Lying liars who lie and knowingly and deliberately say whatever—whatever—lies they believe are to their immediate advantage are not the kind of people who should chair the Federal Reserve. Any...
This is like the old joke about someone interviewing accountants and asking what's 2+2. When the answer is 4, he send them on their way. then a new candidate when asked the question, pulls down the shades and says, "What do you want it to be?"
I think a lying liar is just what Trump wants. You know, someone who supports his values.
It is clear that Hassett just ignored the basics of Finance 101, whether by design or not. That he is even given a media platform is outrageous and a sign of how bad our media ecosystem has become, and not just in teh US. (I watch teh BBC and teh same problem appears there, especially with US guests supporting R-W politics).
Meanwhile, in your bailiwick, the US Trade Representative has an opinion piece in the NY Times today extolling how great the tariffs are, and commending Trump for fixing the global trading "crisis". The mistakes, exaggerated partial truths, and what may be outright lies were astonishing. I hope you will comment on it, and that PK does too.
The very sharp Edward Harrison over on BlueSky comments on the moral and mental train wreck that is Kevin Hassett:
Edward Harrison: <https://substack.com/profile/16879-brad-delong/note/c-143394185>: ‘Where @delong.social reminds us of how Kevin Hassett predicted Dow 36,000 right before the tech wreck caused stocks to crater. To give you a sense of how bonkers Hassett's views of the market were here's a piece from May 2000: “Will the Dow Ever Hit 50,000?”. We still haven't seen Dow 50,000 25 years later. "We say emphatically that stocks are undervalued today and that people could hold them and feel comfortable. You can use different assumptions and get a 55,000 Dow, but we are very comfortable with 36,000"…
Hassett certainly knew what he was doing. I don't think Glassman understood (or understands) the Gordon valuation equation at any level. Still, I find it very interesting that, when challenged, Glassman tried to walk most of it back: under pressure from Clive Crook, he very quickly shifted from "Dow 36000" to: Dow somewhere in the range from 14500 to 36000. Hassett, by contrast, rapidly went from "Dow 36000" to: Dow 55000.
This is like the old joke about someone interviewing accountants and asking what's 2+2. When the answer is 4, he send them on their way. then a new candidate when asked the question, pulls down the shades and says, "What do you want it to be?"
I think a lying liar is just what Trump wants. You know, someone who supports his values.
It is clear that Hassett just ignored the basics of Finance 101, whether by design or not. That he is even given a media platform is outrageous and a sign of how bad our media ecosystem has become, and not just in teh US. (I watch teh BBC and teh same problem appears there, especially with US guests supporting R-W politics).
Meanwhile, in your bailiwick, the US Trade Representative has an opinion piece in the NY Times today extolling how great the tariffs are, and commending Trump for fixing the global trading "crisis". The mistakes, exaggerated partial truths, and what may be outright lies were astonishing. I hope you will comment on it, and that PK does too.
The very sharp Edward Harrison over on BlueSky comments on the moral and mental train wreck that is Kevin Hassett:
Edward Harrison: <https://substack.com/profile/16879-brad-delong/note/c-143394185>: ‘Where @delong.social reminds us of how Kevin Hassett predicted Dow 36,000 right before the tech wreck caused stocks to crater. To give you a sense of how bonkers Hassett's views of the market were here's a piece from May 2000: “Will the Dow Ever Hit 50,000?”. We still haven't seen Dow 50,000 25 years later. "We say emphatically that stocks are undervalued today and that people could hold them and feel comfortable. You can use different assumptions and get a 55,000 Dow, but we are very comfortable with 36,000"…
Hassett certainly knew what he was doing. I don't think Glassman understood (or understands) the Gordon valuation equation at any level. Still, I find it very interesting that, when challenged, Glassman tried to walk most of it back: under pressure from Clive Crook, he very quickly shifted from "Dow 36000" to: Dow somewhere in the range from 14500 to 36000. Hassett, by contrast, rapidly went from "Dow 36000" to: Dow 55000.
I hope to live to read the report, "Face it, Kevin. You threw up ON President Trump."
Unfortunately, no _one_ senator will, but 54 will.
Is Fetterman the D you're adding to that count?
Did I miscount? Not 54 Republicans?
It's 53 R, 45 D, and two independents (Sanders and King) who generally vote with the D's.
My error. :(