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   LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1@nu.federati.net)'s status on Monday, 28-Nov-2022 04:24:04 JST LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
   https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613 [www wsj com]
   
   Just a reminder that #Federal_Reserve chairman Jerome Powell believes that #inflation is the workers' fault, and is intentionally seeking to cause layoffs so that pay scales get reduced.
   
   While shortages persist and residential real estate prices are still high, price inflation will persist, even in the absence of genuine currency inflation ... I don't know that #The_Fed has any tools that could have a focused impact on housing prices. Most of them are very general, and wielding them tends to be not enough until it is too much.
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     LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1@nu.federati.net)'s status on Monday, 28-Nov-2022 04:25:27 JST LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     • Economics of the US Economy
     !econusa
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     LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1@nu.federati.net)'s status on Monday, 28-Nov-2022 04:51:06 JST LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     in reply to
     And here's #Bank_of_America chiming in: https://theintercept.com/2022/07/29/bank-of-america-worker-conditions-worse/ [theintercept com]
     
     Note: all of this was earlier this year, but I wouldn't expect any of them to have changed their tunes.
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     LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1@nu.federati.net)'s status on Monday, 28-Nov-2022 06:46:58 JST LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     • GeniusMusing
     @geniusmusing It still bothers me that the Chair of the Federal Reserve thinks that prices are high because employees got moderate and belated wage increases after years of getting virtually nothing. He doesn’t blame shortages caused by management incompetence (JIT inventory + overseas manufacturing, both things that managers in the 1980s and early 1990s railed against because they knew it could cause long-lasting supply disruptions) and resulting price increases. He doesn’t blame real estate price appreciation, despite reaching dizzying heights. He doesn’t blame government spending or the Fed’s own policies, whereby most of the US currency that has ever existed was created within the past few years.
     
     No, the problem is that workers are not begging for pennies in front of 7-11.