Search
All
Economics
Politics

Don’t Miss a Post. Subscribe now.

SF Fed President Mary Daly: “I Don’t Feel the Pain of Inflation Anymore.”

•

•

44 comments on SF Fed President Mary Daly: “I Don’t Feel the Pain of Inflation Anymore.”

•

Mary Daly image from SF Fed website. Annotations by Mish.

Mary Daly on Tape

“I don’t feel the pain of inflation anymore. I see prices rising but I have enough… I sometimes balk at the price of things, but I don’t find myself in a space where I have to make tradeoffs because I have enough, and many Americans have enough.”

Most Insensitive Comment Ever

In case you think that is a misquote, you can play the video yourself.

Fed’s Daly says aiming for ‘Sustained’ Above-Target Inflation

Please consider this December 2020 Reuters flashback: Fed’s Daly says aiming for ‘Sustained’ Above-Target Inflation

“Hitting or exceeding 2 percent inflation for a few months does not mean victory,” Daly said in remarks prepared for delivery at a virtual Arizona State University luncheon. “To fully achieve the goal of price stability, we need to see a sustained period of moderately above-target inflation. Only then will the job be complete.”

Job Complete!

I am pleased to report “Job complete. Mission accomplished!“

Q: Why is Mary Daly Smiling?

A: Because she makes makes $427,000, annually. This also explains why she does not feel your pain. 

Ben Bernanke 2010 Flashback

https://twitter.com/goodkarma4344/status/1554662404352626689

“We can raise rates in 15 minutes.” But they never do. However, they have on many occasions cut rates between meetings.

Fed policy is asymmetrical. Moving along.

The Current Path 

Don’t Worry!

Not a single Fed president, nor the White House, nor Treasury Secretary has forecast inflation. 

Get your pillows ready. They all foresee a soft landing. 

Meanwhile, I suggest Hello Recession Deniers, It’s Already Time to Ponder a Third Quarter of Negative GDP

This post originated at MishTalk.Com.

Thanks for Tuning In!

Please Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

If you have subscribed and do not get email alerts, please check your spam folder.

Mish

Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

This post originated on MishTalk.Com

Thanks for Tuning In!

Mish

Mike Shedlock

Recommended Articles

Comments to this post are now closed.

44 Comments
Newest
Oldest Most Voted
david halte
david halte
3 years ago
Daly advocated the Fed to extend low rate policies, where she saw the value of her real estate and investments rise to a level were she had enough. Enough to “no longer feel the pain”. She stated out loud what the Fed knows about the labor shortage: because of inflated home values and investments, many Americans have enough that work is no longer a painful necessity.
Daly became the Fed’s Exec VP and Director of Research in 2017. Her published work focused on economic inequality, wage and unemployment dynamics. 2017 was the year the Fed went woke. Kashkari established the Fed’s “Opportunity & Inclusive Growth Institute: to promote research that will increase economic opportunity and inclusive growth for all Americans, and help the Federal Reserve achieve its maximum employment mandate”. Daly became President of the Fed SF a year later.
0
0
KidHorn
KidHorn
3 years ago
She’s no different from every other government employee. AKA the core of the democratic party. They’re way over paid for the work they do and their biggest fear, by far, is having to compete for a job in the private sector. They think they’re making a huge personal sacrifice working for the government and think all republicans are white supremacists.
0
0
dtj
dtj
3 years ago
I’m going to coin a term: “inflation denial”. Even if inflation hits them right between they eyes, they pretend it’s not there or they down play it. As if that’s going to make it go away.
I’ve heard people say “I don’t buy things that have gone way up in price, so I’m not really affected by inflation”. That’s inflation denial.
Inflation affects everyone sooner or later.
0
0
Jojo
Jojo
3 years ago
Reply to  dtj
I’d ask “so you don’t eat food?”. Plenty of inflation in food.
0
0
Casual_Observer2020
Casual_Observer2020
3 years ago
Reply to  Jojo

The grocery store branded items still haven’t gone up beyond 2%.

