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Originally Posted by jwb
That's really not a satisfying response. I hope you know that. You started this by saying "recessions aren't necessarily bad" when I asked you if the predicted recession of 2023 could get Biden ousted. Now you are shifting to the idea that it's just a lesser of two evils. But you're still making it sound like their hands were completely tied. What are your thoughts specifically on the article I posted which claimed otherwise?
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I didn't read everything you wrote. I'll be honest, most people on the internet - including MB - don't really want to have an exchange of ideas. They want to be told their right. I'll read the article, but I assume you're actually looking for the truth and not confirmation. I also didn't see the question you asked.
My thoughts on the article:
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One mistake the Fed made, he explained, was “mischaracterizing inflation as transitory. By that, they meant it is temporary, it’s reversible, don’t worry about it.”
A second mistake came when the Fed recognized that inflation was “persistent and high,” he added. “They didn’t act. They didn’t act in a meaningful way.”
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This feels like the same point. It was characterized as transitory, and it was persistent.
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Now we risk the Fed making a third mistake, he said, which is that after not easing off the accelerator last year, “they are slamming on the brakes this year, which would tip us into a recession…This will go down as a big policy error by the Fed.”
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Again. The Fed isn't blind to this possibility. Which is why they were taking baby steps initially. They want a "light rain" not a perfect storm.
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The Fed has been raising interest rates to fight inflation, but fears of a recession are mounting. This week, Fortune described the views of seven top economic thinkers who believe a recession is coming.
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As the saying goes, economists predicted the last 11 out of 5 recessions. Nevermind this inflation which they all openly admit they do not understand.
The rest of the article is just:
- Elon agrees
- Worst decision of the 110-year history
- Should have done more in 2020/2021
I'm taking this as monday morning quarterbacking. And a really lazy appeal to authority for weird internet nerds "even Elon - our lord and savior - said this guys right. And Elon built a tunnel!"
As for your question:
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You started this by saying "recessions aren't necessarily bad" when I asked you if the predicted recession of 2023 could get Biden ousted.
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To elaborate, and I feel like I said this, I think it's going to be an imbalanced recession. As was inflation. The heartland got it real bad up front during the "transitory" days.
Yes, a recession could oust Biden. But so could anything else. I don't know why this is question - I feel like you left something out of the question. But the problem is the Fed and Congress are able to do a lot more than the President. And while most people don't know that, when it comes time to ask his opponent what they'd do, people are going to find unsatisfactory answers. Is the GOP going to subsidize eggs? At any rate, 2024 is a long ways away. Nothing happening now will factor in to that election. Remember how outraged people were about the Afghanistan withdrawal?
No one cares.