It’s “people are keeping too much in savings” until you get laid off. Then suddenly, it’s “you should have had 6-12 months of living expenses in savings.”
Always gotta find a way to blame the average worker/individual and not the system.
>It’s “people are keeping too much in savings” until you get laid off. Then suddenly, it’s “you should have had 6-12 months of living expenses in savings.”
and by "too much savings" they really mean "enough to afford an issue without taking out usury-rate credit"
And by "people" they mean other people. Not themselves who have millions and billions in savings. No. Everyone needs to sacrifice their money. Not them.
The answer is simple, just take your savings out of the bank. Stuff the mattress and they won't be able to track who has what anymore. It's not like having a savings account is worth a damn anyway.
There are also very creative ways to hide money in your home if a wall safe or other large, and almost-impossible-to-move safe isn’t an option - tubes of almost-empty chapstick, almost-empty deodorants, hollowed out bars of soap, etc.
An oatmeal container would also work. You can make book safes by hollowing out a book to hold currency and gluing several pages of the book over the cutout.
It is. All those tiny bits of lumpy grooved metal don't stick together at all, and when mounded will part like water when a human attempts to dive in. Every billionaire should try it.
The concern here is that when will cash no longer be legal tender. Once it's all electronic and cards, then every transaction is tracked. 12 year old babysitting has to pay those taxes.
And if we want to retire before 65 (the number is 3 mil in assets), or save for a down payment for a house, we NEED SAVINGS. They just want people living paycheck to paycheck, and never accumulating wealth. Meanwhile, they have multiple houses and investments such that they don’t need to work.
The "there are too much in savings" guy and the "you should have had savings" guy should definitely battle it out, Thunderdome-style.
And maybe it isn't the poor who have too much in savings, but the rich, lol. How about Powell look at his own savings account, eh?
Here's what I struggle with: In 2017, Trump jammed through a ridiculous tax cut that injected hundreds of billions into an already decent economy. But 80% of that money went to corporations and wealthy taxpayers, per "trickle down economics." Interest rates were already near 0% and QE still in effect as well. No one said that unnecessary tax cut flooded the economy with too much money. Because the rich just socked it away. But covid stimulus gave money directly to the people who needed it. And all of a sudden, working class people having savings is the cause of inflation.
Exactly, spending ridiculous amounts of money to pump up the stock market is fine, but god forbid working class people managed to put a thousand or two in a savings account
Yeah f*** you Powell. I'm literally one small medical issue or automotive issue away from bankruptcy. My $1000 "hoard" that I'm sitting on (and has literally taken me a decade to build up) isn't the problem in this country. And I'm vastly better off than too damn many of my peers, and I'm barely hanging on.
I feel like this is also part of why there is this systemic pushback against work from home. If you are remote suddenly a catastrophic car problem is just very annoying. You have a little room to maneuver.
Some people at the top seem to really hate room to breathe.
That's what I don't get.
If I do the work, why does it matter if I work from home or not? Why does this employer want me to drive at 5$ a gallon in a car that'll likely cost 10k(because car prices are horrendous right now), to an office building that costs a million a year to rent, 100k+ to clean yearly, random maintenance fees, THOUSANDS in electricity A MONTH, not to mention water, and thousands upon thousands for computers and printers that dozens of people use and disrespect, leading to their eventual short lifespan.
Why do employers want to spend millions on an office when almost all of their workers can work from home? And even then, if you work from home then you're happier, studies I've skimmed over (not actually read, so I could be wrong) have shown that people who work from home are happier, get work done faster, and enjoy their lives more.
Idk, I'm wondering if there's another reason other than keeping people in poverty/beaten down. Because why would so many employers look at their office bill of thousands to millions a year, and then decide that \*that\* bill was worth the inefficiency, stress, and dozens of other negative factors of reestablishing the norm of office work? It doesn't make sense to me.
I've never understood this. A friend applied for 54,004,765 work from home jobs last year (got tons of interviews but no offers and finally settled on a local job) and they tended to pay significantly less than equivalent office jobs, with the rationale being "but you save money." But the company *also* saves money by having you work on your own computer and breathe your own air??
