-
GCA Forums News for Monday August 11 2025
Breaking Housing and Mortgage News: Trump Promises to Axe Fed Chair Jerome Powell Over Rate-Cut Demands
- Washington, D.C. – August 11, 2025: President Trump fired another shot at Federal Reserve Chair Jerome Powell today, saying he’s “highly unlikely” to demand Powell’s resignation unless he has to leave for fraud tied to the Fed’s $2.5 billion headquarters upgrade.
- The project is under fire for cost overruns and mismanagement.
- Trump accused Powell of “costing the U.S. hundreds of billions” by refusing to cut interest rates deeply and fast enough and floated the idea of a new Fed chief who would prioritize growth.
- Many now think the Fed could drop rates by as much as 3% under fresh leadership, which could slice nearly $1 trillion off the government’s annual debt-servicing bill.
- The renovation of the Fed’s historic buildings has surged well beyond the original budget.
- Trump’s former advisers argued for luxuries like extra marble, but the White House labeled the final bill wasteful.
- Powell has stood by the project, calling for an inspector general audit, but Trump’s circles smell fraud.
- No indictments have surfaced, but the Justice Department is paying attention.
- Tomorrow’s Fed meeting (August 12) will likely keep the benchmark rate at 4.25%- 4.5%, despite market chatter about earlier cuts.
- Economists are leaning toward a 25-basis-point decline in September, followed by two more reductions in 2025 as inflation drops to 1.8% and job gains ease.
- Governor Michelle Bowman stood by her forecast for three cuts, noting weaker labor signs.
- Mortgage rates fell a bit this week, with the average for a 30-year fixed now at 6.63% (down from 6.72%) and the 15-year at 5.75%—the lowest since April.
- Predictions for August and later suggest rates will hover in the upper 6% zone, but could dip to 5.9% and 6.3% by year’s end, depending on the Fed.
- Homebuyer interest is still muted because of the high rates.
- Yet, active listings are up 25% to 28.9% from a year ago and are nearing pre-pandemic counts in 12 states.
- This shift is edging the market back toward buyers, with home prices now expected to rise a modest 2% in 2025, a step down from the 4.5% jump forecast for 2024.
- Mortgage and real estate companies continue to face headwinds.
- Mortgage loan originations slipped in the first quarter, foreclosures crept up, and CareerBuilder and Monster signaled August layoffs totaling 390 jobs in Illinois.
- The recent “Big Beautiful Bill” passed on July 4 promises new tax breaks for workers—up to $10,000 in extra take-home pay for most and $6,000 for seniors—designed to make life more affordable.
- Critics flag the $5 trillion hit to the federal debt over the next ten years as a major concern.
Scandals Firmer than Ever: Fraud Investigations Zero in on Top Democrats
According to multiple sources, New York AG Letitia James and California Senator Adam Schiff are now under expanded federal probes related to mortgage fraud. U.S. AG Pam Bondi quietly named special attorney Ed Martin, and grand juries across the districts are already reviewing evidence for possible charges.
What Crime Did Adam Schiff Commit?
James allegedly rigged a transaction on a Virginia property; Schiff is accused of falsely declaring a Maryland residence as his main home to pocket tax breaks while living in California. Both insist they did nothing wrong, but Donald Trump renewed his call for a criminal probe, labeling them “scam artists.” Subpoenas sent to James focus on records from her prior lawsuits against Trump, but no charges have been filed.
California Governor Newsom Faces Backlash
California Governor Gavin Newsom faces backlash over his $12.8M and $9.1M home purchases on a $234K salary. While critics wonder if fraud or misuse of funds connected to a wildfire relief concert happened, investigations point to his PlumpJack Group and the Getty family. So far, no charges. However, the $25B “missing” homeless fund is now under audit.
Tesla shares sank 21.3% in the first half of 2025, dropping another 9% last week, wiping $80B from Elon Musk’s fortune. Second-quarter profits dipped, global sales fell 8%, and European deliveries dropped 45%. Analysts cut price targets after deeming the stock overvalued, especially after the end of September’s EV tax credits.
