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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#391

Post by mattgreenrocks »

callc wrote: post #351
jacquesm wrote: post #333

Earlier quoted context omitted.

He's one of very few adults left at that level.

It might be childish, but I think the “act like an adult” (or not) is a good way to frame the bad behavior that’s been so present lately. It encapsulates so much of how I want to describe things. Selfish behavior - this adult is just a child who didn’t learn to share. Mean and vindictive behavior - didn’t learn to empathize as a kid Lying? You’re still a child. Grow up and then join the adults.

Very apt for the current moment.

Adults push back on aggressors when necessary. Children cower behind the adults.

Re: Statement from Jerome Powell

#392

Post by drpepper42 »

defrost wrote: post #356
drpepper42 wrote: post #334

Earlier quoted context omitted.

No it did not. I don't know why people repeat this so often but it is very frustrating. Nixon unilaterally ended the gold standard because the US was printing money to pay for Vietnam and the rest of the world called the US on its bullshit. The end of the gold standard is relatively recent in history and the verdict is still out on the impact.

The post-World War II Bretton Woods system was a limited form of the pre 1920s depression gold standard. Both the silver standard and bimetallism have been more common than the gold standard. Tying complex multi faceted economies to the physical abundance of specific raw materials fails to capture the full value of activities and assets. The true gold standard was a blip from the 1870s to the early 1920s.

I think your observation assumes that inflating the value of gold relative to the rest of economy is a problem - if you do not care about that I'm not sure it matters.

In any case gold served as a strong check on monetary policy even if it had problems. Certainly it is possible to have a "sound" monetary policy without gold. I'm just not convinced in societies ability to affect sound governance of monetary policy without some "stronger" guard rails. Especially not in today's climate.

Re: Statement from Jerome Powell

#393

Post by fzeroracer »

jordanpg wrote: post #310
mmooss wrote: post #217

Earlier quoted context omitted.

> 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.…

People are taking to the streets. People are getting beaten, their property destroyed, their homes invaded and even murdered in Minneapolis as a result. The problem is that the US is massive; most people don't live in an active ICE zone where agents are going door to door kicking it in and pulling people out.

But even then, people are getting angrier. The injustices in Minneapolis triggered waves of protests here in Seattle. Eventually these things compound and more people become aware that we're living in the Great American Collapse.

Re: Statement from Jerome Powell

#394

Post by bediger4000 »

spamizbad wrote: post #13
davidw wrote: post #3

This is... just crazy. One of those mostly boring bits of plumbing that has been left to professionals throughout the entire 50 years of my life - and they're trying to wreck it.

It's also for very stupid reasons: The fed dropping rates to the degree that would satisfy Donald Trump would greatly accelerate inflation which in turn would further upset voters, who would in turn blame Donald Trump (just like they did Biden before).

blame Donald Trump (just like they did Biden before)

Respectfully disagree. Republican presidents get a lot more economic leeway than Dem presidents, especially from the media. This has puzzled me my entire adult life. Inflation will bother media and public, but not to the same extent it did 2021-22.

Re: Statement from Jerome Powell

#395

Post by datsci_est_2015 »

mapontosevenths wrote: post #120
neom wrote: post #54

So I'm sitting here as a Canadian wondering what the American people are going to do? I understand a lot of what the President of The United States says - I even agree with some of it, the problem is I don't feel like we're engaging with the American people anymore. I really wonder where you guys are headed and what it means for the rest of us, I spent 15 years in the states, built a public company there, I really li…

> I wonder where you guys are headed. You need to know only two facts about America to guess that: * Fifty three percent of Americans now read below the sixth grade level. * As (ostensibly) a representative Democracy America's fate is dictated by the majority of it's citizens. Our future is to become a broken nation governed by middle-school student level thinking. The only way to build a better America is to build a…

I think it’s also important to talk about what it means to “read at a 6th grade level” when this is mentioned, because a lot of people (myself included) might assume that just means they could finish and understand a book intended for 6th graders.

But there’s actually meaningful criteria that sheds some light on the critical thinking capabilities of people who can or can’t read at certain levels, especially as it pertains to propaganda. Below a certain level, people are not well-educated enough to critically assess a text against the motivations of its authors (somewhere around 9th grade). Americans are prone to conspiratorial thinking so you might think that that’s alright because they’re often skeptical of any text, but it just seems like it causes them to dig even deeper into the propaganda that’s targeted to them.

It’s kind of like learning that some people don’t have an inner monologue, or that they aren’t capable of imagining shapes or objects abstractly in their mind. Except it’s a lot more serious as it deals with critical thinking directly: these people don’t understand that what they’re reading was written for a purpose.

Re: Statement from Jerome Powell

#396

Post by moogly »

3eb7988a1663 wrote: post #230
this_user wrote: post #202

Earlier 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.

I hate to assign him so much agency. The man seems a complete buffoon who lacks the ability to plan anything beyond real estate fraud. Instead, I look to all of the people in his orbit who can orchestrate long term goals. Sure, he will self sabotage many schemes, but will directionally go where the handlers want. Vance, Miller, Heritage Foundation, etc are the ones guiding most policy decisions. That tariffs have bee…

His orbiters/handlers are totally throwing all kinds of stuff at him to see what sticks to his cooked brain. It's clear he's barely aware what's happening anymore. The only coherent things he can focus on are things from the 80s and 90s heydays and old and recent grudges.

Re: Statement from Jerome Powell

#397

Post by baubino »

jordanpg wrote: post #310
mmooss wrote: post #217

Earlier quoted context omitted.

> 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.…

People are (and have been) taking to the streets. Americans tend to think that a protest must involve everyone otherwise it’s pointless. They don’t realize that protests typically involve a tiny fraction of the population. The more, the better of course, but stop sitting around waiting for it to get big. Either get out there now or find other ways to contribute. There’s plenty to be done.

Re: Statement from Jerome Powell

#398

Post by gruez »

dd8601fn wrote: post #373
gruez wrote: post #207

Earlier quoted context omitted.

>Locking people up for crimes is different from locking them up because they are your political opponents. I thought they were upset about her emails or whatever?

I think that's the point. None could name a crime, and that didn't matter. Meanwhile, 34 actual felony convictions, court finding misuse of millions in charity funds, an attempted coup, being found liable for sexual assault, SCOTUS having to formally place the president above the law to avoid prosecution... none of it even moved the needle for those same folks. None of it is about law and order.

>I think that's the point. None could name a crime, and that didn't matter.

From a 10s skim on wikipedia:

>Some experts, officials, and members of Congress contended that Clinton's use of a private email system and a private server violated federal law, specifically 18 U.S. Code § 1924, regarding the unauthorized removal and retention of classified documents or materials, as well as State Department protocols and procedures, and regulations governing recordkeeping.

I'm not saying those allegations are true, but to claim "none could name a crime" suggests you didn't even try.

>Meanwhile, 34 actual felony convictions, court finding misuse of millions in charity funds, an attempted coup, being found liable for sexual assault, SCOTUS having to formally place the president above the law to avoid prosecution... none of it even moved the needle for those same folks.

If you're talking about https://en.wikipedia.org/wiki/Prosecution_of_Donald_Trump_in..., that has the same air of credibility as him going after Fed governors for mortgage fraud.

Re: Statement from Jerome Powell

#399

Post by csoups14 »

Aurornis wrote: post #188
renegade-otter wrote: post #86

Earlier 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…

> periods of extreme like this are followed by a reversion to the mean more often than not.

Cite evidence please.

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