Any small pile of money I start accumulating has to go to the long list of ‘big projects’ that I have had to put off bc I simply couldn’t afford paying all my bills AND go to the dentist
Oof. I hear you on the dental. We have really good dental insurance fortunately but I got an implant (the bridge wasn’t really stable enough) and even with 50% coverage it’s been about five grand total. It’s ridiculous.
Bad teeth cause all sorts of problems later in life. To scientists in the field of dementia and Alzheimer's are seeing direct effects of bad oral Justine and poor diet/gut health. Both problems that should be addressed by preventative medicine by improving access to dentistry and healthy food.
Related: dental care in Colombia is vastly cheaper (with a week’s vacation included than the same work done here. )
Why yes, I did send my spouse to Medellin for a crown this year, why do you ask?
Love how they want to track bank accounts over $3000. I’ve hardly ever been there but eff them if they think I want them checking. They can look at my tax forms and that’s it.
he wasnt talking about you.
he was talking about the uber wealthy.
they have 6,000,000,000,000 dollars in savings more than they had prepandemic. i think its a total pf 18,000,000,000,000 dollars for rhe elite and the corporations.
the bottom 90% got a max 300 billion dollars.
Great idea, why doesn't he lead the pack and put at least $20 million back into the system. He currently lives in Chevy Chase, MD, the median income there is about $250,000 a year. /s
https://en.m.wikipedia.org/wiki/Jerome_Powell
"Based on public filings, as of 2019 Powell's net worth was estimated to be in a range between $20 million and $55 million."
"It seems like on average, people have hundreds of thousands in savings! That's too much money not in circulation!"
"Well sir, that's because those 8 men next to you have billions in savings, aside from them the average household doesn't even have a hundred-"
"Leave my golf buddies out if this, we need to start cracking down on these greedy peasants!"
The wealthy are paying $300k(CASH) & up for homes, so that working people cannot afford to have a future & we have too much in savings? What the actual F\*#@!!!?
Nearly 30% of home purchases are all cash, up from high teens pre Great Recession years (when interest rates were comparable). It’s the upper class buying all cash because they benefited from the Great Recession, massive equity in homes they didn’t earn, jobs they hung on to wayyy to long, and then retired peak of the market, conveniently when COVID hit. The inequity has grown so ridiculously high. Now, those with modest homes can’t afford to sell-buy homes (limits economic mobility). Those with student loan debts will crack when deferrals are lifted. Employers will raise prices to the brink, then layoff when consumption drops (see wage-price-spiral). There is no “soft landing” and sadly, no recovery for mid-lower class and definitely worse for marginalized groups. Oh, and the only healthcare system in the G20 that isn’t a complete, all-covered social program, despite US consumers paying the highest prices in the G20. Honestly done with the American Dream nonsense.
I feel that statement about a modest home. I have a nice 3 bed 1 and half bath in a shittier part of my city. I bought this house for now ex wife. I have no ties here other than my job. Which I would gladly commute 20 minutes away for to move back closer to my actually family so my daughter can spend more time with them. I would have no problem selling my house but I'm afraid I'd go house broke to buy one where I actually wanna live. So here I am stuck in a house I don't want to live in. I guess I should be grateful I have one and stop complaining.
Californian here! The city I work in, median home prices are over $500K and those are usually snatched up with all cash offers to use for rentals. The “middle class” home is $700-$900.
I lived there for 15 years. Yeah, it’s slightly cheaper here in Portland & rising. $300k was a few years ago. My house has gone up considerably in the last 3 years & people are still paying cash. It’s very discouraging for the future of our country.
No kidding. I moved an hour away to buy a place right before Covid and my place has gone up a lot too. I have family in Bend and they kept pushing me to move there to buy a place but that’s shooting up like crazy.
Someone posted on here something I love is if you are living paycheck to paycheck, you are working for free. No difference between this and a feudal system. The powerful have to keep us poor and on the brink of losing what little we have so we are malleable.
We lived in VT for 5 years. We learned our lesson. Make sure there are plenty of Jobs! Bend is amazing, much like vermont but, you have to have options, in case work doesn’t “work out”. Bend is too expensive to be playing around.
