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(Marketwatch)   WE? Farking WE? You got a bunch of poor people in your pocket Mr. "I and my ilk ARE THE FARKING PROBLEM"?   (marketwatch.com) divider line
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    More: Obvious, Monetary policy, Central bank, Billionaire investor Stanley Druckenmiller, near-zero interest rate policy, surprise intervention, hard landing, significant gains, U.S. economy  
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1538 clicks; posted to Business » on 28 Sep 2022 at 9:22 PM (19 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



32 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
vudukungfu [TotalFark]
2022-09-28 8:27:12 PM  
Billionaires need to STFU.No one wants to hear their gripes
 
FormlessOne [recently expired TotalFark]
2022-09-28 9:29:42 PM  

vudukungfu: Billionaires need to STFU.No one wants to hear their gripes


They live in a completely different world. They have very little comprehension of our world, except in aggregate. No one worries about a bristle in a hairbrush - they just get pissed when their hair's snarled by it.
 
sinner4ever
2022-09-28 9:44:07 PM  
That is the whole point.
As Elizabeth Warren questions Powell
"Chair Powell: Well, in the labor market you have, as you know, you have a situation where there is a shortage of workers and there are two job vacancies for every person who is actively looking for work. So part of this is to get the labor market back into balance. "
 
trialpha
2022-09-28 9:49:05 PM  
It's amazing just how much the money people are utterly pissing themselves at the concept of interest rates going up and... returning to historical norms. They've been on cheap money far too long.
 
sinner4ever
2022-09-28 9:51:16 PM  
Powell admitted it will not lower gas prices and inflation. This is to cause a recession and put you out of work and make you desperate enough to take lower wages.
Isn't nice how you keep a Trump guy in office because they know the best ways to make money from cruelty.
Warren /Powell
 
Bith Set Me Up
2022-09-28 9:51:30 PM  

vudukungfu: Billionaires need to STFU.No one wants to hear their gripes


FormlessOne: vudukungfu: Billionaires need to STFU.No one wants to hear their gripes

They live in a completely different world. They have very little comprehension of our world, except in aggregate. No one worries about a bristle in a hairbrush - they just get pissed when their hair's snarled by it.


sinner4ever: That is the whole point.
As Elizabeth Warren questions Powell
"Chair Powell: Well, in the labor market you have, as you know, you have a situation where there is a shortage of workers and there are two job vacancies for every person who is actively looking for work. So part of this is to get the labor market back into balance. "


Wealth inequality is a policy choice.

Fark user imageView Full Size
 
Bith Set Me Up
2022-09-28 10:00:12 PM  

trialpha: It's amazing just how much the money people are utterly pissing themselves at the concept of interest rates going up and... returning to historical norms. They've been on cheap money far too long.


A single bankruptcy is a tragedy. A million is a statistic.
 
2fardownthread [TotalFark]
2022-09-28 10:10:46 PM  
It amounts to a guess. I have seen this "prediction" all over the media, and it is just a guess. He makes a black box prediction and it is a pretty dubious black box. Why trumpet it to the world? He has a burning need to be the smart guy? He wants to affect policy?

Covid, Ukraine, protectionism, Brexit, energy prices, exuberance in markets, and tax cuts, with a huge hangover from the TFG era, with smeared and fudged policies all over the world, nothing would surprise me. The waters have become so muddied and so much money is sloshing around that I don't think an interest rate move of a point either way is going to make a difference. Markets are 95% sentiment in today's world.

Think about how calm, in just about any sense, markets were from 2010 to about 2016.  Things are thrashing all over the place, but the panic headline yesterday was that British gilts are supporting a 4.6 rate? That is not a huge deal in my book. Could be something? Probably nothing? Meh.

Anything could happen, and it probably will. I don't see why this guy's opinion matters all of a sudden. What I miss are the panels of pretty reasonable people with models and grounded arguments and track records going back decades. Now all we seem to have are random billionaires or profound ideologues spouting off from time to time, making statements grounded in nothing, not even experience.
 
