28 Oct Actually, y’all told everyone the recession was cancelled…
It’s a message now echoing in every corner of Wall Street: Consumers have finally run out of steam.
And now, according to Bank of America’s CEO, Brian Moynihan, that time has come.
Speaking to CNBC’s Squawk on the Street, Moynihan said the way consumers are acting is consistent with a “low growth, low inflation economy,” which the U.S. saw from 2016 to 2019.
-Yahoo Finance, Ibid.
Uh, actually we got a bunch of propaganda about how there was no recession. It was cancelled.
Here’s the deal: these people in the MSM, politics, Corpo America, Wall Street, etc., say whatever bullsh*t they’re pushing at the time and then walk it back whenever they want to without consequences.
I have warned repeatedly that, IMO, some people are gonna listen to these so-called economists and so-called journalists and follow them right off a cliff. The very idea of an economist seems to be devolving into a snake oil salesman who’ll say whatever the paying customer wants.
“[George] DeMartino points out that economists have influence but no power, ironically the same position McKinsey occupies. That allows them to shrug off bad results by arguing their policy was not implemented properly. DeMartino argues that if a policy is not robust enough to survive less-than perfect production, maybe it wasn’t robust enough to recommend in the first place. similarly debunks the idea that if a policy change on paper produces more net gains than loss, the winners can alway pay off the ones who suffer. But not only does that seldom happen, DeMartino points out that some losses are incommensurable, that they can’t be reduced to a monetary calculus (like species loss).” –https://www.nakedcapitalism.com/2023/06/does-economics-do-more-harm-than-good.html emphasis mine
Exactly. There is no accountability. I put this in the same bucket as influencers who can leave you broke also with zero accountability.
Think about the number of times on my blogs and on my podcast that I’ve said: don’t pay so much attention to what the fat cats say – especially to those of us they consider to be the unwashed masses – but watch what they do.
Here we go. Prime case in point:
“Even the Fed is cutting jobs — for the first time in more than a decade”
I see. So even as they are trying to convince us they can be dovish on the economy and maybe rate hikes can stop awhile and maybe we’re in for a soft landing after all: they are cutting jobs. Funny how that goes, ain’t it?
Even as Federal Reserve Chair Jerome Powell reassures the public about the state of the US economy, the organization is quietly laying off workers at its own doorstep.
The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday.
This marks a rare drop in headcount at the central bank, the first since 2010. The Fed system employs about 21,000 people across its 12 regional reserve banks.-CNN, Ibid.
Notice the word: quietly. Yuh-huh. Sounds like how the government “quietly” revised its labor market reports when no one was looking.
These fat cats can sit and tell you a soft landing is coming, no recession, all is well, and then kaboom, tell you later that the consumer has hit a breaking point. Meanwhile:
WE DON’T NEED THEM TO TELL US PEOPLE ARE BROKE AND SUFFERING.
Whenever you see some CEO or Wall Street big shot trotting out for a victory lap, check the record.