Weekend Wrap-Up

Weekend Wrap-Up

(TargetLiberty.org) – There’s some worrisome and, literally, explosive news to cover from the weekend ending May 17. Federal Reserve Chairman Jerome Powell doubled down on how the Fed might be a part of the economy’s recovery. On May 16, an explosion rocked Los Angeles. Finally, Never Trumpers want their own GOP convention in August in spite of overwhelming polling support for Trump.

Powell: “We’ve Got to Do More”

Last week, during a CNBC segment Powell said he thinks America needs more fiscal support to deal with this economic crisis, saying “we’ve got to do more.” So far, that’s come in the form of trillions of direct aid from Congress and trillions more new money printed by the Federal Reserve.

He doubled down on that narrative this past weekend in a CBS interview, suggesting the Fed could play a role in the country’s economic recovery.

The chairman said if there isn’t a second wave of COVID-19, the economy will steadily recover through the latter half of 2020. A recent projection from the UN seems to confirm this, saying that, overall, global gross domestic product (GDP) will be down in 2020, but 2021 will see increases.

For those who aren’t familiar, GDP is the total amount of goods and services produced by a country. When it’s high, it’s an indication of a good economy (or economies). A shrinking GDP causes high unemployment, low investments, and other problems.

Powell emphasized through his repeated statements that America’s recovery could take a long time and the Federal Reserve might need to do more. This is something that would be in his best interest, but not America’s.

Printing and borrowing more money puts the country further in debt, which only strengthens the Fed’s role in our economy. Maybe we do need more currency floating around, or maybe Powell is taking advantage of this crisis for his, and the Fed’s, own benefit.

Massive Explosion Injures Firefighters

On Saturday, May 16, a raging inferno erupted in the middle of downtown Los Angeles, badly injuring 11 firefighters. Thankfully, doctors expect the heroes to make a full recovery. As of Sunday morning, three had been discharged while eight remained in critical condition.

Video clips of the fire were caught from multiple angles.

The source of the chaos was Smoke Tokes, part of what the police call “Bong Row” because of the high volume of marijuana-related businesses. LAFD spokesman Nicholas Prange said Smoke Tokes had canisters of carbon dioxide and butane inside, which explains how such a powerful explosion could happen. But, it’s unclear how the explosions originated and a criminal probe has been launched.

A similar incident happened in 2016 in the same area, which took over 160 firefighters more than 2 hours to put out.

Never Trumpers Plan Their Own Convention

Charlottesville, North Carolina might be home to an alternate GOP convention in August as anti-Trump Republicans organize. Evan McMullin, a former CIA operative is organizing a group called “Republicans for a New President.” Bob Orr, a former Associate Justice of the North Carolina Supreme Court, and Charles Jeter, a former House member from the state’s 92nd district, are joining him.

Never Trumpers don’t think the president’s doing a good job dealing with the coronavirus. This is in spite of the many successes President Donald Trump and his administration have had in working closely with states, hospitals, and medical suppliers.

They’re also ignoring recent polling showing the president is overwhelmingly popular. At the beginning of the year, a Hill-HarrisX poll showed Trump had 90% approval from Republicans. A more recent poll from Rasmussen shows that 23% of Republican voters would like to see another candidate, but 95% still see Trump as the most likely GOP nominee.

To be clear, these Never Trumpers would never be happy with the commander-in-chief. They’ve spent years attacking him. With only about 5% of GOP voters to work with, McMullin and his crowd sure have their work cut out to take out a wildly popular and successful president.

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