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  1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Sunday, 27-Nov-2022 14:24:04 EST lnxw48a1 lnxw48a1
    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.
    In conversation Sunday, 27-Nov-2022 14:24:04 EST from nu.federati.net permalink

    Attachments

    1. Transcript: Fed Chief Powell’s Postmeeting Press Conference
      from WSJ
      Federal Reserve Chairman Jerome Powell discussed why the central bank raised interest rates by a half percentage point, during a press conference after the Fed’s monetary policy meeting Wednesday.
    1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Sunday, 27-Nov-2022 14:25:27 EST lnxw48a1 lnxw48a1
      in reply to
      !econusa
      In conversation Sunday, 27-Nov-2022 14:25:27 EST from nu.federati.net permalink
    2. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Sunday, 27-Nov-2022 14:51:06 EST lnxw48a1 lnxw48a1
      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.
      In conversation Sunday, 27-Nov-2022 14:51:06 EST from nu.federati.net permalink

      Attachments

      1. Bank of America Memo, Revealed: “We Hope” Conditions for American Workers Will Get Worse
        from The Intercept
        The financial behemoth privately fears that regular people have too much leverage.
      1. GeniusMusing (geniusmusing@nu.federati.net)'s status on Sunday, 27-Nov-2022 14:58:27 EST GeniusMusing GeniusMusing
        in reply to
        @lnxw48a1
        The old rule still applies, follow the money.

        The ones complaining are the most have share holders they must please or are beholden to those corporations and the easiest way to make share value grow is to keep the employees cheap.
        In conversation Sunday, 27-Nov-2022 14:58:27 EST from nu.federati.net permalink
        1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Sunday, 27-Nov-2022 16:46:58 EST lnxw48a1 lnxw48a1
          in reply to
          @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.
          In conversation Sunday, 27-Nov-2022 16:46:58 EST from nu.federati.net permalink
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