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LARRY SUMMERS: Trump just took another step toward turning the US into a 'banana republic'

9 monthes ago   |   By

President Donald Trump told CNBC that he's not happy with the Federal Reserve's interest rate hikes, challenging central-bank independence and sending the US dollar lower.
Former Obama economic adviser Larry Summers says the comments are "one more step in what seems like a presidential strategy of turning the United States into a banana republic."
It's almost surprising that it took this long, but President Donald Trump has finally done it. As critics worried, his general disdain for institutions was bound to reach the Federal Reserve at some point.
And so it was on Thursday that Trump, in...
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Pharma giant Merck just lowered the prices of some of its medications

Pharma giant Merck just lowered the prices of some of its medications

9 monthes ago   |   By

AP
Merck said Thursday that it would lower the price of some of its medications including its hepatitis C drug Zepatier by 60%.
The decision comes a little over a week after President Donald J. Trump singled out rival Pfizer over its price increases. The move prompted Pfizer to defer its increases until the end of the year and Novartis to commit to not increasing prices for the rest of the year.
Merck also said it won't increase the net price of its medications by more than the rate of inflation.
Amid scrutiny over big pharma drug pricing, Merck said on Thursday it would lower the price of...
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Trump breaks long-standing precedent of American presidents not commenting on the Fed, says he isn't 'thrilled' about rate hikes

Trump breaks long-standing precedent of American presidents not commenting on the Fed, says he isn't 'thrilled' about rate hikes

9 monthes ago   |   By

Jae C. Hong/AP Images
President Donald Trump told CNBC he wasn't "thrilled" with the Federal Reserve raising interest rates.
The comment breaks with a long-standing tradition of US presidents not commenting on central-bank policy.
The US dollar index slipped after Trump's comments were published.
President Donald Trump told CNBC he was "not thrilled" about the Federal Reserve's interest-rate hikes, breaking with the long-standing precedent of American presidents not commenting on Fed policy out of respect for the central bank's independence from political influence.
"Because we go up and...
Read more ...

 

Trump breaks longstanding precedent of American presidents not commenting on the Fed, says he isn't 'thrilled' about rate hikes

Trump breaks longstanding precedent of American presidents not commenting on the Fed, says he isn't 'thrilled' about rate hikes

9 monthes ago   |   By

Jae C. Hong/AP Images
President Donald Trump said he isn't "thrilled" with the Federal Reserve raising interest rates.
The comment breaks with longstanding tradition of presidents not commenting on central bank policy.
The US dollar index slipped on after the comments.
President Donald Trump said he is "not thrilled" about the Federal Reserve's interest rate hikes, breaking with the longstanding precedent of American presidents not commenting on central bank policy out of respect for its independence from political influence.
“Because we go up and every time you go up they want to raise...
Read more ...

 


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