‘That Could Have Been Me’

‘That Could Have Been Me’

Jerome Powell's press conference was largely uneventful for the majority of market participants, but it featured a number of notable soundbites and a bit of tragicomedy. Powell stuck mostly to the script when pressed on issues related to what counts as "substantial forward progress." He also refused to be baited into any kind of definitive timeline on... well, on anything really. He didn't budge on the "transitory" characterization of the coming inflation spike either. Not an inch. It's unlike
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7 thoughts on “‘That Could Have Been Me’

  1. Powell is no politician and honest. It would only be him with a total collapse . He was born of the meritocracy America and with good advantage,but he is empathetic. Freinds and relatives along the way may not have won the American dream.

    Keep that word out of it……hopefully.

  2. Regarding the word that H defined in the negative above, that is undoubtedly the proper term for the “inflation” witnessed in the housing market. 13 years of underbuilding by 750,000 units or so a year, if I remember the numbers correctly, amounts to quite a cumulative sum of supply disruption. This situation is simply not Friedman’s “monetary phenomenon”. As for the lumber producers and other productive members of the real economy that were able to survive the long depressionary backdrop, now there is demand and they are finally extracting the bailout that only parasitic financial “engineers” ever seem to get in this economic system. I say good for the real producers. The financial community and the new “Lumber Twitter” culture is, mostly, insufferably disconnected from the real world of productive economic activity. If you ask them what remedy is needed to fix this situation, they’d say more fiscal austerity. But only after they get their latest technocratic bailout that doesn’t even have to bother with the pesky process of governance by elected officials. And by thew way, taxing them on the handout is non-negotiable.

  3. I had to laugh out loud when Powell answered “not really,” at least we know he was answering honestly on that one, I have no doubts Jay tries to connect and relate to the common man’s plight, but it might simply not be possible for him to do that no matter how many tents he visits or how many homeless he talks to.

    1. A simpler take is that there is nothing to learn.

      I mean, would you expect to learn much of visiting a tent city or even a favelas in Brazil? Speaking for myself, I’ve got a pretty good idea what either/both are like (and some of the differences too). I don’t need first hand experience. It’s only R politicians who need to experience things first hand, in their very flesh, before they even start to have empathy or understanding.

  4. I have always felt that trickle down was at best greatly exaggerated, and probably a lie….Guns and butter under lbj did a lot of intellectual damage to our government…I remember the misery index(unemployment plus inflation)….

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