Quote:
Originally Posted by Chicks
So, what Whell appears to be saying is that his Dear Leader made a mistake when he picked Powell to succeed Yellen. At least he's admitting his Dear Leader isn't infallible, which is a first step out of the cult...  |
No, I'm not saying that. This isn't a plug or a dig on Powell.
Powell is a Volker fan. That's evident by his comments in the Politico piece. Its also a topic in this WSJ piece:
https://www.wsj.com/articles/jerome-...ed-11663595217
In a widely anticipated speech, Chairman Jerome Powell decided to be blunt. He scrapped his original address, according to two people who spoke to him, and instead delivered unusually brief remarks with a simple message—the Fed would accept a recession as the price of fighting inflation.
That's right out of Volker's handbook.
It's also true that the Fed has engaged in about 15 years worth of QE. This was intended to make banks flush after the 2008 mortgage meltdown, but it has continued long after because it has the alternative impact of keeping the cost of debt, including Federal debt, low. While not a bad idea in principle, in execution it fueled an appetite for additional Federal spending.
Now it appears to be time to pay the piper, and you and I will be on the hook for it.