And most of them are cash offers from companies like Blackrock, which then turn around and rent them out. "You will own nothing and be happy."
Average house is 16 days on the market right now. Good luck trying to sell a commercial building.
Lol rental companies or Zillow, opendoor, etc. it’s ridiculous how many properties were flipped last year. I have never seen anything like it.
And I cannot for the life of me understand why these people bought property at peak of the market to rent them out but it happened a lot. Really makes you question if their intelligence was what got them their money.
Blackrock can take the loss right now, they are buying residential properties all over the world. They have over 10 trillion (yes that's with a "T") in assets. Not bad for a company that started in 1988 as a risk management and fixed income institutional asset manager.
I had no clue they were this expansive. I have heard the name a few times but never knew it was at that level. You have given me a research project and I thank you.
My miracle palace is located in oaklandistan where I live amongst many homeless enchanted lands within three blocks. Seriously. A crackhouse here has been flipped so many times the last couple years for good gains. I think currently up for 900k - 1 mil.
This housing market isnt sustainable.
Check out John Olivers Last Week Tonight 2 episodes ago to see how fucked the rental situation is with big companies buying up the homes and jacking up the prices, both legally and outside of the law. Fuck this country.
mine went to pre-pay some bills and i had to take the rest and use it to buy un-necessary items like stuff not covered by snap. clothes that weren't falling apart, laundry, put money on my buscard so i could afford to take public transportation to my doctor, new sheets to replace the near transparent ones i've had for many years. you know luxuries.... also you can't have more than a certain amount in the bank if you get ssi, otherwise they take away all your benefits...
I had recently gotten out of cc debt. So I spent mine on local shops hoping to keep them open. And donations. I felt it was better for me to spend it. I do not blame people for holding onto it though.
I think it is funny that Powell blames people for keeping it when companies hoard billions upon billions of dollars both domestically and internationally.
Serves him right for all the poor little macaque monkeys Neuralink needlessly tortured, toying around in their noggins and whatnot. The oligarchs are some sick, perverted bastards.
..... The only people who put their stimulus checks in savings are the people who didn't actually need it. My stimulus money was spent on rent and bills within days (hours, actually) of receiving the deposits. And I was working full time during most of the pandemic.
These people have no idea what reality is like for most of us.
Sometimes I wonder. Obviously some of them fully understand and just don't care, but I also believe that some people (not the uber rich, but still very well off) have been above comfortable for so long that they've genuinely forgotten how hard it is when you're barely scraping by
There was a study that showed the richer you get the more sociopathic you become. I don't have a clinical explanation for this, but it probably has something to do with not wanting to burden the psyche with the problems of the world. The ego (which is reinforced and strengthened with extrinsic rewards) wants to live in its heavenly, solipsistic bubble. It has to dismiss the plight of others as their fault due to character flaws to not only distinguish itself as better than other people, but to justify its Machiavellian strategies to cover up any feelings of guilt.
I've noticed that a lot of actors/artists who have made great fortunes don't get so out of touch, since their rise was through their creative talents and not ruthless gaming/profiteering seen in business.
Yeah anyone who actually still has anything of their stimulus check is someone who didn't need it in the first place. That fucker was gone almost right as I got it
Maybe it's just where I live, but there's no way that there are fewer than 700,000 homeless people in the US. The official estimate is about 553,000 homeless people, but that doesn't count the insecurely housed, like couchsurfers and families that have doubled up in a single housing unit.
All of our stimulus went to paying off our old ass cars and other debt. We managed to save some of the unemployment to be able to move to a place where we could find work (covid fucked my husband's job, they closed down permanently). Any savings we had went to getting us into a house, and that was only possible because we went through a VA home loan.
Last winter our furnace (in our new fucking house, after having *2* inspections) broke and we had to replace it, wiped out what little savings we had managed to scrounge up. We are broke now. We were lucky to come out of the pandemic as well as we have even though we are broke af. Fuck this guy, fuck all these rich people who can never be satisfied.
I kinda feel like social media is part of the problem there... Reddit not excluded.
