4 ms·

It’s a Richcession, Not a Recession

• shaburn 4y ago
  Is this true? Yes or no
  • rhelz 4y ago
    Yes. Due to high inflation (which is pragmatically a wealth tax) and stupid decisions, Facebook, Google, and Elon Musk have lost a lot of money. But (with the notable exception of the 100,000 or so employees they pre-emptively layed-off) this is largely a "them" problem. Employment is still very, very tight by historical standards, in all sectors of the economy. Which means the pain points are largely confined to a small part of the population.
    • shaburn 4y ago
      Rhetorical. Is this by design as it appears this recession is intentionally created by the Fed.
      • rhelz 4y ago
        Of course its intentional! The charter of the Fed is to keep inflation low while keeping employment high. By this measure the Fed is doing great: 1. Inflation has come down from a high of 9.1% in 6/22 to 6.4% today, and will continue to shrink. 2. Current unemployment rate is around 3.4% which is just crazy low.
        • shaburn 4y ago
          I think Jay Powell is one of the most unsung heroes of the day.