1 hour ago, phetphet said:

She has already said the charges are "trumped up" and will sue. Likely Trump is doing this to as you say, "Take over the fed."

 

What I don't understand if you are a US citizen is why you sound so happy about him weakening the USD. Won't it affect exchange rates for USD to THB and make it  more expensive for Americans living here?  Just asking.

He's not American, and does not give a rat's rectum about the exchange rate vs the baht. He's just trolling you.

On 8/26/2025 at 12:26 PM, 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

 

The Wall Street Journal has pointed out that if the firing of Cook succeeds Trump will be able to appoint two Fed governors in addition to the two whom he appointed in his first term. The term of a governor is 14 years, and Cook was appointed in 2022, so an appointee would serve in place of Cook. Since there are 7 governors, four Trump proxies would be a majority. This would give him the power to control appointments of the presidents of the 12 Federal Reserve Banks. In rotation, 5 of them serve as voting members of the Federal Reserve Board to make interest rate decisions. The strategy of Trump's minions is to have him control interest rates, but in fact the market determines the rate for the 10-year bonds on which mortgage and other rates depend. The exception to this is when the Fed does extraordinary things such as quantitative easing, which will override normal market forces.

1 hour ago, Mike_Hunt said:

Leftie trash like you are delusional.   You need seek out a mental heath professional. 

"I got nothing. And that rice paddy squaw I call my wife is on the rag".

3 hours ago, Cameroni said:

 

Look, Trump is too old to be a dictator.

 

It would never work.

You must be disappointed

On 8/26/2025 at 7:34 AM, JonnyF said:

Good move. If she can't be trusted with her own mortgage she shouldn't be in such a position.

 

These people think they are above the law. 

If only the same could be said of president Donald Trump making false statements to acquire loans under false pretences. A true criminal in every sense of the world. when will Americans finally wise up to the fact that they are  being railroaded by a dictatorial madman insisting its my way or the highway.

7 hours ago, JonnyF said:

Let her appeal if she wants all the grubby details exposed for the world to see.

Appeal what? lol. She has not been convicted of anything.

1 hour ago, jerrymahoney said:

The big laugh I am having is when Trump or his attorneys feel their right to fire Ms. Cook is so dubious that they have to change the wording of statute language to do it -- the statute does not contain the word discretion

 

Just a very sensible belts and braces approach by the lawyers. The 12 U.S. Code § 242 does clearly grant President Trump the right to remove Ms Cook, and the word "cause" as used in this section may well amount to "discretion". The exact words the section uses are "...each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President."

 

https://www.law.cornell.edu/uscode/text/12/242

 

The USC does not define "cause", typical shoddy drafting, but of course it's a widely used term in the law. The most obvious interpretation will most likely hinge on the objectivity test, ie is what Cook did objectively sufficient cause for removal from office. Clearly fraud is more than sufficient cause for removal. So it should be a slam dunk for Trump again.

 

 

 

 

4 minutes ago, Cameroni said:

and the word "cause" as used in this section may well amount to "discretion"

So that's a maybe.

 

I guess the filings will start next week.,

 

 

2 minutes ago, jerrymahoney said:

So that's a maybe.

 

I guess the filings will start next week.,

 

 

 

Well, it's not really important if it's a full discretion, the important question is really, is what Cook did sufficient "cause" for her removal. Since what she did is mortgage fraud, a felony, it would almost be a miracle if she keeps her job. Though of course she will remain in office for a while if she litigates and this could go all the way to the Supreme Court, but there will be a final ruling. And the Supreme Court has lately favoured President Trump quite happily.

46 minutes ago, johnnybangkok said:

You must be disappointed

 

Not really, Donald Trump's dictator credentials are very weak You could see it with the march on the Capitol. One word from Trump and there could have been a dictator installed if he had cleared it with military leaders. Obviously he didn't and he bottled it.

 

Do you think faced with an opportunity like that Mussolini or Hitler would not have gone for the jugular? They surely would have. But not Trump. He has to play by the rules. 

 

Maybe JD Vance. Let's see.

5 minutes ago, Cameroni said:

Well, it's not really important if it's a full discretion

Great. The filings against the order start this week.

5 hours ago, Will B Good said:

 

 

 

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.

 

That's absolute nonsense of course. All that is required is that the President deems what she did "cause" for removal, and possibly that an objective person would agree.  The deed that gave rise to the cause can be in the past, there is no time qualificiation on the power the President has to remove for "cause". All in here:

 

 

https://www.law.cornell.edu/uscode/text/12/242

 

It's perfectly feasible for Cook to have done something in the past that is sufficient reason to remove her from office now. 

12 minutes ago, Cameroni said:

 

One word from Trump and there could have been a dictator installed if he had cleared it with military leaders. Obviously he didn't and he bottled it.

 

 

Again you sound disappointed.

2 minutes ago, johnnybangkok said:

Again you sound disappointed.

 

Well, I just received a text from JakeC. Fifth one today. It's a cross I have to bear.

There are so many aspects of hypocrisy that would be a fascinating study. In this particular case you have a man who's probably committed more bank fraud than the vast majority of individuals, and he's accusing one of the FED governors of bank fraud. That's rich. 

 

But those that are guilty are more likely to cast aspersions than those who are innocent. And Trump is as guilty as they come on so many different levels. 

2 hours ago, jerrymahoney said:

He added that Cook may have simply erred by designating both homes as her primary residence, noting that the complexity of the mortgage process is often used as a defense in such cases.

I thought she was educated.  Mortgages aren’t complex to people with her resume.

3 hours ago, mogandave said:

What is that based on?