Red Shirt Blues
2022-09-28 10:16:10 PM  
This is the guy who stated about when Portland was  goin through riots, looting and mayhem, "This is a good thing." FARK you Stanley. When you went to your private schools and lived in your safe burbs I bet you were thinking we need a little mayhem out here. It would be a good thing if your private jet spiraled in flames into the Atlantic..
 
Northern
2022-09-28 10:17:46 PM  
Wealthy hedge type:Inflation will destroy the economy!!  Do something!

Powell: okay, Volker raised rates to stop inflation.  Here's another 75 basis points.

Wealthy hedge type: not like that!!  Where's my inflation bailout!  Job creator here!!!
 
GregInIndy
2022-09-28 10:45:05 PM  
Someone's upset the Fed's free-$ spigots have been turned off. You want money to capitalize your ventures, D-bag? Go pay interest for it like the rest of us or reach into your own wealthy pockets.
 
Some Junkie Cosmonaut
2022-09-28 10:46:40 PM  

2fardownthread: profound ideologues spouting off from time to time, making statements grounded in nothing, not even experience.


Ye gods it's all turned into Fark!?
 
WhiskeySticks
2022-09-28 10:51:10 PM  
These rich farks need to be tossed into a homeless encampment wearing only a potato sack with zero personal belongings in their respective state capital.
 
Bith Set Me Up
2022-09-28 11:07:47 PM  
"The financial crises of the past two decades, and our failure to predict them, have wreaked havoc on more than just the global economy. The bursting of the dot-com bubble in 2000, the Enron scandal and the global financial crisis of 2008 have led to a loss of faith in economics itself.

But these crises and scandals do not mean that the science of economics is inherently unreliable. Most of them occurred because we ignored what we knew.

Perhaps most obviously, we deputized - and continue to deputize - the wrong people as authorities. For instance, many assume that the real experts on the subject of money are those who have a lot of it. But the opinions of wealthy tycoons are often dissociated from scientific evidence, out of touch with reality and all too plainly wrong. Amassing wealth as an individual is not the same thing as building and sustaining broad economic growth across nations. Often, making a private fortune is a matter of luck. 'Fortuna' is the Latin word for luck, after all."

http://www.latimes.com/opinion/op-ed/la-oe-ioannidis-economics-is-a-science-20171114-story.html
 
FatherChaos [TotalFark]
2022-09-28 11:27:32 PM  

Northern: Wealthy hedge type:Inflation will destroy the economy!!  Do something!

Powell: okay, Volker raised rates to stop inflation.  Here's another 75 basis points.

Wealthy hedge type: not like that!!  Where's my inflation bailout!  Job creator here!!!


Fark user imageView Full Size
 
cryinoutloud [BareFark]
2022-09-28 11:32:31 PM  
external-preview.redd.itView Full Size
 
kkinnison [OhFark]
2022-09-29 12:12:01 AM  
The bottom 50% of the US population only has 2% of the nations wealth

Billionaires ARE THE problem
 
sex_and_drugs_for_ian [BareFark]
2022-09-29 12:16:42 AM  
Billionaire investor Druckenmiller believes the Fed's monetary tightening will push the economy into recession
.

Way to go out on a limb there, Druckenmiller.
 
sex_and_drugs_for_ian [BareFark]
2022-09-29 12:28:06 AM  

kkinnison: The bottom 50% of the US population only has 2% of the nations wealth

Billionaires ARE THE problem

.


The new, "There ought to be a law".
 
meat0918 [TotalFark] [OhFark]
2022-09-29 12:34:02 AM  

vudukungfu: Billionaires need to STFU.No one wants to hear their gripes


Our oligarchs are going to do whatever they can to keep the money train rolling towards them.
 
