President Trump fired a Federal Reserve Governor. This is a very big deal because Lisa Cook was supposed to be untouchable.
You don’t need to know what the Federal Reserve does, or know if President Trump is correct about what the Federal Reserve should do. Just understand that President Trump and the Federal Reserve don’t agree.
Being appointed and approved to be on the Board of Governors, means a person has a posh job for 14 years that pays $200k per year. The chair of the Federal Reserve is the only person who gets any attention. The rest of the Board of Governors can just play along and have no problems.
Lisa Cook is a DEI appointee. We know that because everything about her is related to being Black, being a woman or being a Black woman. A DEI hire isn’t supposed to be criticized or fired.
A CNN review of mortgage documents shows that Cook took out mortgages for two properties, both of which were listed as her principal residence. However, it’s not known why she did so or if she did so intentionally.
In 2021, Lisa Cook took out a mortgage for a house in Ann Arbor, Michigan for what she said was her principal residence. That gets her a better mortgage rate. Two weeks later, she did it again for a condo in Atlanta, Georgia. She can’t live most of the time at two properties that are 700 miles apart. She lied on her mortgage paperwork for financial gain.
It doesn’t matter if Cook swindled the banks intentionally. There is a paper trail.
The Federal Reserve sets interest rates, and Lisa Cook seems to have lied to get a better interest rate.
Cook says this happened the year before she joined the Board of Governors, so it can’t be used to fire her. Discussions about her finances came up in the appointment process. If she lied to get the appointment, then she can be fired. If she didn’t lie, then Jerome Powell, the Chair of the Fed, may be in line to be fired.
In either case, she can be indicted in federal court. Last week, Trump asked for her resignation. Trump was telling her that this can be done the easy way or the hard way. Lisa Cook seems to want to do it the hard way.
The hard way means this will take longer, be called a Constitutional crisis and Trump will be compared to Hitler a bunch of times. Cook will eventually lose her position at the Fed, pay a big fine, and maybe do some jail time.
I don’t know why so many prominent Democrats engage in mortgage fraud. Right now, Trump’s arch-enemy in the senate, Adam Schiff, Trump’s arch-enemy in New York, attorney general Letitia James, and Lisa Cook, all seem to have engaged in the same type of swindle.
Shady work like this has a formal paper trail, is easy to understand and has a clear victim. As soon as an opponent finds out, the perp is screwed. Not smart.
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