I think they [central bankers] did become overconfident in recent years, and, frankly, if you have a sort of magic wand that can levitate trillions of dollars of wealth out of nothing, perhaps any of us would become a tad bit hubristic...
In the WSJ this weekend, there’s a long article by Nick Timiraos that claims that the Fed has a mandate for “low inflation” when the statutory language is price stability.
“ Two of the worst eco-nomic crises of the last century—the Great Depres-sion of the 1930s and the Great Inflation of the 1970s—both resulted in substantial changes to the Fed’s operat-ing procedures. Congres-sional Democrats passed legislation in 1977 and 1978 setting forth the Fed’s present-day mandate to maintain low inflation and maximum employment.”
Nowhere is 2% inflation authorized by congress. Hard to understand why the media parrots this line other than continued access to the “unnamed sources” at the Fed that are the lifeblood of covering the Fed beat. Frustrating.
“ We could not get inflation up to 2%,” said Fed governor Christopher Waller. “This sounds crazy. I used to always joke, ‘Go get the guys from Argentina. They know how to do it.’”
It’s all a joke to these guys, isn’t it? They don’t bear the consequences of their failure.
At some point in time, the Government monster sat alone, now the banks, Media, film industry, Universities, Tech Firms and others have joined in. It is the biggest Monster in world history
While I am in complete agreement regarding the Fed's focus on raising inflation being asinine and questioned it at the time and since, I think to be fair to the Fed regarding QT, Joseph Wang has written a bit about the mechanics of the Fed's balance sheet and that they actually are staying true to their word, but because of settlement delays and TIPS accretion, it doesn't appear that way. as we progress through the year and the last settlement delays of MBS end, I expect we are going to see the numbers decline more rapidly. Of course, what this means is that the peak was higher than we all thought.
Otherwise, I love the way you hoist each of these criminals on their own petard
The whole sordid lot of them are intermarried. Media, members of Congress (Sens & Reps), lobbyists…in the immortal words of Lt. Col. Frank Slade, we should take a flamethrower to this place.
In the WSJ this weekend, there’s a long article by Nick Timiraos that claims that the Fed has a mandate for “low inflation” when the statutory language is price stability.
“ Two of the worst eco-nomic crises of the last century—the Great Depres-sion of the 1930s and the Great Inflation of the 1970s—both resulted in substantial changes to the Fed’s operat-ing procedures. Congres-sional Democrats passed legislation in 1977 and 1978 setting forth the Fed’s present-day mandate to maintain low inflation and maximum employment.”
https://www.wsj.com/articles/can-central-banks-maintain-their-autonomy-11661525673?st=oq9187fy5uh2ygj&reflink=article_copyURL_share
Nowhere is 2% inflation authorized by congress. Hard to understand why the media parrots this line other than continued access to the “unnamed sources” at the Fed that are the lifeblood of covering the Fed beat. Frustrating.
Thanks. I will point this out to Nick
“ We could not get inflation up to 2%,” said Fed governor Christopher Waller. “This sounds crazy. I used to always joke, ‘Go get the guys from Argentina. They know how to do it.’”
It’s all a joke to these guys, isn’t it? They don’t bear the consequences of their failure.
Fair point
Can We request roasts and evidence of douchery on other cnbc scum? Fast money clowns
Great stuff once again Senor Rudy.
At some point in time, the Government monster sat alone, now the banks, Media, film industry, Universities, Tech Firms and others have joined in. It is the biggest Monster in world history
Congratulations on winning the Heisman.
While I am in complete agreement regarding the Fed's focus on raising inflation being asinine and questioned it at the time and since, I think to be fair to the Fed regarding QT, Joseph Wang has written a bit about the mechanics of the Fed's balance sheet and that they actually are staying true to their word, but because of settlement delays and TIPS accretion, it doesn't appear that way. as we progress through the year and the last settlement delays of MBS end, I expect we are going to see the numbers decline more rapidly. Of course, what this means is that the peak was higher than we all thought.
Otherwise, I love the way you hoist each of these criminals on their own petard
keep it up
Wang (who I like) tries to explain how a watch works. I look at the time.
I did not know this about Gartman
The whole sordid lot of them are intermarried. Media, members of Congress (Sens & Reps), lobbyists…in the immortal words of Lt. Col. Frank Slade, we should take a flamethrower to this place.
Award winning Rudy Havestein,
Kickass newsletter as usual.
A sort of male Marie Antoinette figure, that is so good :)
No one does it better than Rudy
👍👍👍
Richard Pettigrew should be required reading in high schools. Mad respect for your quoting him.