0
0
Jojo
Jojo
3 years ago
Reply to  Casual_Observer2020
That’s a blanket statement that you have no way of backing up.
0
0
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Casual_Observer2020
That’s because they are still selling old inventory that no one wanted to buy.
0
0
Rbm
Rbm
3 years ago
Rich people dont get poor. They just get less rich
0
0
Casual_Observer2020
Casual_Observer2020
3 years ago
The US taxpayer is subsidizing professional sports owners who are billionaires. Why can’t Manchin close this loophole too ?
0
0
Maximus_Minimus
Maximus_Minimus
3 years ago
Reply to  Casual_Observer2020
Panem et circenses, as ever, was free.
0
0
Bam_Man
Bam_Man
3 years ago
Reply to  Maximus_Minimus
The “Bread and Circuses” of Rome were FREE – a “gift” from the Emperor to the common people.
Taking your family of four to watch a baseball game could easily cost $500 or more. The parking at Yankee Stadium is $60 alone.
What we have is infinitely WORSE than Rome.
0
0
RonJ
RonJ
3 years ago
Reply to  Bam_Man
Back in the early 80’s, sat in the audience of a Larry King radio show, when he came to L.A. for a week of shows.
Dodger manager Tommy Lasorda was a guest. He talked about how it was a cheap outing for the family, which it was at the time. The Nosebleed deck was $5. $7 for mid deck seats. Parking was cheap. Haven’t been there since the 1996 baseball strike which cancelled the World Series. No idea what prices are today.
0
0
Call_Me
Call_Me
3 years ago
Reply to  RonJ
Appreciate the sentiment, but factually it was the 1994 Series that was axed.
The amount of money in professional sports is overwhelming. American footballers getting 20-50 million per season, similar rates of salary growth in other leagues (well, except ice hockey). Surely a stark example of how rapidly the dollar is depreciating.
Call_Me_Al
0
0
Zardoz
Zardoz
3 years ago
“many Americans have enough.”
And the ones that don’t can get up off their lazy butts and work like I did!
0
0
Casual_Observer2020
Casual_Observer2020
3 years ago
Reply to  Zardoz
Define many.
Some. None.
–George Costanza
0
0
Zardoz
Zardoz
3 years ago
Reply to  Casual_Observer2020
4?
0
0
Naphtali
Naphtali
3 years ago
Hmm. I think I am beginning to understand why the push is on to disarm the Americans. Another Marie Antoinette moment.
0
0
Zardoz
Zardoz
3 years ago
Reply to  Naphtali
Your AR ain’t gonna stand against predator drones and HIMARS.
0
0
hmk
hmk
3 years ago
Reply to  Zardoz
Worked out ok for the Taliban. Yours is the typical response from uninformed liberals who don’t like facts.
0
0
Zardoz
Zardoz
3 years ago
Reply to  hmk

30,000 fat guys with tacticool gear and oppositional syndrome do not a formidable army make.

0
0
BDR45
BDR45
3 years ago
Reply to  hmk
That’s true. Guerilla warfare is quite effective. Our government has not taken this into consideration.
0
0
radar
radar
3 years ago
Reply to  Zardoz
It all depends on if the generals will uphold their oath to defend the Constitution. That is their authority, not the president.
0
0
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Zardoz
The rebels probably aren’t going to hide in the mountainous US jungle.
0
0
Six000mileyear
Six000mileyear
3 years ago
Did I just hear her say, “Let them eat cake!” ?
0
0
Crenvy
Crenvy
3 years ago
Reply to  Six000mileyear
Actually no, in the true historic sense. 1) that was not uttered by Marie, but by another mucky-muck. 2) at that time bread was price-controlled and the same law required shops that ran out of bread to sell cake at the same price as bread. So, not even flippant in the first place.
0
0
Maximus_Minimus
Maximus_Minimus
3 years ago
Reply to  Crenvy
Agree, but I belatedly came to understand and like the aftermath. We need an sequel.
0
0
Christoball
Christoball
3 years ago
Reply to  Crenvy
It is the spirit not the letter of the Antoinette.
0
0
Christoball
Christoball
3 years ago
Reply to  Six000mileyear
Let them drive Teslas
0
0
Christoball
Christoball
3 years ago
If they can’t afford gas…..why let them drive Teslas
0
0
nrm
nrm
3 years ago
Fed’s Bullard: Modern central banks have more credibility than 1970s.
That sounds like the perfect statement preceding the loss of credibility.
0
0
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  nrm
Or perhaps it is a post-credibility statement?
0
0
RonJ
RonJ
3 years ago
Ben Bernanke in December 2010:

“We will not allow inflation to rise above 2% or less…We could raise interest rates in 15 minutes if we had to.”