 

And unless the mortgage has been paid off, the fraud is ongoing, yes? 

 

Nope....if  she committed fraud it was committed in 2022 before her appointment......she might still be benefitting from it......but it was committed in 2022 when papers were signed.

4 minutes ago, Will B Good said:

Nope....if  she committed fraud it was committed in 2022 before her appointment......she might still be benefitting from it......but it was committed in 2022 when papers were signed.

 

Completely irrelevant .12 U.S. Code § 242 gives Trump the power to remove "for cause". There is no time limitation. Anything done in the past can raise issues with her character that are relevant now.

 

Such as fraud.

 

https://www.law.cornell.edu/uscode/text/12/242

1 hour ago, Cameroni said:

Well, it's not really important if it's a full discretion, the important question is really, is what Cook did sufficient "cause" for her removal. Since what she did is mortgage fraud, a felony, it would almost be a miracle if she keeps her job. Though of course she will remain in office for a while if she litigates and this could go all the way to the Supreme Court, but there will be a final ruling. And the Supreme Court has lately favoured President Trump quite happily.

A felony? — like the 34 Trump was charged with?
Trump was arrested, charged, arraigned, and convicted.
Cook hasn’t.
By your own pen — there’s no just cause to fire her.
No conviction—No felony—No just cause.

2 hours ago, Prubangboy said:

"I got nothing. And that rice paddy squaw I call my wife is on the rag".

You should leave your personal issues at home. 

7 minutes ago, LosLobo said:

A felony? — like the 34 Trump was charged with?
Trump was arrested, charged, arraigned, and convicted.
Cook hasn’t.
By your own pen — there’s no just cause to fire her.
No conviction—No felony—No just cause.

 

Please the "34" all relates to one matter, the media just inflated it, it's like ordering rice and counting each rice kernel and then saying you had 348 dinners.

 

Well, if she commited a felony, and mortgage fraud is a felony, then Lisa Cook is a Crook. That's not the person to be tasked with setting interest rates really.

 

And there's no question she did knowingly commit fraud, she said in one document x was her home address and in another document y is her home address, only a few weeks later.

 

It's inconceivable she did not know what she was doing.

1 hour ago, spidermike007 said:

There are so many aspects of hypocrisy that would be a fascinating study. In this particular case you have a man who's probably committed more bank fraud than the vast majority of individuals, and he's accusing one of the FED governors of bank fraud. That's rich. 

 

But those that are guilty are more likely to cast aspersions than those who are innocent. And Trump is as guilty as they come on so many different levels. 

Like the DA who who started the lawfare with Trump? 

She's good in her job....highly educated...but she is black.

Doesn't suit Donnie.

4 hours ago, Cameroni said:

 

Please the "34" all relates to one matter, the media just inflated it, it's like ordering rice and counting each rice kernel and then saying you had 348 dinners.

 

Well, if she commited a felony, and mortgage fraud is a felony, then Lisa Cook is a Crook. That's not the person to be tasked with setting interest rates really.

 

And there's no question she did knowingly commit fraud, she said in one document x was her home address and in another document y is her home address, only a few weeks later.

 

It's inconceivable she did not know what she was doing.

The man defrauded his own charity for gods sake.Bang to rites. Barred from running a charity yet now the POTUS.

So much dubious $hit you could fill a book. So much fraud,so may sexual assaults, so much highly fu*k up <deleted> it’s incredible. You thought for some bizarre reason that every single one of these were completely and totally made up?

iIs there still a scrap of decency in you or has your much of your very advertised misogyny and xenophobia completely blinded you to reality?

It’s not too late. Come away from the dark side young Skywalker. 

On 8/26/2025 at 1:34 PM, JonnyF said:

 

Good move. If she can't be trusted with her own mortgage she shouldn't be in such a position.

 

These people think they are above the law. 

 

shall we keep going ?

14 hours ago, Hamus Yaigh said:

Appeal what? lol. She has not been convicted of anything.

 

Appeal the decision to sack her. 

10 hours ago, JonnyF said:

 

Appeal the decision to sack her. 

An appeal is of course a request to a higher court to review and overturn a decision already made by a lower court. Since no court ruling has occurred yet in this matter, Cook’s lawsuit against Trump is the first step in the legal process, not an appeal. If a court rules against her and she seeks to challenge that ruling, then she could file an appeal.

The court statement stated by trump's DOJ states the trump outlook: “They (trump’ DOJ attorneys) argued that federal courts cannot second guess the president's judgment about what constitutes "cause," so Mr. Trump's effort to remove Cook is a matter of his discretion and not subject to judicial review. But the Justice Department added that if some judicial review of Cook's removal is appropriate, it would have to be highly deferential to avoid intruding on the president's constitutional authority over principal officers.”

=======================

“Fascism is a far-right, ultranationalist, and authoritarian political ideology characterized by a dictatorial leader, centralized state control over all aspects of life, militarism, and the violent suppression of opposition. It emphasizes the nation above the individual, creates a strong sense of national decline, and uses propaganda and scapegoating to unify the country under its ideology. Key figures include Benito Mussolini in Italy and Adolf Hitler in Nazi Germany.”

If there should be one single person in the world that should not talk about fraud in any kind, it should be donnie diaper.

Another "bold move" to undermine any international respect for US left in the world.

So in the Trump brief referenced above it states Table of Contents:

 

The determination of cause is committed to the discretion
of the President...

 

Which in their explanation of the phrase "unless sooner removed for cause
by the President.” sounds more like "unless sooner removed AT WILL
by the President.” 

 

BTW it seems now 'cause' is the third legal term along with invasion and emergency where Trump's legal stance on those terms is it is what I say it is.