The bubble-blowing admission has arrived.
Note: I accidentally republished this instead of updating it. The Move to the Street accidentally removed the link to Vimeo.
On Tuesday, Fed Chair Jerome Powell announced he was Ready to Cut Rates to “Effective Lower Bound” via “Conventional” Policy.
Unconventional the New Conventional
The unconventional is now the new conventional. Powell stated it’s “time to retire the term ‘unconventional’ when referring to tools that were used in the crisis.“
“The next time policy rates hit the ELB—and there will be a next time—it will not be a surprise,” said Powell.
ELB stands for Effective Lower Bound. With that, Powell implied that interest rates will return to zero.
Open Letter to the Fed
In an open letter to the Fed, I asked Powell a set of questions on inflation expectations, demographics, the Phillips Curve, and the CPI, all areas in which the Fed has made repeated errors.
Hello Jerome Powell, We Have Questions
My questions, sent directly to the Fed before Powell’s latest announcement, went unanswered.
Hello Jerome Powell, I ask again, instead of failed bubble-blowing tactics, how about some answers?
Mike “Mish” Shedlock
Mish, all we need are some sunglasses, a wig, a manager and you are Vegas bound. Perhaps a voice over technician, but who is counting 🙂
Mish this is fantastic, brightened my day absolutely!
You rock!
Love it. And, great haircut, makes you look 8 years younger!
Where on earth did you get the jacket?
Cost something like $20 on Amazon
One a day please.
Solid performance there Mish. Thanks, made me smile, and was half expecting to come away cringing.
Well done Mish!
+10
Ah, reopening an old thread.
Updated refrain to an old song:
Viruses threaten.
Peoples frighten.
Bankers laughen.
OK I thought this singing thing was going to suck but I actually laughed. Not nearly as bad as expected.
Thank-you Mish.
It is not easy song to sing because it so fast. Telling the truth in such a rapid & fun manner shows your intelligent multi-talented creativity.
Yes, that is a very fast song. I did it without a teleprompter and it took a lot of takes. Much easier to do at Karaoke. I do not need the words but I did need them for my adlibs and timing.
I can do that song at karaoke without the words. My playlist is over 50. About 10 songs I can walk around the room singing without words and that is one of them. Most I only need an occasional glance.
Mish is good…he can do karaoke quite well.
Thank you. This was fun.
https://twitter.com/MishGEA/status/1136732287448600576
This would seriously be good entertainment if the subject wasn’t so deadly serious.
I would just change a text a bit; instead of go… to blo… It rimes quite well, too.
Selling T-shirts with bubbles could be a serious business opportunity.
Helicopter money need to be renamed to drone money. Can you forward the correction to dr. Bernanke? If he isn’t too busy writing useless trash.
Great vid btw. Didn’t know you had it in you lol.
Well done Mish. Enjoyed it!
That was hilarious, Mish. Loved it!
A really good video. Thanks, Mish!
Awesome Mish, loved it! In the same breath, here’s a pretty good jab at our government by Tim Hawkins:
The Government Can
https://www.youtube.com/watch?v=LO2eh6f5Go0
My only criticism is that your Yellen was too energetic and lifelike. You’re supposed to look at her and wonder if she needs immediate medical treatment.
Mish Shedlock has predicted about 1,000 of the last zero recessions.
Lol! Helicopter money is on its way!
About 1000 points up in the past 3 days. Oz is alive and well.