What a shtty couple of days. Things are only going to get worse (I'm not talking immediate term). No one alive has lived through a recession and crypto bear simultaneously. With that said, markets aren't supposed to go straight down...
Powell is one of the worst Fed chairs in modern history.
And that is saying a lot.
What makes his legacy so bad is that this was not just a forecasting miss.
He invited the inflation (see the attached tweet from Aug 2020).
In 2020, he backed a policy that explicitly allowed inflation to run above 2% “for some time.”
I posted about it in real time because the danger was obvious.
Then, when inflation showed up, he hid behind “transitory” all the way up the ladder.
3%.
4%.
5%.
6%.
7%.
8%.
9.1%.
That is not a miss. That is a man refusing to admit what is right in front of him until the damage is everywhere.
Then came the unprecedented 2024 rate cut right before the election, a major no-no for someone who isn't supposed to be political.
Fifty basis points. Weeks before votes were cast.
Then tariffs came into focus, and Powell suddenly found his voice on inflation again.
He did not just mishandle the fire. He helped invite it in.
Now, he will stay on the board. He is likely one of the most political Fed Chairmen in history, and he is certainly one of the worst.
@KunkleChase@bballforever_ Lol take it a step further. Las Vegas aces generate $21 million pers season. Bronny's Lakers do that in 3 games. I guess they can afford to pay him 😅
@Bitcoin_Teddy The fact that everyone knows who Powell is means the fed has failed. A good fed wouldnt wait to constantly fix problems and react. They'd have kept Inflation low the whole time and no one would be tuning into FOMC and CPI prints every week.