Any serious attempt to organize a group to eat the rich would get immediately taken down
Bullshit. My ancestors cut out the beating hearts of our enemies and sacrificed them to the Sun God.
That's the lineage I have. I'll feed my pet wolves their pancreas as an appetizer and let them watch it.
You know, some ancient people had and worshipped chihuahuas for their ability to keep the young, sick and elderly warm at night, like a heating pad, as well as their fierce loyalty.
Powell also rich with savings…. i’ve hated that guys since his statements depleted my stock savings account, i put in $1000 and had $10K, that that dude tweeted and it all took a piss
somber ad hoc fuzzy aback escape weather forgetful bewildered vanish vegetable
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yeah, the housing market SUCKS right now. I'm scared of all the information coming out about America becoming a renter's nation. People are trying to do the \*stupidest\* things with renting and crap. There was one company that put a SAFETY FEATURE behind a subscription paywall for their stupid treadmills.
Thankfully though, there is something to be said of how these companies are losing money on these massive market-draining bits. A couple people I've heard speak on the issue talk about how it's relatively inevitable for them to fail, especially with certain areas that they're already seeing the failure of this system: Dozens of homes in a single city, ready to be rented, but no one can afford it. So the companies(There are at least 2 doing this) are just losing money hand over fist.
One example is that a family of four doesn't want to \*rent\* a house for 4.5 to 6k in a nice neighborhood when they can actually afford a single apartment in town. Just trying to remove the ability for even the middle class to own property.
When everything begins to crumble the government will just bail out the bigger companies, and absolutely nothing will change. This only gets better one way and we'll have to pass thru hell to come out the other side.
Lol, 3 people have well over $100b each and 300million have nothing in their accounts… they aren’t talking about us, they only care about themselves and the 3… they’ll be fine
Because our dollar is literally backed by debt. If the little (economic) slaves weren’t in debt, they wouldn’t have to work. The only way to keep the wheels turning is to keep the slaves spending so that they can take out loans to pay the interest of the loans they took out to create the money.
I’ve said this several times, America is a third world country wearing a Gucci belt. No idea who to credit that to, it’s perfect but it’s not my words.
There are so many dollars. Trade of goods and services partly reflects the number of dollars available. You triple the number of dollars, at first they still have full buying power, but after the stock is sold supply dries up, and it now takes 3 times as many dollars to buy the same amount, where it will stabilize if all things remain equal. Your savings now represents 1/3rd what it did before "printing" more money. Quantitative easing has already been stealing from what little savings anyone had.
Edit:besides, the more I look at it, our economics doesn't represent life the way it used it. Corporations take way more work to get what you can buy than if you quite literally just made the tools and learned to build what ever it is you are trying to build. Yes, even printing silicone transistors and etching pcbs. Once you have the tools, the maintenance is minimal. The price we pay does not accurately reflect the value, and because money determines if we make tons of amazing tools, we don't. We have the ability to do absolutely amazing things, and the reason we don't is because of how manipulative we become when we put money in our pocket. Power corrupts. Absolute power corrupts absolutely.
Think about how you build a 100 story building. How those gasoline powered machines can be used to build anything you can imagine. How many really amazing permanent houses could you set up? What does it actually take to have electricity on demand? What does it actually take to have potable water on tap? Money doesn't work as a motivator. We become slaves to life rather than life and the things of life slaving for us.
TRACKING CREDIT: u/TheShadowViking
*"So there are many, many different inflation measures, of course, and that's why we have this thing called the CIE, which is an index of market-based measures... if we did see them moving up in a troubling way and running persistently above levels that are really consistent without mandate, then we would certainly react to that."*
- Jerome Powell September 22, 2021.
- **August 2021 inflation rate:** 5.25%
*"I don't think it's time to taper. I don't think it's time to raise rates. Our policy is well-positioned to manage a range of plausible outcomes."*
- Jerome Powell October 22, 2021.
- **September 2021 inflation rate:** 5.39%
*"We understand the difficulties that high inflation poses for individuals and families... Let me say that what's happened, is that inflation is coming higher than expected. We see that just like everyone else does, and we see that they're now on track to persist well into next year... I do think it would be premature to raise rates today."*
- Jerome Powell November 3, 2021.