Elon Musk’s Cybertruck
The Cybertruck is under fire following multiple fires and fatalities; wrongful death suits claim that the poor design locked in passengers. Recalls now cover 46K+ builds for loosening body pieces and other flaws. The 14.5 fatalities per 100K Cybertrucks sold already outstrips the Ford Pinto’s infamous record. Federal regulators have already barred the model from some states, while the EU and UK are adding bans. Owners report battery drain and breakdowns with sales lagging under 2K monthly.
Musk’s next move is anyone’s guess. Critics say he’s too spread out and ignoring Tesla—some call him a “jack-of-all-trades.” His fight with Trump ended their friendly truce. Trump warned he might cancel SpaceX contracts, deport Musk regardless of his citizenship, and called Dogecoin “a monster that could gobble Elon up.” Musk shot back with a $15 million donation to Trump’s PAC. Then, he turned around and asked followers on July 6 to help him launch the “American Party.” Whether this goes anywhere is still up in the air. However, Musk’s pitch is all about energy independence and sensible rules. Trump loyalists like JD Vance say Musk needs to hustle back to the MAGA fold before the midterms.
DNI Tulsi Gabbard Drops Russian Collusion Bombshell; Treason Talk Grows Louder
Director of National Intelligence Tulsi Gabbard released documents claiming a “treasonous conspiracy” by top Obama-era officials—Barack Obama, Hillary Clinton, John Brennan, James Clapper, James Comey, Andrew Weissmann, Adam Schiff, and Nancy Pelosi—who, she says, cooked up the Russian interference story to overturn Trump’s 2016 victory. Gabbard called it an outright coup and handed the evidence to the DOJ for possible treason and conspiracy charges. Trump jumped on the bandwagon, demanding show trials for the “Russia, Russia, Russia” plotters.
Fact-checkers labeled her charges misleading, but Gabbard keeps pushing, vowing more indictments. Left-wing operatives urge her to quit the leaks, convinced they could spark street chaos.
Epstein Case: Maxwell Will Testify; Officials Deny Client List Exists
Ghislaine Maxwell says she’s ready to testify about the Epstein ring and the names of his big clients. However, Attorney General Pam Bondi, FBI Director Kash Patel, and Deputy Dan Bongino claimed that “no list” or blackmail records existed. They closed the matter, saying they found no files to prove otherwise. This contradicts what they promised voters last fall, and now the backlash is swift. Trump blasted the claim as “bullshit” while critics say he now seems a “lying POS” hiding something.
The Three Stooges: Bondi, Patel, Bongino
The chorus to fire the “three stooges” is growing. House Oversight already subpoenaed DOJ docs, but a judge denied the request to unseal Maxwell’s grand jury records. Victims, Democrats, and some GOPers still want all records open; Trump defenders blame Obama holdovers for the roadblocks.
Business, Economy, and Markets Brief
- Inflation and Markets: Inflation is holding at 1.8%.
- Stocks slipped ahead of Tuesday’s CPI release (S&P 500 -0.3%, Dow flat).
- Traders expect choppy waters after weak job signals.
- Precious Metals: Gold is near all-time highs, with some calling $4,000 the next stop.
- It is up 29% year to date, and silver added 32%.
- Jobs: July payrolls missed forecasts, adding fewer new jobs than expected.
- Unemployment ticked up.
- Fed’s Lisa Bowman told reporters she sees the risk of recession easing.
- Bankruptcies & Layoffs: 114 companies are set to announce job cuts this August, rising from 95 in July.
- The tech sector has lost 95,000 jobs so far this year. Retail store closures are up 249%.
- DOJ Investigation: The Department of Justice is looking into pardons and aides from the Biden administration.
- So far, no wide-ranging arrests.
As the midterms approach, Democrats want to gain ground. However, Trump’s Big Beautiful Bill tax cuts are designed to put more cash in family pockets. Check back tomorrow for more from the Fed.
-
1 Reply
-
Jerome Powell FORCED TO ADMIT Who is REALLY EATING Trump’s Tariffs
It is Tuesday, and the video dives into the latest inflation data amidst economic trends*. The discussion questions whether prices are truly rising due to Donald Trump’s tariffs, challengichallengingng earlier predictions. The video also analyzes who bears the brunt of these tariffs and offers commentary on finance news. Senate testimony showing Jerome Powell forced to confront that he’s been politically weighing in on Trump’s tariffs.
Log in to reply.