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re: Wall Street Journal: How the Fed and the Biden Administration Got Inflation Wrong
Posted on 6/14/22 at 8:38 am to Eat Your Crow
Posted on 6/14/22 at 8:38 am to Eat Your Crow
quote:
Dims aren't going to be able to run Biden in 2024 and they know it, so they are starting to have the media write and report bad things about him.
This is the WSJ, not the NYT. They've been PLENTY critical of Biden throughout his presidency.
1
Posted on 6/14/22 at 8:42 am to RogerTheShrubber
quote:
People were warned about this stuff when the pandemic started and they didn't believe it, because they liked the “free” gubment money.
Posted on 6/14/22 at 8:43 am to RogerTheShrubber
quote:
People were warned about this stuff when the pandemic started and they didn't believe it, because they are economic illiterates.
IMO stimulus is never the answer. I said this when the first stimulus during Covid was given out. Sure everyone loves getting "free money" in their bank account. Long term.. What was it? $1500 doesn't really do all that much for the individual.
Sometimes you have to just let shite work itself out, but politicians have to show they are doing something. we need less politician involvement.
Posted on 6/14/22 at 8:44 am to member12
quote:
The whole article is a bunch of excuses as to why their lazy monetary policy from the Fed and opportunistic fiscal policy from house Democrats didn't work.
Democrats were finally in control and put another massive stimulus through when it wasn't needed. Mostly to bail out local or state governments, but also to vastly expand unemployment benefits and social programs. Very Stupid, but they wanted to seize the opportunity to push their agenda after Trump left office.
The Fed ignored all of the signs of major inflation and kept on throwing fuel on the fire until at least March 2022 when they should have stopped in September 2021. The Fed has a horrific record of avoiding a hard landing when fighting inflation. In this case they didn't even recognize that they were breaking the economy until at least 6 months later than they should.
Both of the above should have been expected by the average American.
All of this.
There may have been a few who legitimately believed the social spending would help heal economic woes - but most knew they would, if anything, worsen them, and instead decided that they could make progress on a dependency agenda under the cover of a COVID recovery. I think the overestimated how far they could go without the political blowback sticking, and here we are. No doubt some think it was well worth it, and they may be right as far as their plans to move people from productivity to dependency.
Posted on 6/14/22 at 8:45 am to goofball
More golden calfing the Federal Reserve. These dudes control overnight lending rates and call away debt for bank reserves . They have no control over economic growth, consumer prices, inflation or long term interest rates 
Posted on 6/14/22 at 8:46 am to CatfishJohn
quote:
This is the WSJ, not the NYT. They've been PLENTY critical of Biden throughout his presidency.
WSJ and the Chicago Tribune are the only nationally distributed newspapers that are willing to be critical of progressive politicians. They tend to be less insulated from reality somehow. WSJ is more business-focused, so they can afford to be a little deeper in their theme more easily.
I'm going to get heat for this too....but The Atlantic also has some good journalists still around. You have to sift through miles of left wing propaganda or just plan boring content to get to it though.
WaPo and NYT are complete jokes these days. Not just in their slanted coverage, but in what they choose to cover and not cover.
Posted on 6/14/22 at 8:48 am to Pettifogger
quote:
There may have been a few who legitimately believed the social spending would help heal economic woe
Those people might be right. My point is that they should have at least let the ink dry on the Trump era stimulus packages before doubling and tripling down on them.
We are paying dearly for the actions that congress and the White House took in Feb-March 2021.
Posted on 6/14/22 at 8:50 am to goofball
quote:
By December 2020, the unemployment rate had fallen to 6.7%. It had taken three years to fall to that level after the 2007-09 recession.
Policy makers didn’t change course. House Democrats in May 2020 had approved a $3 trillion stimulus bill, and continued to back that figure, citing Mr. Powell’s support for targeted aid.
i think they got their timeline fricked up
Posted on 6/14/22 at 8:55 am to Free888
quote:
It wasn’t just a mistake or misread of the economy. They’re so hellbent on their ideology they could care less what it does to other people as long as they get their way. They’re pure evil.
This is probably true.
I don't think they were intentionally bringing down the economy. I think they just got control of congress and the White House and wanted to push their agenda come hell or high water - likely knowing that the media would blame someone else (Putin, Trump, white people, global warming, etc.).
Posted on 6/14/22 at 8:58 am to goofball
It’s not too complicated.
Dump shite tons of new money in the economy.
Inflation skyrockets.
Dump shite tons of new money in the economy.
Inflation skyrockets.
Posted on 6/14/22 at 8:59 am to dewster
quote:
Those people might be right. My point is that they should have at least let the ink dry on the Trump era stimulus packages before doubling and tripling down on them.
We are paying dearly for the actions that congress and the White House took in Feb-March 2021.
I've wondered how much of that is due to democrat vocal voters and actual politicians were still living in covid bubbles.
By summer 2021, people in red states were more or less living their normal lives. Covid restrictions long gone, masks were gone or going away, and companies were hiring. As article says unemployment was only at 6.9% in December.
An old fart like biden or 75% of congress, more or less still lived a sheltered life because he is genuinely at risk for death if he got covid for being old as frick. That has to frame decision making to some degree.
This post was edited on 6/14/22 at 9:01 am
Posted on 6/14/22 at 9:03 am to Dire Wolf
quote:
An old fart like biden or 75% of congress, more or less still lived a sheltered life
His links to reality is based on what he sees on CNN or reads in the NYT. Which is to say he has no idea what's really happening outside his bubble.
Posted on 6/14/22 at 9:05 am to goofball
Summary of the article- Biden's wife chose the wrong handlers
Posted on 6/14/22 at 9:08 am to TigerintheNO
quote:
Summary of the article- Biden's wife chose the wrong handlers
You think Biden understands what's going on?
Posted on 6/14/22 at 9:16 am to frequent flyer
quote:
just got control of congress and the White House and wanted to push their agenda come hell or high water
Bingo.
Posted on 6/14/22 at 9:18 am to goofball
quote:
How the Fed
quote:
Got Inflation Wrong
quote:
Our fiscal and monetary policies are both completely fricked
Since the creation of the fed.
It's what the fed DOES.
When the production of the world was shut down "for COVID" and the stock market went UP... Where do you think that money came from?
Do you really believe your house is worth 40% more today than it was 2y ago?
Posted on 6/14/22 at 9:23 am to goofball
weird, i was told just yesterday by BiPOC LBTQXYZ+ Press Secretary that American economy has made “historic gains” in the last 16 months.
not to mention “record employment numbers”
quote:
And, you know — but the thing — the way that we see this is that the American people are well positioned to face these challenges because of the economic historic gains that we have made under this President — under this President in the last 16 months.
not to mention “record employment numbers”
Posted on 6/14/22 at 9:24 am to Klark Kent
quote:
that American economy has made “historic gains” in the last 16 months.
Government destroys the economy, government takes credit when it returns.
Posted on 6/14/22 at 9:27 am to RogerTheShrubber
i find it even more entertaining that the BiPOC LBTQXYZ+ Press Secretary aka Propaganda Secretary was claiming this as the DOW was tanking 400+ points. 
Posted on 6/14/22 at 9:31 am to goofball
The use of Mr. instead of President or just Obama/Biden/Trump is off-putting.
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