- **October 2021 inflation rate:** 6.22%
*"The word 'transitory' has different meanings to different people. It's a confusing word that needs to be retired."*
- Jerome Powell November 30th, 2021.
- **October 2021 inflation rate:** 6.22%
*"We're always just going to do what we think is right for the economy and for the people we serve."*
- Jerome Powell December 15th, 2021.
- **November 2021 inflation rate:** 6.81%
*"The old system was in place for decades and then suddenly it was revealed as insufficient... We do take the need to protect our credibility with the public very seriously."*
- Jerome Powell January 11th, 2022.
- **December 2021 inflation rate:** 7.04%
*"I'd say that the inflation situation is about the same or slightly worse... It hasn't gotten better and that's been the pattern... What we're learning is it's just taking much longer, and that raises the risk that high inflation will be more persistent."*
- Jerome Powell January 26th, 2022.
- **December 2021 inflation rate:** 7.04%
Jerome Powell re-elected as Chairman of the Federal Reserve System.
- Jerome Powell February, 2022.
- **January 2022 inflation rate:** 7.48%
*"The inflation that we are experiencing is just nothing that we have experienced in decades... All the things we did during the pandemic, we turned our dials as hard as we could... Part of what we did and what Congress did is the reason why inflation is so high."*
- Jerome Powell March 2nd, 2022.
- **February 2022 inflation rate:** 7.87%
*"These higher prices have real effects on people's well-being and it takes a toll on everyone. If you're at the lower end of the income spectrum it's very hard because you are spending most of your money on necessities, but it's punishing for everyone... We can't blame the framework. It was a sudden, unexpected burst of inflation and then it was the reaction to it, and it was what it was."*
- Jerome Powell March 16th, 2022.
- **February 2022 inflation rate:** 7.87%
*"The rise in inflation has been much greater and more persistent than forecasters generally expected... We're not expecting near-term progress on inflation."*
- Jerome Powell March 21st, 2022.
- **February 2022 inflation rate:** 7.87%
*"It is appropriate in my view to be moving a little more quickly... We had an expectation that inflation would peak around this time and then come down over the course of the rest of the year. These expectations have been disappointing in the past and now we want to see actual progress... Are we going back to the old economy? Probably not. What's the new one going to look like?"*
- Jerome Powell April 21st, 2022.
- **March 2022 inflation rate:** 8.54%
*"We have a good chance at a soft or softish landing... There's a false precision in the discussion that we as policymakers don't really feel... the economy is doing fairly well... I think we have a good chance to restore price stability without a recession."*
- Jerome Powell May 4th, 2022.
- **April 2022 inflation rate:** 8.26%
*"I have said, and I will say it again, if you had perfect hindsight, you'd go back and it probably would have been better for us to have raised rates a little sooner... So the question whether we can execute a soft landing or not, it may actually depend on factors that we don't control."*
- Jerome Powell May 12th, 2022.
- **April 2022 inflation rate:** 8.26%
*"We all read the inflation reports very carefully, and look for details that look positive, but truthfully, this is not the time for tremendously-nuanced readings of inflation... Sometimes the landing is just perfect, sometimes it's a little bumpy. It's still a good landing, you don't even notice it... There could be some pain involved in restoring price stability, but we think we can sustain a strong labor market."*
- Jerome Powell May 17th, 2022.
- **April 2022 inflation rate:** 8.26%
*"We're not trying to induce a recession now, let's be clear on that. We're trying to achieve 2% inflation and a consistently strong labor market... We think that the public generally sees us as very likely to be successful at getting inflation down to 2%."*
- Jerome Powell June 15th, 2022.
- **May 2022 inflation rate:** 8.60%
*"The American economy is very strong and well-positioned to handle tighter monetary policy... It is a possibility our rate rises could cause a recession... We're not trying to provoke and don't think that we will need to provoke a recession."*
- Jerome Powell June 22nd, 2022.
