Miscellaneous And Off Topic Subjects

[Mike]

Only if Harris is the candidate.

[THE_WIZARD_]

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

[THE_WIZARD_]

"JIM CROW ON STEROIDS!!!"

[THE_WIZARD_]

"INFLATION IS TRANSITORY!!"

[THE_WIZARD_]

"IT'S PUTIN'S FAULT!!"

[THE_WIZARD_]

"INFLATION ISN'T AS BAD HERE AS IN OTHER INDUSTRIALIZED COUNTRIES!!"

[THE_WIZARD_]

...

[Da Geezer]

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.

Frankly, I was just being conciliatory. But if you insist on put-downs, then I'll reply.

1. I never mentioned the number of governors Biden appointed.

2. I was very specific about my discussion being about monetary policy being the primary cause of inflation. Indeed I quoted Milton Friedman who believed inflation to be basically a monetary phenomenon.

3. But, most importantly, don't go blowing smoke up my ass about MMT and the Biden's administration. Three months ago, Biden nominated Sarah Bloom Raskin to the Federal Reserve.

https://www.cnbc.com/2022/03/15/sarah-bloom-raskin-withdraws-her-candidacy-for-federal-reserve-board-reports-say.html

You intentionally "credit" Biden for the nominations of Walter and Cook, but fail to recognize that Manchin saved the country from being saddled with that crack-pot. Further, $ 5 Trillion for BBB was fully MMT in practice. So was the intentional misallocation of the $ 1.9 Trillion "infrastructure" bill. So was the $ 15.00 per hour paid to folks to NOT work. When you pay people to not work, you will get more "not working" The Labor Participation rate is well below 2019 levels, and that causes less supply of goods and services and is a contributing factor to inflation. So what the Biden administration has done is restrict supply in several ways, not the least of which is lowering the number of people looking for work. Look at the "help wanted" signs at MOST restaurants. Again, this is pure progressive clap-trap.

Raskin was primarily rejected because of her views on Climate Change. The SEC is now using ESG to rate companies' viability. ESG is also used for banks so as to not finance oil and gas production. It is everywhere you look, Jeff, and so much of it reflects the belief that you can print as much money as you like at the cost of inflation which is a preferable "tax' to any other tax. That is MMT in a nutshell.

I propose we not make this personal. I'll acknowledge you are moderate in many ways, and I like that. But please don't propose some sort of parity between the two parties. One is stupid. One is evil.

[Hannibal]

Unfortunately, the Rs had a colossal fucking asshat screaming STEAL and it cost them not one, but two Senate seats when 1 was all they needed.

I do acknowledge that I didn't correctly assess the choice as being between an incompetent, incoherent imbecile beholdent to the Left vs an incompetent, incoherent imbecile beholdent to his own ego.

I did give The Chairman slightly more credit. I might have even given DJT slightly more credit. I was obviously wrong on both counts.

Yup. You chose decorum and the Prog agenda over mean tweets. Didn't you vote for Obama twice too? You're living in the world that you have chosen. Enjoy it.

[THE_WIZARD_]

This is what you get when multiple generations in a row are not educated on the Constitution. We now have Gen X and Gen Z generations running around as mostly indoctrinated morons.

[Dr. Strangelove]

This is what you get when multiple generations in a row are not educated on the Constitution. We now have Gen X and Gen Z generations running around as mostly indoctrinated morons.

"Hey look, everyone! An old man is talking!"

<<Gen X, MIllennials, and Gen Z all gather around to hear a sweaty, unkempt Wizard slaving away over a deep fryer and preparing to deliver a Hamiltonian lecture on the Constitution>>

[Hannibal]

Happy Pride Month, everyone! Especially you, Jeff! You should be proud that your Marines now foster an inclusive environment for the LGBTQIA!123QWERTY crowd.

Marine Corps rainbow.png

[THE_WIZARD_]

Well lookie who showed up...our resident left wing flamer...don't you have some anti-white supremacist riot to go to?

[lineygoblue]

This is what you get when multiple generations in a row are not educated on the Constitution. We now have Gen X and Gen Z generations running around as mostly indoctrinated morons.

And the 'hippies' from the 60's and 70's are the senior leadership of the Democratic party.

[Hannibal]

This is what you get when multiple generations in a row are not educated on the Constitution. We now have Gen X and Gen Z generations running around as mostly indoctrinated morons.

Gen X is fine. Y is the most hopeless generation to date. Z has both some positive and negative trends showing.