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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#451

Post by derangedHorse »

pixelatedindex wrote: post #218
derangedHorse wrote: post #144

I dislike the existence of the Fed, but I dislike the idea of the executive branch being in control of monetary policy even more. I'll be tuning in to see how the case progresses.

Do you have an alternative to the Fed? Likes and dislikes has nothing to do with it. Or let me ask you another way — why do you dislike the Fed?

The eradication of the Fed and fiat money. As others have expressed, I also think the interest rate mechanism is clumsy and that bailouts do more harm in the long term than good (see one of the most recent examples [1]).

[1] https://www.wsj.com/finance/banking/the-fed-launched-a-bank-...

Re: Statement from Jerome Powell

#452

Post by Erem »

what wrote: post #428
collinfunk wrote: post #232

Earlier quoted context omitted.

I don't think this addresses the main point of my question, though. Do you know any prominent Democrats, e.g., representatives, senators, or presidents, who have called for a Republican to be killed?

Which republican called for a democrat to be killed?

> "SEDITIOUS BEHAVIOR FROM TRAITORS!!!" Trump went on. "LOCK THEM UP???" He also called for the lawmakers' arrest and trial, adding in a separate post that it was "SEDITIOUS BEHAVIOR, punishable by DEATH."

https://www.pbs.org/newshour/amp/politics/trump-says-democra...

Re: Statement from Jerome Powell

#453

Post by IAmGraydon »

estearum wrote: post #298
epolanski wrote: post #220

Earlier quoted context omitted.

[flagged]

Posting online literally is political activity. You think the hordes of young men who put Trump into power were convinced by mass public demonstration? No: posts on the Internet.

Young men put Trump in power? Afraid not. The demographic data shows that if it was narrowed down to one group, it was poorly educated white Christians over the age of 50.

Re: Statement from Jerome Powell

#454

Post by tyrust »

drpepper42 wrote: post #430
shepherdjerred wrote: post #423

Earlier quoted context omitted.

Why is literacy so important? Wasn’t literacy lower in the US at other points in time?

The Lippmann school of democracy sort of predisposed that people were too stupid and that through journalists would emerge a reasonable set of choices. For the most part that matches the way politics worked in the USA and most democracies until recently. Unfortunately the internet disrupted things such that suddenly everyone needs to actually be democratically adept in at least some form more akin to the Dewey school…

Interesting comment. I haven't heard this problem phrased this way nor have I heard of these schools, do you have a recommendation for learning more about this?

Re: Statement from Jerome Powell

#455

Post by hackable_sand »

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…

I have no problem building from scratch.

Happy to show everyone how to do that.

Re: Statement from Jerome Powell

#456

Post by baby_souffle »

swagmoney1606 wrote: post #252
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.

There hasn't been a single point in my shorter life so far where things have been this out of control. The fed is supposed to be as non-political as possible. I know politics and the economy are intertwined, but tell me how this won't end up a disaster please. How do we get back to the USA we had even 10 years ago?

> but tell me how this won't end up a disaster please.

Unless you want to split hairs and argue that "disaster" is really only in the middle of the spectrum of plausible outcomes... then there is no outcome here that isn't a disaster.

At *best* this only moderately raises inflation in the short-term and somehow the rest of the world isn't shaken too much and the USD somehow still remains a reserve currency.

I'm in the "USD looses reserve currency status in 6-48 months" camp but there are some reasonable arguments against this.

Re: Statement from Jerome Powell

#457

Post by pstuart »

cosmicgadget wrote: post #279
fib11235 wrote: post #247

Earlier quoted context omitted.

My understanding is the United States has one of the strongest post-pandemic recoveries, the printing was definitely a factor.

I'm not arguing against QE I am saying there was too much of it and we could have had recovered just fine without the severe inflation that landed us in the current predicament.

Plus a bit of minding the til, as the fraud involved was out of hand.

Re: Statement from Jerome Powell

#458

Post by mrtksn »

fooey wrote: post #145
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…

There's basically nothing the American people can do short term. The US government is entirely non-responsive and only nominally representative. Barring a wave of Republican retirements in the House, the absolute soonest there are any guardrails are after the 2026 midterms when a new congress is seated in 2027.

Of course there’s, it’s just that anti-Trump people don’t care as much and are not as brave as the pro-Trump people. MAGA people stormed the capitol, anti-Trump people just write well thought concerns on the internet. MAGA people for years endured deplatforming and being outcasts but developed methods to deal with it, the anti-Trump people are scared to lose what they have and are too concerned about their differences within and they are unable to build anything. It’s people with nothing to lose and everything to gain vs people with everything to lose and nothing to gain from having a fight.

Those who stormed the Capitol did it because they were against the current course of affairs. Are the anti-Trump people ever going to do something like that if they are against the current course of events? I don’t think so.

Consequently, Trump will win. That’s why people who control the capital are aligned with MAGA.

Re: Statement from Jerome Powell

#459

Post by mindslight »

refurb wrote: post #379
jacquesm wrote: post #349

Earlier quoted context omitted.

> I don’t get it. Then you should have probably left it at that. Criminal investigations in this administration are just a means of pressure and harassment, they have zero bearing on any suspicion of criminal activity. I predict that within a few days Powell will be the recipient of death threats. That's the second part of the pattern.

[flagged]

> Should this administration NEVER conduct any criminal investigations

Probably, yes. At least until they reverse course and start enforcing our most basic fundamental laws like the Constitution and Bill of Rights.

Re: Statement from Jerome Powell

#460

Post by bediger4000 »

SpicyLemonZest wrote: post #422
bediger4000 wrote: post #394

Earlier quoted context omitted.

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.

The last time inflation was that high was 1973-1982, and the incumbent lost both presidential elections within those years.

Sure, but the Republican president gets credit for economic good news thing is beyond just inflation.
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