Posted on 05/18/2022 7:32:50 AM PDT by SeekAndFind
Ben Bernanke, who served as Federal Reserve Chairman under Presidents Bush and Obama, warns that the U.S. economy is headed for a repeat of 1970s “stagflation.” Economists refer to a period of low economic growth, high inflation, and rising unemployment as “stagflation.”
“Even under the benign scenario,” the U.S. is likely to go through “a period in the next year or two where growth is low, unemployment is at least up a little bit, and inflation is still high,” Bernanke told the New York Times. “So you could call that stagflation.”
That “benign scenario” is if current Fed chair Jerome Powell is able to cool inflation by raising interest rates without tipping the country into a recession.
Good luck with that, Jerry.
Bernanke is not the only Obama administration official to predict worsening inflation under Biden. Former Obama economic adviser Steven Rattner in March called rising costs “Biden’s inflation.” Former Treasury secretary Lawrence Summers, who served as Obama’s director of the National Economic Council, has warned for at least a year about Biden’s economic policies, blaming the president’s American Rescue Plan for skyrocketing inflation and blasting Biden’s plan to cancel student loans.
Bernanke also criticized Biden’s plan to cancel hundreds of billions of dollars in loans, calling the idea “very unfair.”
“Many of the people who have large amounts of student debt are professionals who are going to go on and make lots of money in their lifetime,” Bernanke said. “So why would we be favoring them over somebody who didn’t go to college, for example?”
Bernanke also expressed concern about the rapid rise in housing costs, fearing a 2008-style bubble. He told the Times that it was something that the Fed needs to keep an eye on.
(Excerpt) Read more at pjmedia.com ...
When the supply chain is intentionally broken by government, and truckers can't even afford fuel to deliver from the warehouse,
the product never leaves the warehouse, or, the retailer raises his retail price to accommodate the delivery increased fuel expense.
The cost of living increases, and then the retailers employees want an increase commensurate with their increased cost of living
- and it feeds an endless cycle of increases.
“Heading for”. FU Bernanke. We have been in it, dick.
It all falls in line, just like a row of dominoes !
I think it’s going to be worse than that.
Just a feeling….
Summer 2020
Team Obama: Joe, we want you to run for president. It will be the easiest thing you ever did. Our team will provide all of the policy decisions and you just have to stand there as President.
Joe: but what if things go bad?
Team Obama: nothing is going to go bad. This is our time to really change America into a socialist country and get rid of that damned constitution. If this pandemic thingy has showed us one thing is the people will love it, They don’t have to go to work, we’ll pay them a few thousand dollars for the inconvenience of it, no one pays any rent or school loans and that is just the start.
Joe: sounds great man.
May 2022
Joe: Hey how come your guys are out telling everyone that this is Biden’s inflation?
Team Obama: You f#&k up, you trusted us. Your approval numbers are in the tank, you keep talking off prompter and look like a bumbling idiot, nobody believes a word you say, and the way things are going, a democrat will likely never win another election again.
Joe:
He would have done no better today if he was still running the fed.
The fed has been, in my view, running like the Wizard in the Wizard of Oz, acting like it is in charge, when all the gears and levers it pulls behind the curtain are just smoke and mirrors.
The Fed is (and has been) trying run the economy, when the whole economy would run better if the Fed just stuck to trying to maintain stable currency.
And the Fed has been politicized to try to fix, with its tools, the damages to the economy that bad federal government policies create, bad policies that ripple through and disrupt what would otherwise be a better economy. The Fed needs to let the results of bad federal government policies not be its concern to try to fix, as long as it is keeping its main focus on keeping a stable currency.
Yeah, Ben. Well, duh.
Biden is making Carter look good.
Yes, retailers are getting pummeled today.
“Build Back Better”
It was a typo.
They meant “Broke Back Better”...
;-)
Venezuela oil company only produces 700,000 barrels of DIRTY oil a day, yet Biden administration is wanting to make a deal with them for a million barrels a day. All the while selling our strategic reserves to Europe.
Yup—The Uniparty has made it very clear—They support an “America Last” foreign, immigration and economic policy.
It’s because he truly believes it is 1978 and he is working for the Carter administration.
Many stocks are in the red today when yesterday they were green.
The gov’t is just wrecking our economy.
Meanwhile Ukraine gets $40 billion and counting with no strings attached.
AMD $102.47 which was + 8 on Tuesday and today so far it is 97.36 -5.11 (-4.99%)
Tuesday afternoon: “Stocks retreat from session highs after Powell remarks. Federal Reserve Chair Jerome Powell says the bank won’t hesitate to raise rates above neutral”
Despite the perception of a population engaged in wild excess during the Roaring Twenties, most of the folks who endured the Great Depression that followed were a moral, church going people.
Now, not so much. This one won't be soup lines and tent revivals. It will be Mad Max and cannibals.
Carter Era stagflation is what led to the Reagan Revolution. If past is prologue.
Exactly who on FR didn't see this coming? Anyone?
Inflationary Depression.
Almost wiped out all the gains from yesterday!
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