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Statement from Jerome Powell

federalreserve.gov

611–620 of 871 posts

Re: Statement from Jerome Powell

#611
post #565

Earlier quoted context omitted.

I'm missing "I don't agree with him on this" because I don't hear Trump supporters say that. Trump doesn't allow them to - he thinks it's wrong for anyone to disagree with him and illegal for anyone to try and stop him from doing something he wants to do. Again, the whole context here is that Trump is trying to jail one of his own appointees for failing to enact his preferred monetary policy.

I hear that in a few examples, but they've been variations of "When I voted for Trump to deport migrants, I didn't think that meant my wife".

Usually followed by "... but I'd still vote for him again".

Re: Statement from Jerome Powell

#612
post #383

Earlier quoted context omitted.

He was the owner and CEO of a private company — essentially a dictator without even a board or the SEC keeping him in check. For decades he hasn’t had to tolerate “checks and balances”! Nobody could say “no” and retain their jobs under him. The American public decided to put this type of person in charge. The consequences were predicted.

It goes back before Donald was in charge of the Trump real estate business. It started with a really really shitty father who desired a “killer” business instinct in his children (read: cruelty) above all else. Reading some of Mary Trump’s books will give some insight on the family that Donald grew up in. No love, all cruelty. Donald is just a rich kid who inherited a big business and learned nothing but cruelty from…

I disagree, he’s more than that. Lots of people having shitty abusive parents, even lots of wealthy people. There’s something wrong with his brain.

Re: Statement from Jerome Powell

#613

The 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.

If I might add a couple of quotes:

"What prepares men for totalitarian domination in the non-totalitarian world is the fact that loneliness, once a borderline experience usually suffered in certain marginal social conditions like old age, has become an everyday experience of the ever-growing masses of our century. The merciless process into which totalitarianism drives and organizes the masses looks like a suicidal escape from this reality."

"Politically speaking, tribal nationalism always insists that its own people is surrounded by ‘a world of enemies,’ ‘one against all,’ that a fundamental difference exists between this people and all others. It claims its people to be unique, individual, incompatible with all others, and denies theoretically the very possibility of a common mankind long before it is used to destroy the humanity of man."

"Society is always prone to accept a person offhand for what he pretends to be, so that a crackpot posing as a genius always has a certain chance to be believed. In modern society, with its characteristic lack of discerning judgment, this tendency is strengthened, so that someone who not only holds opinions but also presents them in a tone of unshakable conviction will not so easily forfeit his prestige, no matter how many times he has been demonstrably wrong."

"Mass propaganda discovered that its audience was ready at all times to believe the worst, no matter how absurd, and did not particularly object to being deceived because it held every statement to be a lie anyhow. The totalitarian mass leaders based their propaganda on the correct psychological assumption that, under such conditions, one could make people believe the most fantastic statements one day, and trust that if the next day they were given irrefutable proof of their falsehood, they would take refuge in cynicism; instead of deserting the leaders who had lied to them, they would protest that they had known all along that the statement was a lie and would admire the leaders for their superior tactical cleverness."

"The ideal subject of totalitarian rule is not the convinced Nazi or the convinced Communist, but people for whom the distinction between fact and fiction (that is, the reality of experience) and the distinction between true and false (that is, the standards of thought) no longer exist."

-- Hannah Arendt, The Origins of Totalitarianism

Also Arendt: "The result of a consistent and total substitution of lies for factual truth is not that the lie will now be accepted as truth and truth be defamed as a lie, but that the sense by which we take our bearings in the real world — and the category of truth versus falsehood is among the mental means to this end — is being destroyed."

Re: Statement from Jerome Powell

#614

I am surprised by the negative comments, the low interest rates = better thesis has always been somewhat popular on HN , now just because Trump is saying it (and operating to get there) it becomes an issue or something not to be aligned with. There are countless comments and discussions on this board about how: 1) interest rates should be zero, 2) interest rates being non-zero create a misallocation of capital where…

the fed's goal is zero interest rate, it's not that people are negative because "tRuMp SaId So" it's because he's trying to influence the fed's decision with criminal prosecution of the chair and not through his economic policy. His policy is ass and that's why the fed can't get back to their ZIRP goal

Re: Statement from Jerome Powell

#615
post #537

Earlier quoted context omitted.

This talking point never contains international comparison nor historical comparison. Most people using it do not even know what "sixth grade level" actually is. They just know it means "a little".

