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How to react? I dunno. A good book and the audio version is very well narrated by Sorkin himself. I see parallels in the wide public acceptance of risk taking then and today. Having grown up in the 50s, a mere decade after the Great Depression, I remember much reluctance amongst the public to take risk. Heck, I gifted my folks some $$ in the 70s or 80s I'd put in a money market fund yielding 18% and they immediately withdrew it and put it in a local bank down the street paying 4%. It was hard convincing many back then to take on more risk.
I'm bumbling through the audio late most nights. What has stood out recently is the confidence and innate charm FDR projected in stark contrast to Hoover and other duller political figures of the day.
Let's not overlook some earlier related comments in another thread.
Might have to read "This Time Is Different – Eight Centuries of Financial Folly (2009)" by Carmen M. Reinhart and Kenneth S. Rogoff that was mentioned in the December MFO Commentary.
Hope we aren't writing another chapter as we live and breathe today.
Right! The Fed scapegoating is blatant. Anyone buying into it is either dim or incapable of non-partisan thought - cultish even. The data has not supported these complaints of "late". Either they are data-driven or they are not. The FED is not supposed to act as Nostradamus to protect anyone from the free market fundamentals, or poor decision making, private or public.
So many say that both jobs are inflation are fine, and so is the stock market, so how do you justify complaints of the Fed being "late". I do feel that inflation, even at 3ish percent is a worry. And that layoffs are high. But, the data does not support an aggressive loosening policy. Unless one is fearful of tariff impact! And that is self-inflicted.
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But, the fact that you see several sides to the question is commendable. Some folks only see what they wish to, in all endeavors.
I'm bumbling through the audio late most nights. What has stood out recently is the confidence and innate charm FDR projected in stark contrast to Hoover and other duller political figures of the day.
Let's not overlook some earlier related comments in another thread.
Hope we aren't writing another chapter as we live and breathe today.
So many say that both jobs are inflation are fine, and so is the stock market, so how do you justify complaints of the Fed being "late". I do feel that inflation, even at 3ish percent is a worry. And that layoffs are high. But, the data does not support an aggressive loosening policy. Unless one is fearful of tariff impact!
And that is self-inflicted.