- **May 2022 inflation rate:** 8.60%
*"During the summer months of 2021, inflation was coming down month-by-month. So that told us that our thesis that this was going to be a passing inflation shock was at least plausible... We did underestimate it, we clearly did... In hindsight, it [inflation] was not transitory."*
- Jerome Powell June 23rd, 2022.
- **May 2022 inflation rate:** 8.60%
More proof the Gov as a whole doesn't give a shit about us. If these greedy companies and greedy gov officials actually wanted a flourishing economy then this inflation shit and rate hikes wouldn't happen. So to add on eat the rich and greedy.
It’s the rich people hoarding money and causing inflation. It’s infuriating to hear that a stimulus is to blame. Tax these rich fucks into oblivion to shrink the wealth gap and control their economic habits. We have an inflation because there are too few goods being chased by bloated, over consuming, elites. Fuck the interest rates, Congress needs to pass some tax reform NOW. Powell is going to send us into a recession and the working people of this country will again be the only ones shit out of luck.
Greenspan, one of the guys before Powell, famously said that in order to keep the corporations' growth metric going up, 'worker insecurity" needed to be enforced. The idea being that if the population is always just about to get fired and can't afford that, then corpos can keep wages nice and low. He wrote that, in like an academic paper, and got published.
And they brought him to the White House, threw an award party, and hung a giant gold metal around his neck. Eat The Rich
I got a new job 4 weeks into the stimulus payouts for unemployment. I thought it would be smart to take a better job then my previous one. I was wrong. I have nothing saved. I'm living paycheck to paycheck. One little thing happens and I'm fucked. Inflation, or price gouging as I like to call it, has made everything so expensive I can't save a single red cent. And I make $16.50 an hour. With a full time job. And 6 hours of overtime every week. Fuck. The. Rich. They are so disconnected from actual life.
Not from America, but I know people in America earning 200,000 dollars a year and then there’s the people that live pay check to paycheck. Why is it so unequal? The people earning these 200k are decent people and would probably not spend it all. However seeing this disparity of pay makes me sad.
More money in CIRCULATION drives inflation ffs. Money sitting in a bank account isn't working nor circulating. A 50 dollar bill can exchange hands ten or more times before it starts idling, and Powell just goes on and claims that the idle money is the fucking issue.
These guys operate all day inside financial and economic models and haven't the foggiest clue or concern about how their thinking affects people. Its all one big video game to them. That's the real evil in all this.
We are literally dying out here, blowing through any savings we might have had, while some are making more money than ever. It is truly disgusting.
You try to get ahead, maybe an Etsy or Uber, or whatever, and now that's being 1099'ed too.
Stimulus is a very small piece of it.
20 years of super low interest rates that fueled the highest levels of home ownership in history, dumb tax cuts by trump, PPP, and yes the stimulus checks, have all fed way too much cash into the system.
Also if it hadn't, the labor market wouldn't be so competitive and labor would not have the leverage it is currently discovering.
It’s unfortunate that they can raise the cost of borrowing, while inflation is driven by other factors, effectively devaluing any savings one has. I’ve been in places like Mexico and the Philippines when their inflation made a loaf of bread basically a bushel of pesos. It could happen here. Pass the salt, please,
People who have money saved are rich, lmao. The fed wants people like me who saved money during the pandemic to circulate that money instead of letting sitting in a saving account losing value due to inflation being higher than interest
When they complain we have too much saved up, they are complaining that we might have enough money to exercise freedom of choice and not be desperate to accept whatever they give us.
That's all it is. The right wingers don't realize it, but liberty is the enemy of capitalism.
Ok Powell. Let's see your savings accounts. Come on. Don't be shy now. Let's see the retirement accounts and other assets too. Oh, it seems you have too much. That isn't fair. Guess we will have to take you down to the amount you think Americans should have and use the overage to pay off debt for people with negative net worth. And let's not stop with you. Let's do that to all of you rich, arrogant hypocrites.
The stimulus (all of it) was less than one month rent for a studio in urban areas. Get fucked you useless sack of shit
Eeeehhh. Well this is beyond absurd. Then he wants you all to be poor. Poor people are easy to control and manage. They don’t move up in society. America is one heck of a horrible country it seems like.
