Sunday evening, Jerome “I’m here for the little people” Powell did a widely-promoted interview on 60 Minutes.
I watched the interview carefully, and Powell made several points clear:
- He and his colleagues tenderly recognize just how darned hard inflation is on everyday folks;
- The Fed has never, ever been political, and never will be
- In the end, what matters most to a fella’s life is integrity, and the Fed is chock full of it, and by gum, that’ll never change.
Excuse me while I vomit straight down Janet Yellen’s open mouth.
The honest points he SHOULD have made were:
- The American public is too stupid and lazy to know what the Fed really does;
- Its principal effect has been to financially enslave the masses while making bastards like Bezos richer by the day;
- In a just world, every member of the Fed, past or present, should be hurled off a cliff on live television
Strangely, those points were never brought up.
In any case, Pencil Dick handled the softball questions deftly and, har-de-har, its effect was precisely the opposite of what the old guy wanted, since interest rates are soaring again thanks to the collapse of bonds.
One of my main positions, the small caps, is likewise getting kicked in the nuts. So I guess I should be grateful to Mr. Fiscal Hero Guy after all.
As an aside, I would mention that I spotted an NVDA analog which is fairly compelling, since the price action it has exhibited for months now is very similar to the era preceding its prior wipeout.
Anyway, “Mornings Don’t Matter“, right? We’ll see. Good luck to the good kids out there. You know who you are.
