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tyb
Chief Economist Loses It After Historic Rate Cut, Slams Fed In Epic Rant
'dey mad
The following epic rant from MUFG chief economist Chris Rupkey hardly needs any commentary, as it is about as close to a perfect reaction to the idiocy unleashed by the Poiwell Fed as can get.
Congratulations to all of you down in Washington who have lowered the boom on interest rates today. We guess you must be feeling pretty proud of yourselves. US central bank policymakers have learned nothing from the experience of low interest rates in Japan or Europe. The economies of Japan and Europe aren't going up like a rocket ship and it is doubtful economic growth will see any greater liftoff here in the good old USA.
Go ahead and eliminate interest rates. Wall Street is already eliminating thousands of jobs in sales and trading and more rate cuts mean reduced margins and less volatility and thousands more will be told to go. Hedge interest rate risk. What interest rates?
Countries with low rates have economies with low growth. The Fed's decision today is like in the days when doctors bled their patients to heal them. Fed officials made a very unwise decision today and buckled to the president's demands by manufacturing reasons to cut interest rates despite a strong economy with no recession signs apparent anywhere out on the horizon.
The stock market may be partying today, but it will wake up with a huge hangover tomorrow as the Fed alters the way the country saves and spends and borrows and invests forever. I think they are probably proud of themselves, but they should really be more ashamed.
The Federal Reserve threw away their independence today and with each future rate cut they will gradually eliminate their relevance to the economy forever.
https://www.zerohedge.com/news/2019-07-31/chief-economist-loses-it-after-historic-rate-cut-slams-fed-epic-rant
and this is EXACTLY what we need.
and STFU doug
So habby at this. Glad it was not a public fight. Nobody needs that. JP is not a fool and never has been one. Still part of the system but less so imo, our/fallguy. His answers, in press conference are all based and not able to be refuted. Much better then previous talking heads. Still one but this is MUCH better.
Wait until Shelton gets in.
you are living in the past of FRB boom/bust cycles.
they are doing that to cash out for two reasons:
to fund the system as they are just puppets: got to pay off the masters. They were told to do this. Or they are being made to do it via the EO's. One or the other.
Markets down now but in grand scheme of things it's nothing. Look where we came from.
Either way for both those reasons this benefits no one them or us if prices are low and all this equity being sold.
feel you anon, certainly do. Gov't moves slower than a snail, as fast as one in the best circumstances. Getting rid of the stranglehold known as the FRB was never going to be easy. If you told me 5 years ago we would be this far now. I'd say the same thing. This place teaches you patience..or it should.
Epstein just a puppet, an important one, but just one in a very LONG line.
We are all crazy anyway right!!
Pres Emerg Op Ctr
no argument with that but looking at what volcker did, and I was around then-still young but remember the mortgage payments parents wrote with 16-17-18% interest, was all part of slowing it so the latin american debt crisis could be put on steroids a few years later. All in context. They tried floating the idea of removing the volcker rule spawned from the '08 crisis just two weeks ago.
They are madmen and need to be stopped.
I brought that up because the system knew that raising rates would cool it off for what came next, another boom cycle that could be busted at a later date. We need to get off that cycle.
your problem, not mine