4 ms·

He's not making an argument. He's stating the obvious. With zero sense of shame and humility. Right? So to what end? FFS, this isn't a random fluff piece on Med

He's not making an argument. He's stating the obvious. With zero sense of shame and humility. Right? So to what end? FFS, this isn't a random fluff piece on Medium. It's from the most power financial organization in the world. And we're supposed to get just nod and get behind this? I'm not speaking to the individual per. He's simply another (over-educated) representative of a mindset that creates more problems than it solves. The Fed coming out in Sept of 2022 and proposing the "argument" is comical at best. Apparently, not a single history course is requited to get those flashy degrees, nor is staying up on current events. Instead, they toss this out as something insightful and profound in a "oh we didn't see this coming sorta way"? Only the naive would buy this. The bottom line: The Fed is making decisions without a sense for the broader context and/or broader impact is negligent and irresponsible. This is too little too late.

chrisgd 4y ago
We don’t know that. The Fed has been saying since 2021 they were going to raise rates. Thousands of people who get paid billions of dollars mostly missed it. Powell is either going to go down in history as someone who successfully transitioned to more normal rates or he wrecked the economy. This article isn’t the commentary of the FRB
- chiefalchemist 4y ago
  > Thousands of people who get paid billions of dollars mostly missed it. Did they? In the 2007 sense? Where are the suicides? Where are any similar indicators? Anyone who didn't recognize the signals and the pressures being created is then highly overpaid. But being overpaid seems to be what happens when you happen to be in the right place at the right time. Regardless of what we don't know. We do know the income inequality gap keeps increasing. We do know more wealth is being concentrated in fewer hands. Well, we know this. Apparently the Fed likes to pretend otherwise. Where is the data that says thousands missed it? Sure it might not be the super easy money model the Fed shamelessly provided. But I don't see anyone leaving Wall Street, etc. cause the compensation and opportunity sucks.

chrisgd 4y ago

We don’t know that. The Fed has been saying since 2021 they were going to raise rates. Thousands of people who get paid billions of dollars mostly missed it. Powell is either going to go down in history as someone who successfully transitioned to more normal rates or he wrecked the economy. This article isn’t the commentary of the FRB

chiefalchemist 4y ago
> Thousands of people who get paid billions of dollars mostly missed it. Did they? In the 2007 sense? Where are the suicides? Where are any similar indicators? Anyone who didn't recognize the signals and the pressures being created is then highly overpaid. But being overpaid seems to be what happens when you happen to be in the right place at the right time. Regardless of what we don't know. We do know the income inequality gap keeps increasing. We do know more wealth is being concentrated in fewer hands. Well, we know this. Apparently the Fed likes to pretend otherwise. Where is the data that says thousands missed it? Sure it might not be the super easy money model the Fed shamelessly provided. But I don't see anyone leaving Wall Street, etc. cause the compensation and opportunity sucks.