TedCruz'sCrazyDad
2022-09-29 12:57:56 AM  

sinner4ever: That is the whole point.
As Elizabeth Warren questions Powell
"Chair Powell: Well, in the labor market you have, as you know, you have a situation where there is a shortage of workers and there are two job vacancies for every person who is actively looking for work. So part of this is to get the labor market back into balance. "


They both think the Phillips Curve is correct in this situation, but I think there is now a disconnect between inflation and the unemployment rate. I think the curve is broken.

i1.wp.comView Full Size
 
baron von doodle [OhFark]
2022-09-29 1:46:13 AM  

TedCruz'sCrazyDad: sinner4ever: That is the whole point.
As Elizabeth Warren questions Powell
"Chair Powell: Well, in the labor market you have, as you know, you have a situation where there is a shortage of workers and there are two job vacancies for every person who is actively looking for work. So part of this is to get the labor market back into balance. "

They both think the Phillips Curve is correct in this situation, but I think there is now a disconnect between inflation and the unemployment rate. I think the curve is broken.

[i1.wp.com image 669x599]


I think the problem is far larger than that. Noneof the models work very well any more. They all presume that market value is, at least tangentially, related to profitability or potential profitability. This is no longer the case (Uber comes to mind among several others). Therefore, adjusting the interest rate may effect the market but not in any kind of predictable way.
 
AmbassadorBooze
2022-09-29 2:30:52 AM  
Time for the mega corps to be bailed out.  Too big to fail.  And for the average Joe to pay for it.  Too small to succeed.

Problem solved.
 
strife
2022-09-29 7:07:39 AM  
Recessions are just excuses for these guys to scoop up all the stocks and real estate anyway, so I don't know why they go into panic mode.
 
Rapmaster2000
2022-09-29 7:25:45 AM  

strife: Recessions are just excuses for these guys to scoop up all the stocks and real estate anyway, so I don't know why they go into panic mode.


For all we know, he's taken on a lot of cheap debt to buy speculative assets and investments.  The Fed raising rates could, in fact, be very bad for him.  It could rapidly affect his liquidity if his expected returns from his investments don't exceed the fixed debt he's taken to buy those investments.  He also can't refinance that debt in a period of rising rates.

I've been waiting for about 5 or 6 years for Americans to learn the term leveraged loan in the same way that they learned the term CDO and subprime mortgage.  It's a toxic debt that many corporations are carrying and will probably take down more than a few.
 
Marcus Aurelius [TotalFark] [OhFark]
2022-09-29 7:34:32 AM  

Rapmaster2000: strife: Recessions are just excuses for these guys to scoop up all the stocks and real estate anyway, so I don't know why they go into panic mode.

For all we know, he's taken on a lot of cheap debt to buy speculative assets and investments.  The Fed raising rates could, in fact, be very bad for him.  It could rapidly affect his liquidity if his expected returns from his investments don't exceed the fixed debt he's taken to buy those investments.  He also can't refinance that debt in a period of rising rates.

I've been waiting for about 5 or 6 years for Americans to learn the term leveraged loan in the same way that they learned the term CDO and subprime mortgage.  It's a toxic debt that many corporations are carrying and will probably take down more than a few.


Toxic debt taking down a publicly traded company is a hedge fund wet dream.  They don't have to buy back the shares they shorted, and all their counterfeit shorts disappear in a puff of bankruptcy smoke.
 
Rapmaster2000
2022-09-29 7:41:10 AM  

sinner4ever: Isn't nice how you keep a Trump guy in office because they know the best ways to make money from cruelty.


I've read this "point" several times from the accounts who show up at the same time as you and agree with you.  It's dumb idea.

Powell is identical to Yellen.  This was a known thing.  Trump wanted a dove, but he had to replace Obama's lady with his guy.  That was the entire though process.