Who cares how they're doing it in Albania? It used to be better in America, now it's worse and it's taken our entire society with it.* I DO know exactly what sixth grade level is. It means they can read simple paragraphs, but not critically. These people lack the ability to think critically because they never learned it. They're the ones that open phishing emails and get taken by shady real estate con-men and Nigeria…

> Who cares how they're doing it in Albania?

It would be interesting comparison, actually. As interesting as French, Germany or whatever.

> It used to be better in America, now it's worse and it's taken our entire society with it. [...] They peaked in 1992 and have been steadily decaying since.

I checked out tests and it is not true. Reading scores in 2022 were still higher then those in 1992. https://nces.ed.gov/fastfacts/display.asp?id=38

So, yeah, this would be an interesting historical comparison. It was worst most of the time.

> These people lack the ability to think critically because they never learned it. They're the ones that open phishing emails and get taken by shady real estate con-men and Nigerian prince scammers.

You are confusing two different things here. First off, highly educated people are in fact vulnerable to scammers ... frequently because of their own confidence.

> You can be semi-literate and be a good person. You can't be semi-literate and make good decisions. Not in the modern world.

But issue in modern world are not people just dont make good decisions. It is people who make immoral decisions. Vance have good reading skills, but he is still a fascist.

> You'll also note that 1992 was the year Dan Quayle was disqualified from the presidency because he couldn't spell potato.

This is not an example of mass of people using critical thinking and acting rationally. This is an example of blown up reaction ala Twitter mob latching on something trivial and making a big deal out of it. This is example of what happen when soundbite wins over substance.

Re: Statement from Jerome Powell

#616
post #519

Earlier quoted context omitted.

> * As (ostensibly) a representative Democracy America's fate is dictated by the majority of it's citizens. No, it's determined by the people who actually go out and vote. Bizarrely, voter turnout among younger people remains low. It's beyond frustrating to work with large groups of young people who are seemingly always talking politics and angry about something political, then to watch as half of them either forget…

In defence of young people, it's "determined" by the people who actually go out and vote the same way a child "determines" what's for dinner when asked "would you like broccoli or brussels sprouts?" American democracy is broken. Not in an abstract, hand-wavy feelings way but a hard, numerical, mathematical way. A two party system results in no real choice. First past the post results in a two party system. America us…

Margins in recent elections have been thin enough that higher voter turnout among young generations could have easily changed the outcome.

Blaming broken democracy is just a cop out. Youth voter turnout for primary elections, where there are many candidates, is also low. More parties isn’t going to change anything.

Re: Statement from Jerome Powell

#617

Earlier quoted context omitted.

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?

> Do you have an alternative to the Fed? The appears to be difficult for a lot of people to like, but the Fed still exists because the people who bitch and moan about the Fed can never voice an alternative that wouldn't immediately destroy everything if it were implemented.

Oh that's bothersome, and it's too late to edit. Above sentence should begin "The Fed."

Re: Statement from Jerome Powell

#618
post #494

Earlier quoted context omitted.

Not to mention what's happening in Minnesota

The difference is that the actions and rhetoric around Venezuela and Greenland and the Fed reserve are direct actions by Trump. The thing in Minnesota is a tragedy but I don’t think he told anyone to go out and kill somebody on the street.

“I could shoot somebody on Fifth Avenue and not lose any voters.” Makes it pretty clear.

Re: Statement from Jerome Powell

#619
post #452
post #428

Earlier quoted context omitted.

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...

So more broadly, calling for any sort of capital punishment is also "political violence"? Even if you're against capital punishment, comparing it to something like Charlie Kirk getting shot is disingenuous. When people think of "political violence" they're thinking of the former, not capital punishment. Lumping the two together is like "do you support criminals? No? Why do you support Nelson Mandela, a convicted criminal?"

Re: Statement from Jerome Powell

#620
post #568

Earlier quoted context omitted.

> This is the political will of a plurality of American voters. This fallacy gets repeated over and over, but it's obviously false. Have you really never voted for a candidate who went on to do things you didn't agree with? It's a quintessential fact of politics that voting for a candidate is not equivalent to an endorsement of everything that candidate does in the future. It's a premise that is obviously false when…

Trump still has plenty of support from large swathes of Americans despite his increasingly more overt actions. For many, he _is_ doing what he was elected to do. This _is_ what the American voter wants. The American voter wants illegal immigrants out, does not care how it happens. They also want cheap oil and are willing to overlook the implications of international military action if it means they get it. They also…

All true but what about his proposal to increase defense spending by a Whopping $500 Billion?

Are his supporters 'down' with that?

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