"The interest rate will not foreclose on you, the maturity will"
"Politicians don't think there's any consequence to any amount of irresponsibility"
“I start from the premise that what the Federal Reserve does really matters, and unfortunately we have an organization that is essentially incompetent running monetary policy.”
The BLS CPI model has now been above the Fed’s made-up "2% target" for 3 years. The Fed’s legal mandate is “stable prices." This is an extremely regressive tax on 330 million Americans.
Number Go Up!
“The number one thing I think is most most important for society right now is killing inflation. While I am sympathetic, and don't want to see anyone feel pain...I'd take the pain of the recession over inflation, so that's the number one thing.”
"We can never recapture the purchasing power of the dollar that has been lost.”
William McChesney Martin, longest-serving Fed chairman, in August 1955
I have some good excerpts this week (in my opinion, and I’m biased) from the likes of Tom Hoenig, David Hunter, multifamily vets Brian Burke and Charlie Young, Paulo Macro, Porter Collins, Andy Schechtman, Bill Fleckenstein, and other luminaries, plus excerpts from the 1935 book Restless Days, by Lilo Linke, and the usual eclectica, music, and stupid photos, so consider a paid sub if you are so inclined.
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