This is the best guarantee that cost pressures from tariffs and mass removals will manifest in wage-price spirals, combined with growth reducing economic policy uncertainty — particularly if the Trump administration does not adhere to Supreme Court rulings on this subject.
For all the people who have been warning about debasement of the currency, now is the time to really worry, and stand up.
Addendum:
Response from Governor Cook:
“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
There are no mass removals. Its bogus nonsense from global Zionist Stephen Miller. Notice in the first Trump administration they ignored illegal immigration instead suppressing legal immigration. It was a disaster as corporate marketing sensed the weakness causing a surge of people coming into the US unmarked by the border patrol. Its why total numbers don’t look bad. When Biden came in, orders were to mark all immigrants rather than ignore them. Causing a bs “surge”. Mass deportations by the Biden Administration lowered illegal count from 16 to 14 million by January 2025. The same number Miller left with in 2021. Essentially ICE is a scam organization. Its raids net little and immigrants just move and hide. No ramifications for the companies using them mean they will shake rattle and roll. With the labor market starting its recession phase, businesses will even shake rattle and roll even more as they will have far less need for immigrant labor and can prioritize.
You better believe a recession is starting. Online shopping is contracting and delivery trucks are down 20% from the peak last fall. Less goods being moved.
This is probably going to lead to hearings in Congress. The House Finance Committee Chair isn’t particularly crazy, nor is the Investigations subcommittee chair. Tim Scott chairs the Senate Banking Committee and is ambitious enough to grandstand. Senate Banking has guys like Hagerty, Kennedy and Tillis, who are quite sleazy.
I wouldn’t be surprised if Cook and Elizabeth Warren know each other professionally. Warren would make any hearings unpleasant for sleazy Republicans, but that won’t matter to their voters.
Cook is in for a rough patch.
I wonder how many people with two mortgages said both houses were primary residences?
The applicable code gives Trum0 authority to fire with cause Fed board members.
He could also abuse the federal marshals and arrest Cook, but….
You’ve made this accusation before. Neither time have you offered evidence it’s true. Neither, by the way, has Cook’s accuser in the federal investigation.
We know the Justice Department is essentially the felon-in-chief’s atrack dog. You, too, oh brave Anonymous? Show us your evidence.
You do remember that the felon-in-chief has actually been found guilty of numerous counts of fraud, right?
Anonymous As Paul Krugman and others have pointed out, the relevant term in the mortgage application instrument is not “primary residence” buy “principal residence.” And those two things are very different. A person can have multiple principal addresses. It simply means that you are the principal occupant and that you’re not trying to get a mortgage for the purpose of becoming a landlord.
Didnt trump commit fraud with his loans, to get lower interest rates? Perhaps the president should resign for committing similar crimes?
Re mass removals: the massive budget increase the GOP gave to the relevant agencies argues for mass for-profit detentions until the money runs oit.
A massive increase in budget, with no clear guidance or even much of a plan, is a formula for waste, fraud and abuse.
Which is pretty much what you wrote. This is a job for the DOGE geniuses!!!
Cook’s mortgages were refinance mortgages, not original mortgages, and are considered lower risk by banks. She, along with millions of others, refinanced when rates were low during the pandemic.
One was a home in Ann Arbor, Michigan where she was teaching at the University of Michigan. The other was a condo in Atlanta, where she was born, raised, educated and had nearby family.
She was remote teaching during the pandemic so it’s possible that she was living part-time in Ann Arbor and part-time in Atlanta when she refinanced. Beyond that, since these were refi’s, she had already established her residency for both years before.
She got a 15-year refi on her Ann Arbor home at a rate of 2.875%. National average for 15-year mortgages at that time was 2.23% to 2.45%. She actually paid higher than average.
She got a 30-year refi on her Atlanta home at a rate of 3.25%. National average for 30-year mortgages at that time was 2.93% to 3.04%. She actually paid higher than average.
It’s going to hard to prove that she took advantage of especially low rates since she paid higher than average rates. And it’s going to hard to prove she didn’t intend to live in both homes. Note that mortgage fraud is most common when someone buys an investment property for rental and claims that they are living there, thereby
understating the risk of the property. That is not the case for Cook. These were both personal residences, not rentals, as stated in her government financial disclosure.
Trump and his goon, Pulte, doesn’t have a case and that is why there has been no indictment. Trump is instead going to try this in the press using lies and innuendo. Cook is right to sue and she’s very likely to win. She might even be able sue for damages since Trump has sent his surrogates like Lutnick out to slander her.
Joseph thanks for the clarification. I have wondered what the actual situation entailed. Very dishonest behavior by trump, trying to ruin this ladies reputation for political points. Very unamerican behavior by trump.
How much you want to bet that pulte’s home building company has encouraged some home buyers to state they would live in a home that was purchased to rent or invest? So pulte very well could be a coconspirator with intent to defraud a mortgage. Perhaps he should be investigated for fraud? More likely he is guilty than cook.