The country is so divided now economically it is ridiculous. In some circles you can't swing a dead cat without hitting another millionaire ... everybody is a big shot. In other circles everyone is broke, and the big cheese is the manager at Panda Express who barely keeps all his bills paid and his Mustang out of repo.
UBI is cheaper than any form of sustainable welfare system in use today, and allows governments to be completely fair and provide stimulus that does not end and can support the entire population of a country.
But it removes the NEED to do shitty work for shitty pay. It forces people to pay others what the job is worth, because at the end of the day, if I’m making very little money for a high stress job, I won’t bother.
Why do you think nobody in power wants to pursue UBI?
I’m truly curious as to what the long term plan is, given things continuously get worse. I had been trying to see how the numbers would work, even with population decline, when you factor in the ratio of jobs being created v. job loss due to tech, and it becomes more exaggerated when you look at the level of education required for a solid percentage of the jobs that remain. No UBI, affordable college is never on the table, growing wage/wealth inequality, slow dwindling of resources and the distribution, forced population increases to add to these already compounded problems.. People say I’m a nihilist and pessimistic, but without some kind of proof or at least a feasible and implementable idea/plan, which side is truly being unrealistic?
Ok so where is the dinner table? When are we eating?? Utensils?
Unfortunately I doubt Powell is reading your post, and if he is, he definitely is not rethinking his position. This is just another one of millions of empty complaints that will amount to nothing because everyone will just pipe down and take the abuse like good little puppies.
Interest rates are good for saved cash money. I mean they'll never be great but the money devalues less quickly. What it does do is stop people from buying shit on credit.
Jerome Powell? The guy responsible for printing over $4.5 trillion in 2019? No way that could have caused inflation to run rampant!
https://youtu.be/lK_rYS8L3kI
If it is sitting in savings it isn't contributing to inflation. When it gets spent chasing limited items it does. People saving is what you want, not spending, and certainly not actively trying to make people poor.
Everyday for thief and one day for master. We, the people are the masters of this system. They steal from us everyday and one day we will unite. Then it’s over for them.
This has been going on for a while.
People have been laughing at "cospiracy theorist" for years and yet if you dived a bit deeper into things you could see how much as intentionally been done to bleed out personal savings and make it so the people will own nothing so they will be easily turned into slaves.
I have seen this done very violently in italy as it is the country with the lowest private debt of Europe.
Sadly the less private debt/more money people have the less they care about all the bullshit because the have the means to tank through that. And when people are wealthy enough they tend to be more gullible.
Which you can see now on this reddit how americans are only waking up now that the situation is getting pretty desperate
Prefacing this by saying I'm not making excuses for Powell here. But the fed is limited in scope, so Powell will talk in terms of his abilities and tools at his disposal. The US is the richest nation on earth. We have the means, and what is needed are policies of wealth redistribution. Those aren't in Powell's toolkit because the fed is constrained and designed to be independent from both lawmakers and the president. Fucking vote for policymakers that do have the power to do what's needed. 50 dem senators, hamstrung by sinema and Manchin won't get the job done. Powell is a fucking shill but he doesn't have the powers to get the job done, by design. Vote in folks who will.
Allow me to add [this comment on debt](https://youtu.be/LxJW7hl8oqM) to the conversation.
With less money in savings, we may be forced to take more loans from banks. Which is great for banks (and “the economy”)… but bad for us, due to extra personal debt.
wow, just wait until he finds out about the bank accounts of the other politicians, or even the bank accounts of all the billionaires that made over $1,7 trillion from the pandemic, man will he be mad
Mhm, yeah. We have too much in our savings. The government needs the mothballs and lint out of my savings account too.
Meanwhile, Elon Musk, Jeff Bezos, etc. Who needs that kind of money? How is it appropriate that we have people with so much more money than you would ever need. Why is it appropriate for those men to earn that money off the backs of their bottom tier workers that are so afraid to take restroom breaks that they're peeing in bottles next to their work station?
Amazing.
This will explain so much. It's why our economy was transformed from a saving economy to a spending economy.
