If capital expenditures continues trend, it'll be negative soon and the last 50 years was always in recession at that point. GDP Now latest forecast for Q3 GDP is approaching +6%, somethings clearly broken.
I’m having trouble finding anything in Jason Furman’s resume that could lead to this 53 year old man being worth $24 million unless it is family money. Fascinating.
Edit — ok, his father, Jay, was a big real estate developer. Good for him and nice that his son is financially secure. Jason is still wrong on 3%, hypocritical, and out of touch with reality of normal people as Rudy points out.
My worry about the "8 units" crowd, is that when the rubber hits the road (again), they get saved by QE or the next iteration of BTFP. Those who were prudent and responsible get punished through paying for the bailouts or suffering higher asset prices. The imprudent are rewarded with more assets to allocate poorly and the circle continues.
“You can shout in the wind about how it will be, or you can clench your fist, shake your head and head to the country, I got no doubt about it friend that’s where you’ll find me” - Townes Van Zandt.
If capital expenditures continues trend, it'll be negative soon and the last 50 years was always in recession at that point. GDP Now latest forecast for Q3 GDP is approaching +6%, somethings clearly broken.
If you didn't listen to Rudy on the Coffee and Mike podcast, check it out. Well done Rudy!
FYI you can turn the speed up until they sound like chipmunks.
I’m having trouble finding anything in Jason Furman’s resume that could lead to this 53 year old man being worth $24 million unless it is family money. Fascinating.
https://docs.house.gov/meetings/JU/JU05/20191018/110098/HHRG-116-JU05-Bio-FurmanJ-20191018.pdf
Edit — ok, his father, Jay, was a big real estate developer. Good for him and nice that his son is financially secure. Jason is still wrong on 3%, hypocritical, and out of touch with reality of normal people as Rudy points out.
https://en.m.wikipedia.org/wiki/Jay_Furman
Lots of gaps in that cv too. Must be nice to have 6mths off between academic/public service jobs and not worry about the mortgage.
This crossed my mind as wel
Excellent. Thanks Rudy.
My worry about the "8 units" crowd, is that when the rubber hits the road (again), they get saved by QE or the next iteration of BTFP. Those who were prudent and responsible get punished through paying for the bailouts or suffering higher asset prices. The imprudent are rewarded with more assets to allocate poorly and the circle continues.
Yes. This is a real concern.
"The ultimate result of shielding men from the effects of folly, is to fill the world with fools." - Henry Spencer
“You can shout in the wind about how it will be, or you can clench your fist, shake your head and head to the country, I got no doubt about it friend that’s where you’ll find me” - Townes Van Zandt.
It isn't a civilisation, just a lot of grifters pretending it's okay to beggar everyone else.
Thanks Rudy. I needed this today.