What if Powell is Volcker and Yellen is Burns?

Bring back Glass-Steagall

“Financialization is the zombiefication of an economy and the oligarchification of a society.”

Ben Hunt, This is Water (2019)

I had lunch today with five guys I’ve known for over 40 years, each. Laughing and telling old stories - it was a lot of fun. We try to do it every month or two. I just lost a good friend - and we’ve lost too many over the years - and it reminded me that it’s important to have real friends you actually see in person, when you can. Life goes by quick.

“Walking Phoenix: A quick retreat from an expansive hell on earth”

An important article from Chris Arnade

“John, like a lot of users I talked to in Phoenix, was slow. Very slow. Probably mentally disabled. In any functional humane society he wouldn’t be on the streets, smoking fake fentanyl laced pills and setting himself on fire.”

All the Fintwit people who make millions every year trading Nvidia and 0DTE options and who wipe their nose with $20's should remember that - according to the Social Security Administration - about half of wage earners make less than $40k.

The very common mocking by well-off people of average Americans' concern over the high and constantly rising cost of living ticks me off.

Link

One of the best, simplest explanations of the Fed (and BLS) inflation scam I’ve seen:

Kyle Bass in July 2023

• "When you write your check for a car you have to write the check for the current car and not the chain weighted car"

• "What the Fed has done is intentionally rig the [inflation] calculation to always show us a lower number than reality"

(Remember, when I quote someone, I am endorsing every single thing they have ever said, written or done.)

Forewarned is Forearmed

Joe Biden’s Last Campaign

I could not make up a more ridiculous satirical article.

Biden’s aides reject the idea that the White House is insular or dismissive of reality. Zients, who succeeded Ron Klain as chief of staff last year, pointed to Biden’s reputation for soliciting opinions from critics. “Just the other day, he picked up the phone and called Larry Summers,” Zients said. As outreach goes, it was relatively safe; Summers, despite his critical comments, is a longtime adviser to Presidents. Biden’s other occasional calls range from the columnist Thomas Friedman to the Senate Republican leader Mitch McConnell. “That’s how you pressure-test decisions,” Zients said.

Friend of the Show Matt Stoller (who is a Democrat) adds some color about Jeff Zients, Biden’s Chief of Staff:

Jeff Zients is an embarrassment. He regularly interrupts meetings by walking in, putting a cupcake in front of someone, and then just leaving without saying a word. 'Awww people just love Jeff' is the vibe, except he's vacuous on substance and is the WHITE HOUSE CHIEF OF STAFF.

[To Me] Zients has transcended dickishness to become a deity-like creature who exists on a dimension in which all matter and anti-matter is passive aggressive.

Link

Another notch on my belt. Mohamed wants a higher inflation target. I disagreed.

We gonna miss her…