Earlier quoted context omitted.
The issue being that one actually impacts your life and the other is a spectacle.
[flagged]
This is just inflammatory
Statement from Jerome Powell
301–310 of 871 posts
Re: Statement from Jerome Powell
#302Earlier quoted context omitted.
In his first term, he probably didn't yet understand how much power the office truly holds and how to wield it and just how far you can go with that. Because the main restriction on all of that power has always been convention rather than any actually robust guard rails. But no one, not even someone like Nixon, has ever dared to truly test that out.
Cause most of the capricious use of power is expensive and people used to care about the budget.
No? Because most people who have held POTUS aren’t malignant narcissists.
Re: Statement from Jerome Powell
#303It all started with all grants and department expenditures being tagged with the employee ID, of supervisory.
Latest 2024 budget expenses, a fairly good percentage were chocked with no ID, no supervisor or delgated authority.
Better now, no ID, no money from Treasury.
Re: Statement from Jerome Powell
#304Shots fired. Even the republicans will not be able to ignore this and they know that if Powell caves in the American economy will likely collapse. So who will speak up in his defense?
Re: Statement from Jerome Powell
#305Earlier quoted context omitted.
> The algorithm is to be tuned over historical data Because as we all know, when it comes to financial markets, past performance guarantees future results. Oh wait . . .
That's just something they say to scare the children. In any event, the point of a decent algorithm is that if the result isn't complying with the action, upcoming updates to the weights will fix it. Moreover, changes to the weight would be such that they optimize for maximum learning. It is so weird seeing people preach for an obscure entity to do something so basic, and being shut down when asking for transparency.…
> upcoming updates to the weights will fix it
Oops, the unaccountable algorithm eased when it should have tightened and Volcker Shocked when it should have eased. No prob, the weights will get tweaked and all will be well. Once the economic crisis blows over, anyway . . .
Re: Statement from Jerome Powell
#306The US drift into Adam Curtis' broad thesis in hypernormalisation(a) continues apace I see. Great to see J Pow putting up a fight but I fear this is all going one way. (a) >We live in a world where the powerful deceive us. We know they lie. They know we know they lie. They don't care. We say we care but do nothing.
Hasn't this always been the case, what is different right now is that the tech enables to do this at scale, at much higher frequency that makes them more audacious, since no regular person can keep up with it. The over saturation of lies/fake news has lead to numbness and the hyper-normalisation. So, unless something directly is affecting us currently, we won't care
Re: Statement from Jerome Powell
#307Re: Statement from Jerome Powell
#308Earlier quoted context omitted.
America has enough power to help someone else. No one has the power to save America from itself. The cavalry is not coming, and this fire is going to take its course. One day, maybe we will rebuild from scratch.
> One day, maybe we will rebuild from scratch The current situation is bad, but this is just doomerism. The current administration will end. Trump can't live forever. His approval rating is already low and falling. We're in for a bumpy ride, but then it's going to start reverting toward the mean. Not necessarily back to the way things were, but periods of extreme like this are followed by a reversion to the mean more…
Always amusing. So sure. I like to imagine the conversations at the begining of the late bronze age collapse, or perhaps aristocrats of the western roman empire living in Gaul.
"To say anything that challenges the current trajectory is doomerism. We're in for a bumpy ride for sure, but this will all correct itself. _it has to_."
Re: Statement from Jerome Powell
#309Earlier quoted context omitted.
I think a lot of largest tech companies feel that they'll face retribution from the current administration for not being supportive enough but would not from future admins. For many of the smaller players I think there's unfortunately a lot of people who realized there's significant money to be made in grifting. Many of the largest crypto proponents have pivoted into endeavors, whether crypto or otherwise, that profi…
> I think a lot of largest tech companies feel that they'll face retribution from the current administration for not being supportive enough but would not from future admins. The Democrats should play hardball but the geriatrics can barely take a swing.
This is exactly it and parallels what happened with the end of the Wiemar Republic. There was an asymmetry in response between the Nazis and the government. You can see that in the limited prosecution and light sentences of the Beer Hall Putsch perpetrators.
The tech titans like Thiel see the Trump administration as a "big bet" a startup investment. They can "shoot for the moon" and try to realize the network state. If they fail, they figure they'll just toss the Democrats some campaign contributions and all will be good.
Re: Statement from Jerome Powell
#310The US drift into Adam Curtis' broad thesis in hypernormalisation(a) continues apace I see. Great to see J Pow putting up a fight but I fear this is all going one way. (a) >We live in a world where the powerful deceive us. We know they lie. They know we know they lie. They don't care. We say we care but do nothing.
> I fear this is all going one way That belief isn't the consequence of the situation, but the cause. There is ample ability to change events, but people must believe they can act and act together, as they have for centuries of democracy and for all human history. They do it in Iran. The Republicans and MAGA movement have made changes that would have been unbelievable ten years ago.
Stated differently, if things really are so bad (and I would be the first to agree that things are pretty bad), then why are so many comfortable people (like me) not out on the street every day?
There are a lot of reasons for that, of course, but the bottom line is that when things get bad enough -- much worse than they are today -- then more people will take to the street, along with whatever sacrifice that entails. We're just not there yet, because for many, there is far too much to lose.