
bob c
18.4K posts










All these takes--and pretty much all the takes that are critical of Powell are implicitly or explicitly blaming him for Covid inflation. I say three things to this: One, every country on earth had roughly similar inflation with much less stimulative policies. And we had better growth, a faster bounce back, and a better labor market than all of them. Two, even if you think the Fed was late to hike by a few months, how much lower do you honestly think inflation would have been if they hadn't been? Higher rates weren't going to unblock cargo ships or restart chip manufacturing. Three, even if you think Covid was only responsible for 50% of the inflation (which I think is far too low), with annual inflation of 4.7%, 8.0%, 4.1%, 2.9% for 2021, 2022, 2023, and 2024, cumulative inflation over target ascribed to policy would only be an extra 1.4% per year--a price, even at the inflated attribution to fiscal and monetary policy, well worth paying for the best recovery of any economy on the planet plus a soft landing. Sry, Powell did an excellent job.











This UPS driver and Amazon driver both delivered packages to the same house at the same time. Before they leave the UPS driver suggests to him that he may want to move the packages to the side so that they won’t have to come out too far. The Amazon driver doesn’t seem too thrilled as he walks away. Some say they would have ignored the UPS driver and others say that’s the problem right there. People also pointed out that UPS makes more money than Amazon drivers, so that could be the difference. Should it matter how much you get paid? Shouldn’t you still do the best job you can? Or, do you think it’s not a big deal and the UPS guy should have minded his own business?















