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‘This Is Fine’
The good news is, America's premier statistics agency will prove impervious to Donald Trump's worst
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You’re right, H. Very few people care about Trump’s attack on BLS, Fed, etc., etc. Markets are (at least so far) happily chasing the next rate cut, and even more rate cuts in the future. You can’t teach stupid but it sure is easy to spot.
The longer the delay before “risk” means something, the greater the impact of its truth.
The two departing “traitors” will certainly get better jobs and be better off to be out of Trump’s domain.
Too bad we all live in Trump’s domain.
I’ve worked in quite a few companies and have dealt with all types of execs and guess I shouldn’t be surprised that someone like Trump can commandeer the data and spin narratives that have no relation to reality. There were some execs who’d bend analysis to make things slightly rosier than they actually were and then there were some who’d forgo reality completely and investors would thrown money at them.
Being a data person, it always baffled me that people would give these execs hundreds of millions of dollars when a simple review of their cash flows would show that the story being told by the CEO was on par with the greatest works of fiction in our species’ history. You’d think people investing that kind of money would have some grasp of the basic operating metrics and how to validate them (the money usually doesn’t lie). Granted, having money doesn’t mean you’re smart, but if people making those kinds of investment decisions can’t put 2 and 2 together, the general public can’t be expected to understand why the Obama potemkin village narrative is not the same as the Trump version.
As the kids like to say, we’re cooked.
No disrespect (I don’t think) to Dudley, but “Powell, not Trump, is in control,” does sounds more deranged than naive now that Mar-A-Lardo has his easily bruised mitts on both prongs of the Fed’s dual mandate. So despite the evident truth that our democracy is all but lost, we must also now add another to our collective fictions re: fiat currency and the inherent value of equity shares — a government that operates based on reality (or for the people, for that matter).
Would love to see a timeline of your smiley face graphics over the years. Seems as reliable an indicator as any these days …