Turned out they didn’t raise them in 15 minutes, in 15 days, in 15 weeks or in 15 months, after dropping back to ZIRP in 2020- which is how we got to 9% inflation.
0
0
MPO45
MPO45
3 years ago
Reply to  RonJ
Just my opinion but inflation will be high for at least a couple of years. It may drop for July and August but it will continue to be 5%+ for a long while. China is in lock down again so more supply chain problems. Rail workers and LA Port employees all want to go on strike, meanwhile 10,000 boomers retire each day and there aren’t enough kids graduating high school. It’s the perfect storm for inflation but throw in hurricanes, wars, pandemics, union drives, and a black swan and you’re golden.
0
0
Christoball
Christoball
3 years ago
Reply to  MPO45
5,300 Boomers a day die. They were falsely called covid deaths but were deaths from comorbidity’s. The comorbidity happened to be they reached 75 years old the average age of death for American males.
0
0
davidyjack
davidyjack
3 years ago
Reply to  Christoball
Look at excess deaths in USA! Huge spike in 2020. Vulnerable are more likely to die from covid!
0
0
RonJ
RonJ
3 years ago
Reply to  davidyjack
Dr. Zelenko kept all but 2 of 400 of his high risk Covid patients alive, with a drug the FDA later obstructed. A nursing home in Spain, lost 3 initially, but kept the rest alive in part, by giving them antihistamine drugs to fight lung inflammation. The U.S. public health agencies never sought to keep those suffering from Covid, out of the hospital. They could have, if they wanted to. In hospital, 6 mg of Dexamethasone, was a poor choice for an anti inflammatory drug. Methyprednisolone was better. Why didn’t it become part of the standard of care, under the Prep Act?
0
0
Christoball
Christoball
3 years ago
Reply to  davidyjack
Look at the more numerous births in the USA! Huge spike in 1946. People over the age of 70 with more comorbidity than earlier generations are more likely to die from covid. There were more numerous births from 1946-1964 hence the moniker ‘Baby Boomer” 80% of so called covid deathes were baby boomers: 65% of whom had comorbidity proclivities. We will see 500,000 to 1,000,000 higher death numbers for the next 17 years. These are not excess deaths but just higher death numbers from higher ageing population.
0
0
Jojo
Jojo
3 years ago
Reply to  MPO45
Workers in a local hospital went on strike for 11 days. They just settled for more money and benefits. Workers in SSF, a small local town just south of SF that seems to want to do what SF is doing for all the “underserved”, are threatening a strike for more money.
Many lower level hourly workers have gotten raises to between $15-20 for their basic service/retail type of work over the past few years. he goal was to give them a more “livable” wage. But as I predicted, everyone else is also getting increases, thus putting these workers back in the same difficult positions they were in before their big raises. $20/hr is the new $10/hr!
0
0
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  MPO45
I think inflation will drop a bit in late September and October this year. Then again in late September and October of 2024. And possibly again in 2026 and 2028 …
The reason is left as an exercise for the student.
0
0
RonJ
RonJ
3 years ago
“Q: Why is Mary Daly Smiling?
A: Because she makes makes $427,000, annually.”
I just learned yesterday that Barbara Ferrar, the head of the L.A. County Health Department, made some $630,000 in total compensation, on a base salary of $469,000, in 2021.
0
0
MPO45
MPO45
3 years ago
Reply to  RonJ
400k is the new 100k. In various movies from the 1980’s the goal is to have a “six figure salary” to live a good life. $100k adjusted for inflation to 2022 is about $370k.
recommended movies to watch: Wall Street; Trading Places; Rain Man.
0
0
Siliconguy
Siliconguy
3 years ago
Reply to  MPO45
Also a good movie, Margin Call. One of the characters details where his seven figure salary goes. And Jeremy Irons does a great job of assessing the price of everyone’s soul.
0
0
MPO45
MPO45
3 years ago
Reply to  Siliconguy
In Wall Street, Bud Fox (Charlie Sheen) complains about having to pay his student loans and how its eating him alive. He mentions the amount but its trivial compared to today’s student loans.
0
0
Jmurr
Jmurr
3 years ago
Reply to  Siliconguy
Margin call was a great movie.
0
0

Decorate Your Walls with Mish Fine Art Images

Click each image to view details or purchase in the store.

Stay Informed

Subscribe to MishTalk

You will receive all messages from this feed and they will be delivered by email.