.99 for your degree. Pay at the cashier!" We see you've been on a student loan for 5 years while working on your B.A. Journalism. So you'll own <scribble scribble scribble> just around 5 million dollars if you make monthly payment starting from today until the day you die, assuming a average age at death of 83.48839 years old. Would you like to discuss selling your first born to offset $2 million of that debt?
 "I'm shocked!!!"
 "See, you're off to a good start with your Degree in Journalism.  Not even day one and you've used "Shocked" already! 

29 minutes ago, Cameroni said:

 

Given the situation then it would be even more important whose hands hold this power. If you look at Ms Cook her research has shown such interest rate critical data  like "lynchings depressed the rate of patent applications by Black Americans, which could have otherwise contributed to innovation and economic growth". She also wrote about the challenges that Black women entering economics face in a 2019 New York Times op-ed titled, “It Was a Mistake for Me to Choose This Field.”

 

If it was a mistake for her to choose her field, then perhaps better she leaves it. Looking at her background it is hard to see what she was doing at the Fed in the first place, until you realise she was an Obama appointee and clearly appointed for reasons wholly unrelated to competence in economics.

 

She's a clear exampe of why DEI is such a bad idea.

Totally irrelevant.

2 minutes ago, mogandave said:

If she’s being wronged, the court will make it right.

Any pending lawsuit might not get into the nature of her mortgage transactions -- rather be limited to whether 'cause' involves professional malfeasance or dereliction of duty.

 

2 hours ago, HappyExpat57 said:

Don't you think it should have been proven that she was  a crook before getting fired?

 

 

Do you not understand the term "for cause"?

 

Do we have to translate it into Russian?

 

 

7 minutes ago, stevenl said:

Totally irrelevant.

 

Yes, her research is wholly irrelevant to her duties at the Fed. 

 

It's really quite puzzling how Ms Cook came to be in the position she's in.

Just now, Cameroni said:

 

Yes, her research is wholly irrelevant to her duties at the Fed. 

 

It's really quite puzzling how Ms Cook came to be in the position she's in.

Which is totally irrelevant. She was confirmed. 

4 minutes ago, Cameroni said:

 

Yes, her research is wholly irrelevant to her duties at the Fed. 

 

It's really quite puzzling how Ms Cook came to be in the position she's in.

She was approved by the Senate on a 50-50 vote with a VP Harris tiebreaker so hardly unanimous like the BLS head who was overwhelmingly approved.

1 hour ago, Cameroni said:

 

If Ms Cook committed mortgage fraud, and it looks as if that is clearly the case, since you cannot have more than one residence as your main residence, then frankly firing her is a duty and public service. We cannot have people of dubious moral character at the Fed. Thankfully president Trump is aware of this and taking the appropriate steps.

 

Even if the Fed or Ms Cook resist her dismissal, there is no doubt that a mortgage fraud of such heinously obvious proportions will result in her dismissal. 

By your logic — if any allegation ‘clearly’ equals guilt — Trump would already be serving life for Russian collusion, treason, serial rape including a minor, and decades of other alleged criminality.

20 hours ago, Cameroni said:

This is superb news. There'll be more Trump appointees in the Fed setting interest rates plus the dollar will fall. 

 

 

If you live in  Chiang Mai and you want less baht for your dollar, you are the very definition of a turkey voting for Christmas.

6 minutes ago, Prubangboy said:

If you live in  Chiang Mai and you want less baht for your dollar, you are the very definition of a turkey voting for Christmas.

More baht for dollars on a fall of the dollar.

1 hour ago, Cameroni said:

We cannot have people of dubious moral character at the Fed. Thankfully president Trump is aware of this and taking the appropriate steps.. 

Criminal and sex offender Trump — the U.S. guardian of ‘moral character’? ROFL!

22 hours ago, webfact said:

Picture courtesy of BBC | Reuters

 

US President Donald Trump has abruptly removed Federal Reserve Governor Lisa Cook from her position, igniting a storm in the financial world. In a surprise announcement on his social media platform, Trump revealed he has terminated Cook's employment, citing alleged false statements on mortgage agreements as the reason.