If Yellen was still there you'd get the same thing.  Yellen has publicly stated she would do the exact same thing as Powell:  https://www.bloomberg.com/news/articles/2021-06-06/yellen-says-higher-interest-rates-would-be-plus-for-u-s-fed#xj4y7vzkg

If Trump was president he'd be haranguing the Fed to lower rates as he did his entire time in office:  https://www.reuters.com/article/us-usa-trump-fed/trump-reverses-course-seeks-negative-rates-from-fed-boneheads-idUSKCN1VW1CW

He wanted NEGATIVE rates.  He wants what you want.

I don't blame you.  You and the accounts who all show up at the same time as you and agree with you have never paid attention to this stuff.  It's just not something you understand because it doesn't interest you.  You consider all things money related to be toxic.

If Trump was in office right now he'd agree with you and replace Powell with Judy Shelton who would make rates -10% and that makes people like me laugh, but not you because you have no idea what that means or who Judy Shelton is.
 
Rapmaster2000
2022-09-29 7:44:57 AM  

Marcus Aurelius: Rapmaster2000: strife: Recessions are just excuses for these guys to scoop up all the stocks and real estate anyway, so I don't know why they go into panic mode.

For all we know, he's taken on a lot of cheap debt to buy speculative assets and investments.  The Fed raising rates could, in fact, be very bad for him.  It could rapidly affect his liquidity if his expected returns from his investments don't exceed the fixed debt he's taken to buy those investments.  He also can't refinance that debt in a period of rising rates.

I've been waiting for about 5 or 6 years for Americans to learn the term leveraged loan in the same way that they learned the term CDO and subprime mortgage.  It's a toxic debt that many corporations are carrying and will probably take down more than a few.

Toxic debt taking down a publicly traded company is a hedge fund wet dream.  They don't have to buy back the shares they shorted, and all their counterfeit shorts disappear in a puff of bankruptcy smoke.


Unless the hedge fund is invested in the company.  Hedge funds don't just go around shorting everything.  When the ape kids thought they were sticking it to the hedgies, they were making plenty of hedge funds a lot of money.

I noticed in that fiasco that a lot of people think hedge funds are the same as corporate raiders or private equity.  They're not.  They're just a type of investment fund that takes on a lot of risk and on average underperforms the market and takes high fees while doing it.  Hedge funds primarily exists to fleece money from wealthy people with dreams of big returns:  https://markets.businessinsider.com/news/stocks/ted-seides-lost-1-million-bet-warren-buffett-hedge-funds-2021-5-1030467828
 
kab
2022-09-29 9:01:24 AM  

sinner4ever: Powell admitted it will not lower gas prices and inflation. This is to cause a recession and put you out of work and make you desperate enough to take lower wages.
Isn't nice how you keep a Trump guy in office because they know the best ways to make money from cruelty.
Warren /Powell


One of the many examples of  how the gov't  does not act with the general public's best interest in mind.
 
Stibium
2022-09-29 9:04:01 AM  

baron von doodle: Noneof the models work very well any more.


None of them assumed we'd have a sizeable chunk of the US workforce go poof practically overnight, and all remaining actors behaving irrationally and not responding to market forces. At any other time we'd be under war-time footing dealing with the most pressing problem at hand for the sake of the economy, national security, American way of life and hegemony, and for our very lives.

Instead we are playing musical chairs in a burning house where the only prize is getting to play Hunger Games.
 
kab
2022-09-29 9:23:06 AM  
You pissants have had way too many options in where you want to work, and more importantly, how much want to get paid.   The beatings will continue until this changes, and you learn your proper place on the economic ladder.

signed,
Powell and "friends"
 
Snarcoleptic_Hoosier
2022-09-29 1:02:12 PM  

AmbassadorBooze: Time for the mega corps to be bailed out.  Too big to fail.  And for the average Joe to pay for it.  Too small to succeed.

Problem solved.


Can I still live in my pod and eat bugs? It's gotten kind of cozy, and I saved up my last 11 paychecks to buy a plant for my pod.

I AM the 1%
 
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