Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
Musk Takes A Shot At The Fed
On December 4, Jerome Powell sat for a fireside-style chat with Andrew Ross Sorkin for The New York Times DealBook summit.
By and large, it was a pointless exchange, but I covered it because I felt obliged. I gave short shrift to most of the banter, but I did highlight Sorkin's question about DOGE. Not the meme coin (whose mascot, Kabosu, passed away recently) but rather Elon Musk's Trump-blessed initiative to trim government payrolls and, where "necessary," eliminate federal agencies.
"Do yo
Somebody should remind Musk that it is very inefficient for the economy to have wealth so concentrated, and actually unproductive.
I’m quite sure that treasury and the American people could use some of that wealth and put it to good efficient economy.
Wealth of nations should prevail. Not wealth of the greasiest individual.
I’m so glad to hear that Mr. Trump took a shot at the one time illegal alien that Musk may have been.
DOGE seems like Project 2025 to me, as I’m reasonably confident that it will be those that are deemed insufficiently loyal that get the axe first or they’ll plan to over-cut, with the intention of saying we had to hire a few back, and those will be loyalist.
When Musk paid for Trump’s presidential election he did it to try to buy his prospective power as well. What he vastly under-estimated was Trump’s desire to be number one among all the twos and below. All these news items showing up in the last fortnite or so that quote what Musk plans to do and how he is the shadow POTUS or the Prime Minister are straws that will soon break the master camel’s back. He will not accept anyone getting more attention or professing bigger britches than himself. Musk has X but little else of any interest to Trump these days.
The related issue is that staffing at BLS, Census, etc will be cut back and politicized so that economists, policymakers, and investors have less, and less reliable, data on how the economy is actually doing. A page from the Xi playbook.