 

Trump's letter to Cook claims she made inconsistent statements regarding her primary residence in different mortgage documents, a move he says justifies her dismissal. Both Cook and the Federal Reserve have yet to publicly respond to this startling development, which took the financial community by surprise late on Monday.

 

For weeks, Trump has ramped up pressure on the Fed and its chair, Jerome Powell, pushing for a reduction in interest rates. The dismissal of Cook, the first African American woman to serve on the board, is viewed as an extraordinary step in the Fed's 111-year history, raising questions about the limits of presidential power over the central bank.

 

Legal experts are currently considering the consequences of this drastic action. The White House may need to defend its decision in court by proving that the reasons for Cook’s firing are legitimate. Trump's public accusations include claims that Cook signed conflicting documents about her residency, suggesting potential mortgage fraud.

 

The saga began when Bill Pulte, a Trump ally in housing finance, flagged the allegations in a public letter to Attorney General Pam Bondi. Pulte urged a criminal investigation into Cook’s mortgage dealings. It remains unclear if any formal investigation is underway, but the tension surrounding this issue is palpable.

 

Cook, addressing the allegations last week, stated that she learnt about them through the media. SHe argues that the issue pertains to a mortgage application submitted before she worked at the Federal Reserve. Her statement decried the attempt to force her resignation, signalling her intent to provide evidence and defend her credibility.

 

If Cook challenges Trump's decision, it could lead to a significant confrontation between the central bank and the presidency. The Federal Reserve has operated independently from the US government since 1951, but this incident could test the boundaries of that independence.

 

Adding to the drama, Trump has openly criticised Powell, using colourful language to express his displeasure with the Fed's interest rate policies. Trump has long argued for large cuts to borrowing rates, clashing with Powell's more cautious approach.

 

Despite the president's frustration, Powell has recently suggested that a reduction in interest rates might be on the horizon. At a major central banking conference in Jackson Hole, Wyoming, Powell hinted at possible rate cuts in September while downplaying the lasting inflationary effects of Trump’s tariffs.

 

This turmoil arises during ongoing tensions between the White House and the Federal Reserve, as Trump's aggressive stance on interest rates represents a significant departure from traditional presidential conduct. The unprecedented removal of a Fed governor raises concern over the stability of financial governance.

 

As the fallout from Trump's bold move unfolds, the financial world is watching closely. This development not only puts the independence of the Federal Reserve under scrutiny but also sets the stage for potential legal battles and political strife. The coming days will reveal how this power struggle impacts the US financial system and international markets.

 

  Adapted by ASEAN Now from BBC 2025-08-26

 

Thats rich coming from Trump ,people who live in glass houses shouldn't throw stones. 

1 hour ago, stevenl said:

Which is totally irrelevant. She was confirmed. 

 

And clearly that vetting process was not done thoroughly enough, as they missed her mortgage fraud.

 

 

1 hour ago, Prubangboy said:

If you live in  Chiang Mai and you want less baht for your dollar, you are the very definition of a turkey voting for Christmas.

 

I would actually welcome a consistently falling US Dollar. I trade Forex. I don't actually like the volatility in the Trump presidencies. Whatever amount I'd lose in my income and assets due to a falling USD I would be able to make far more shorting the USD in Forex if it falls predictably.

22 minutes ago, Cameroni said:

 

I would actually welcome a consistently falling US Dollar. I trade Forex. I don't actually like the volatility in the Trump presidencies. Whatever amount I'd lose in my income and assets due to a falling USD I would be able to make far more shorting the USD in Forex if it falls predictably.

You have balls of steel to trade forex in this heightened time of volatility from Fed decision and market gloomy sentiments. I will keep my powder dry for the time being. 

14 minutes ago, Eric Loh said:

You have balls of steel to trade forex in this heightened time of volatility

 

Well, it's all risk management, I'd never risk more than is bearable. But yah, this volatility is a real pain.

 

 

 

I doubt Trump is concerned about the niceties, but she can only removed if this 'fraud' took place whilst in office......and if there was fraud...... it was prior to her appointment.