I think you do an excellent job writing and speaking what so many of us feel. The middle class has been ridden like a rented mule for so long, they just seem to expect it. It's just so nice to see you call bullshit on all of this. Here's a tagline I use when discussing this with people: "If government (federal, state, and local) were kitchen gadgets you bought on Amazon, you'd return them and demand a refund." Feel free to use it.
Yep. Pretending in official series that it’s “stable prices” when basically the same car now costs 66% more thirty years later.
At the same time, even without hedonic adjustment, for the best selling car in the US, the annual rate is 1.7%, not 10%.
I hypothesize that for services (healthcare, education, insurance), it is a very different story ie higher annual inflation closer to 4-5%, which triples the price in 30 years.
Also illustrates the power of compounding, that extra 1% per year makes a massive difference in real life
Yeah. The Fed's main mandate is "stable prices" after all, and I think most cars went up more than 1.7%. Have to dig those charts up but they have to NOT be "adjusted for inflation." I want nominal prices, because people get nominal wages. They're not hedonically-adjusted.
Rudy, always have enjoyed your wit and viewpoint in twitter/x. You guys talked about it, we're going to inflate so they can keep spending in the short run. I don't like it either. But there is no discipline.
Rudy, again agree with you about 75-80%. First for some perspective, per Jordan Peterson, How much do you need to make to be in the top 1% of the global population? $32,000 per year. I think a large number of Americans are in the top 1%. I am so sick of those who say vote them all out. If you are so convinced of the need for better representation, get off your ass and run your self. Otherwise shut your pie hole (with respect). The day of the aristocratic top 10% having a day job and serving in the state or national legislatures is over!! You want to vote for "anybody else" and you get San Francisco, Portland and Seattle. Read Victor Davis Hanson's "The Dying Citizen" to know it is over! Cycles in civilization, or lack thereof, are caused by the flaws in human nature and over time our worst instincts take over. Hopefully in the long run this promotes a better world, but I have my doubts.
I reject nihilism. I speak as an American not a Sudanese. I want a better America first before I gain the hubris to think I can "promote a better world." We all have roles to play, and I do what I do. If I had a billion dollars I might run for President.
Great discussion with Zach. Keep up the good work.
Thank you. I'm starting to feel more comfortable doing these. I'd love to talk about other topics sometime.
I think you do an excellent job writing and speaking what so many of us feel. The middle class has been ridden like a rented mule for so long, they just seem to expect it. It's just so nice to see you call bullshit on all of this. Here's a tagline I use when discussing this with people: "If government (federal, state, and local) were kitchen gadgets you bought on Amazon, you'd return them and demand a refund." Feel free to use it.
Yep. Pretending in official series that it’s “stable prices” when basically the same car now costs 66% more thirty years later.
At the same time, even without hedonic adjustment, for the best selling car in the US, the annual rate is 1.7%, not 10%.
I hypothesize that for services (healthcare, education, insurance), it is a very different story ie higher annual inflation closer to 4-5%, which triples the price in 30 years.
Also illustrates the power of compounding, that extra 1% per year makes a massive difference in real life
Yeah. The Fed's main mandate is "stable prices" after all, and I think most cars went up more than 1.7%. Have to dig those charts up but they have to NOT be "adjusted for inflation." I want nominal prices, because people get nominal wages. They're not hedonically-adjusted.
Pretty, pretty, pretty good. Have you done a podcast with Prof. St. Onge? If not, I think you should. Thx for sharing this one.
Did you say the "pretty good" in a Larry David voice? :)
Rudy, always have enjoyed your wit and viewpoint in twitter/x. You guys talked about it, we're going to inflate so they can keep spending in the short run. I don't like it either. But there is no discipline.
Rudy, again agree with you about 75-80%. First for some perspective, per Jordan Peterson, How much do you need to make to be in the top 1% of the global population? $32,000 per year. I think a large number of Americans are in the top 1%. I am so sick of those who say vote them all out. If you are so convinced of the need for better representation, get off your ass and run your self. Otherwise shut your pie hole (with respect). The day of the aristocratic top 10% having a day job and serving in the state or national legislatures is over!! You want to vote for "anybody else" and you get San Francisco, Portland and Seattle. Read Victor Davis Hanson's "The Dying Citizen" to know it is over! Cycles in civilization, or lack thereof, are caused by the flaws in human nature and over time our worst instincts take over. Hopefully in the long run this promotes a better world, but I have my doubts.
I reject nihilism. I speak as an American not a Sudanese. I want a better America first before I gain the hubris to think I can "promote a better world." We all have roles to play, and I do what I do. If I had a billion dollars I might run for President.
Remember, Vote Jim Grant in November.
Best selling cars in the US
1990 honda accord $15k
2020 toyota camry $25k
That’s 1.7% cagr no hedonic adjustment
https://twitter.com/RudyHavenstein/status/1552430901015232512
Transcripts, please! Youtubetranscripts.com helps with them. Any equivalent for podcasts?