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Unleash Prosperity Hotline
Issue #1247
04/21/2025
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1) Trump May Adopt UP's Recommendation of 50 and 100 Year Treasury Bonds

Here's yet another UP idea that President Trump is wisely considering: issue long term bonds as a hedge against interest rate risk on the $36 trillion debt.

We first suggested this reform back in 2019 when the interest rate on the 10-year Treasury was between 2% and 3%. The rates are now closer to 4.7%.
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If the Trump 1.0 White House had taken our advice, the federal government would have potentially saved hundreds of billions of dollars on interest costs.

It's not too late, and it's prudent for the federal government to have a safety precaution against bond sell-offs and rates rising. Other nations have issued 50 year bonds. Right now, the federal debt rolls over on average in just less than six years. Stretching that out seems financially prudent with the potential savings reaching close to $1 trillion over the next 30 years.

What interest rate would investors pay for a 50 or 100 year bond? There's only one way to find out.
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2) Jay Powell Is Batting .027

We don't know whether Donald Trump has the legal authority to remove Jerome Powell as chairman of the Federal Reserve Board. Given the turmoil in the stock market, Trump may be better off just waiting until his term expires a year from now, and get rid of him then.

The Federal Reserve Act states that Fed governors serve fixed terms "unless sooner removed for cause by the President." Courts have generally interpreted "for cause" as equivalent to "inefficiency, neglect of duty, or malfeasance." This is the language from the FTC act that Trump is already challenging in a case moving through the courts.

Here's an update to a Fed scorecard we ran in December, as suggested by Louis Woodhill. It shows how often Jay Powell succeeded at his own stated goal of achieving a 2% percent 12-month PCE price index target, +/- 10%. We start the scorecard with Powell's 12th month on the job because it's a year-over-year metric. He has now presided over 73 months... and hit his target within a 10% margin of error only twice (see the two green bars below).
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Can you fire someone "for cause" with a .027 batting average? Well, we wouldn't recommend he become a free agent or go into the portal.
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3) Yet Another Reason California Is a Hot Mess

The gang that can't shoot straight at the Federal Reserve Board looks to be a model of efficiency when compared to California's powerful Coastal Commission, which was formed 50 years ago to "protect' the state's 840 miles of coastline.

UP Senior Fellow John Fund explains in the WSJ that the Commission has come to hold a de facto veto pen on economic development. It recently denied a U.S. Air Force plan to allow Elon Musk's SpaceX more rocket launches from Vandenberg Space Force Base.

Now, even California's liberal Governor Gavin Newsom has accused the same board of issuing "legally erroneous guidance" that threatens to delay rebuilding efforts after the LA wildfires. Are they TRYING to make California poor?
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Former commissioner Arnold Steinberg describes the agency as an "extortion racket that ties up homeowners and developers alike based on ideological whims and what concessions they can bully out of them."

The Coastal Commission is a symbol of why the Golden State can't build anything anymore, and why millions of residents have given up on the state.
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4) Bank Regulators Can't Even Pass their Own Dictates

Here's an entry for our "laugh or cry" series:

A massive data breach that began under the Biden administration was just now discovered at the Office of the Comptroller of the Currency (OCC), one of the biggest bank regulators. This means hackers have had access--for years--to sensitive data on American financial institutions.

Yet, while the hack was already well underway, OCC's Acting Comptroller under the Biden administration, Michael Hsu, gave a speech boasting that their supervisors have been busy "examining and pushing banks to improve their cyber, operational, and IT risk management..."

Regulators were bashing banks for supposedly lax security practices while their own systems had been compromised. This is the Laurel and Hardy agency that wants more power over the banks?
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5) Quote of the Day

David Asman of Fox Business may have helped us put the final nail in the coffin of the GOP's half-witted scheme to raise income tax rates to 40% on "the rich."
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6) At the White House Easter Egg Roll

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