Biden's Pick Powell, Inflation & "the Democrats lose half their seats in the midterms. I love watching someone sit on their own pile of logs that they doused with gasoline while people walk by and flick cigarette butts at them"
.@POTUS: "Some will no doubt question why I'm renominating Jay [Powell] when he was the choice of a Republican predecessor. […] At this moment, of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve." pic.twitter.com/KKiDrUvXTo
— The Hill (@thehill) November 23, 2021
Market Ticker reported:
Biden has chosen, and Powell will be re-nominated for a second term.
Yes, the same man that has sent prices skyrocketing by backing Congressional "dump credit and pray" policies...
... But there's a problem with going along with it beyond his confirmation, which I expect will be a perfunctory matter: If he doesn't tell Congress to go to Hell in the coming year inflation risks getting wildly out of control on a feedback basis, at which point he and Congress both get riots and possible civil unrest at a level that cities burn. If he does tell Congress to "go to Hell" then he gets all manner of finger-pointing, the market stops playing "nice" for indebted companies (that's most of them), the scam-someone firms (that's a lot of them) blow up entirely and the Democrats lose half their seats in the midterms.
I love watching someone sit on their own pile of logs that they doused with gasoline while people walk by and flick cigarette butts at them.
Sooner or later someone's going to flick one that still has hots on the end of it. [https://market-ticker.org/akcs-www?singlepost=3742640]