“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections. Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a climate policymaker.”
Obviously, JPowell is honing his talking out of both side of my mouth skills. There’s almost nothing one can believe that comes out of these people’s mouths. Nothing!
HippyDippy
1 year ago
I just can’t believe all these commentators disparaging our marvelous leaders. Why, when I was a young man in 1981, I went to the Florida Keys where the islands were a towering 3 feet above sea level. Today? Oh my God! They’re only 3 feet above sea level! Can’t you see we need all hands on deck for this one?
ohno
1 year ago
Here we go again. Say one thing do another. And then worry about their credibility. Wow. Just wow. Then ,maybe, they just say they’re worried about their credibility as they act with impunity anyway.
WTFUSA
1 year ago
In the immortal words of Richard Pryor, “How long?! How long will this bullsh*t go on?!”
Thetenyear
1 year ago
Last month Janet Yellen said “Climate change, I believe, is an existential threat”. Within days of saying that she described the banking system as being sound and resilient.
I think she got it completely backwards. The climate system is sound and resilient whereas the banking system is much more of an existential threat.
Maximus_Minimus
1 year ago
They are as good managing monetary policy as predicting weather. Sounds fitting, but I am not laughing.
mmc1968
1 year ago
Mish,
After the results of Chicago’s mayoral race, you must be relieved that you don’t live in Illinois any more.
The voters of Chicago have just proven that a bad situation can always get worse. They deserve to get what they voted for.
Modeling the impact of bad climate policy would be more useful
KidHorn
1 year ago
They’re clearly trying to get a particular answer. So Biden and company can use it as more evidence why we need to stop burning carbon.
Any other science that has predictions as wrong as climate change would be discredited.
BlauGloriole
1 year ago
The credibility of all our institutions is falling apart, sad and scary.
Bam_Man
1 year ago
“It’s hard to make predictions. Especially about the future.”
— Yogi Berra (1973)
— Jay Powell (2023)
KyleW
1 year ago
They have a poor track record of prediction and yet people still listen to them for some reason. If the banking system was sound they wouldn’t need billions in emergency funding every week. I don’t know why they bother with all these phony tests.
“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections. Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a climate policymaker.”
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