Miscellaneous And Off Topic Subjects

[Dr. Strangelove]

Never before seen picture of Pence and his daughter as they hid in a loading dock beneath the Capitol. If you zoom in you can see Pence is watching Trump's "The election was stolen but go home in peace and remember, we love you" message to the rioters

[lineygoblue]

Insurrection on steroids.

[Da Geezer]

Geeze, my post's point was that $6, 8.6% and a bear market that's cratered 401Ks is way more complicated that pointing the finger at the "Chairman." Specifically, the public doesn't understand what the Fed does in the first place, nor do most have a clue of the difference between fiscal and monetary policy so, it's easy to miss the combo of the Fed's role, combined with two administration's worth of fiscal policy leading up to the pandemic and during it that fostered 8.6%. To reiterate, that's not to imply Biden is blameless.

I agree that most people do not understand that the Fed buying debt instruments in order to keep interest rates artificially low has resulted in a $ 9 Trillion "Balance Sheet" of bonds owned by the Fed that are really worth maybe $ 5 Trillion in an open market. But, Jeff, who do you figure the Chairman has appointed to the FRB that would understand economics. Joe's appointees have been proponents of MMT. As far as fiscal and monetary policy, Friedman famously said that inflation was a monetary phenomenon.

What I can guarantee is that the Ds do not care enough about "inflationary psychology". If Joe would appoint someone in the Larry Summers mold to the FRB, then that would send a message that the government is serious about inflation. Instead, the Ds are bitching about Manchin stopping $ 5 Trillion in new spending, in addition to the $ 1.9 Trillion for mostly "human infrastructure".

One thing Trump did to/for the Rs is he made no pretense of cutting spending. It used to be that Rs wanted fiscal responsibility. As several have pointed out here, that difference has gone out the window.

[THE_WIZARD_]

"I DON'T WANT TO HEAR ANYMORE LIES ABOUT RECKLESS SPENDING!! WE'RE CHANGING PEOPLE'S LIVES!"

[foxhopper]

If my life changes much more I may as well be dead.

[AlabamAlum]

I miss the days wiz would just post “STFU” and toddle off, distracted by a shiny red ball or a sippy cup full of dry Cheerios or whatever.

You don’t know what the good days are until they are gone.

[Jeff Buchanan]

Joe's appointees have been proponents of MMT. As far as fiscal and monetary policy, Friedman famously said that inflation was a monetary phenomenon.

It would take me more time than I am willing to spend to read the published articles of Biden's two appointees as Federal reserve Governors, Waller and Cook, to associate them with MMT. A cursory glimpse of their bios does not suggest they are MMT advocates. Biden has not appointed three governors as you allege. He has appointed two and elevated one of Obama's nominations, Brainard to Vice Chair.

If you're trying to box me in to a position which you then intend to claim I am a supporter of the Biden administration's fiscal policies, that's not going to happen. The entirety of his fiscal stimulus policies have been a disaster. I won't try to defend him or the knucklehead economists telling him American's need BBB and the shit-ton of leftist baggage attached to it. There's probably some MMT advocates in that bunch.

I suppose one could argue the FRB, being late to the party to raise interest rates - about 12 months late - could be because of the political leanings of the Board of Governors (The FRB). You'd have to make that point more strongly than alleging obedience to MMT. I don't see it. The board is made up of 3 Rs and 3 D's with one seat vacant. IMO, MMT is on the margins of current economic thought that might influence the FRB.

Powell is an R and a noted non-economist in charge of the world's largest economy. I can't ascribe MMT leanings to him. What I can ascribe to him though is a continuation late into the game of, as you described it, "buying debt instruments in order to keep interest rates artificially low. That, it turns out was highly inflationary. There were valid reasons for that buying spree though at the start of and during the pandemic. But, then, the urgency of those reason should have declined sharply by early 2021. The false belief that the pandemic crisis persisted played a role in continuing the urgency of it without trying to buffer economic growth with interest rate hikes as early as March/April, 2021.

That's a rear view mirror look detached from any influence Biden might have had on Powel by insisting on the need to do what was necessary to keep interest rates low ...... that was more Trump's approach than Biden's. Biden supported indications from Powell as early as last November that interest rates were going to rise. The reality is that it's a bit late to start raising them now sharply. That could have been avoided and I'll blame Powell and the FRB for not recognizing that.

[AlabamAlum]

Jeff,

If I don’t get a Portugal travelogue soon, I will be revolting!

[Jeff Buchanan]

AA, we don't leave the states headed to Lisbon until July 10th. We're only spending a day there. Then on to Amsterdam where will cruise southbound on the Rhine to Basel Switzerland. I'll be in Switzerland for a couple of weeks.

[AlabamAlum]

But you previously did Portugal, correct?

I’ve been to Amsterdam/ Rotterdam dozens of time. Let me know if I you need any recs.

And I love Switzerland. One of the prettiest countries I have ever been too.

[iam416]

Stifle, twatwaffle

[AlabamAlum]

If I weren’t the beach and full of Malort, Old Style, and Italian Beef sandwiches, I would upbraid your insolence, Talent.

[THE_WIZARD_]

I miss the days wiz would just post “STFU” and toddle off, distracted by a shiny red ball or a sippy cup full of dry Cheerios or whatever.

You don’t know what the good days are until they are gone.

STFU

[lineygoblue]

If I weren’t the beach and full of Malort, Old Style, and Italian Beef sandwiches, I would upbraid your insolence, Talent.

Please do it anyway.

[iam416]

Stfile, twatwaffle.