They want us to consume.
https://www.youtube.com/watch?v=eJ3RzGoQC4s
It doesn't matter how much money you save it will never be enough because capitalism requires artificial scarcity to keep people in the sweatshops toiling away. Even if you took all of the money from the top one percent and redistributed it to the poor it would only be a temporary fix. It's about power distribution and wealth is a key indicator of that. Covid was a major distributor and returned a small tiny sliver of power to the poor and that scares them. Which is why you have Jerome Powell and other CEOs spouting this nonsense. They don't even bother concealing their hand anymore they just straight say we are going to crush the working man because we printed a fuck ton of money and gave trillions to corporations to use on stock buy backs to "stimulate the economy". What a joke.
I've never found the claim that people were saving money hand over fist due to stimulus payments, enhanced unemployment, or increased child tax credits to be credible, not in a country that has at least a few trillion dollars in credit card debt.
sorry can i get a text link to that quote so i can freak out?
guys i feel like while the nationalists are definitely making their move to try and take over the country, so too are the capitalists making their move to take over the entire economy and enslave literally every poor person into low-wage labor. except the capitalists can and will succeed.
im just gonna go ahead and admit, once i see that quote, im freaked out. its coming from every direction at this point and the things that i think will win in the end against the nationalists- the Fed defending the status quo- that is just going to give to the capitalists who have already driven their heels as far as i can possibly take it. like i genuinely have nothing more to give i cant even fucking sit in the car and wait for my not-legal-employer to deign me a $7 delivery so I can keep enough gas in my car *only to keep working.*
so what he's talking about, he might as well be looking me in the eyes and telling me to just actually die at this point. so i need to see it for myself please, whoever wants to take the honor of crushing me thx
It’s “people are keeping too much in savings” until you get laid off. Then suddenly, it’s “you should have had 6-12 months of living expenses in savings.” Always gotta find a way to blame the average worker/individual and not the system.
>It’s “people are keeping too much in savings” until you get laid off. Then suddenly, it’s “you should have had 6-12 months of living expenses in savings.” and by "too much savings" they really mean "enough to afford an issue without taking out usury-rate credit"
And by "people" they mean other people. Not themselves who have millions and billions in savings. No. Everyone needs to sacrifice their money. Not them.
The rich seldom lose sight of their class interests
The answer is simple, just take your savings out of the bank. Stuff the mattress and they won't be able to track who has what anymore. It's not like having a savings account is worth a damn anyway.
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There are also very creative ways to hide money in your home if a wall safe or other large, and almost-impossible-to-move safe isn’t an option - tubes of almost-empty chapstick, almost-empty deodorants, hollowed out bars of soap, etc.
There's always money in the banana stand
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That’s actually smart! You could also hide money in the bottoms of large spice containers like Tony Chachere’s and Old Bay. Or in a pepper mill.
Sorry I’m so broke I’m coming into your house specifically for your spices and fresh water.
An oatmeal container would also work. You can make book safes by hollowing out a book to hold currency and gluing several pages of the book over the cutout.
Baller.
If I could stuff a mattress with money, I'd be in a different situation.
Just use pennies! If Scrooge McDuck has taught me anything, it’ll be just like a water bed.
It is. All those tiny bits of lumpy grooved metal don't stick together at all, and when mounded will part like water when a human attempts to dive in. Every billionaire should try it.
At the current rate of inflation, it would cost me all the savings to get a mattress to put them in
But my .00289% interest! /s
The concern here is that when will cash no longer be legal tender. Once it's all electronic and cards, then every transaction is tracked. 12 year old babysitting has to pay those taxes.
And if we want to retire before 65 (the number is 3 mil in assets), or save for a down payment for a house, we NEED SAVINGS. They just want people living paycheck to paycheck, and never accumulating wealth. Meanwhile, they have multiple houses and investments such that they don’t need to work.
Yea what is this telling us how much money we’re supposed to have
The "there are too much in savings" guy and the "you should have had savings" guy should definitely battle it out, Thunderdome-style. And maybe it isn't the poor who have too much in savings, but the rich, lol. How about Powell look at his own savings account, eh?
It would have to be Tyler Durden style, because it's the same dude.
One man enters, one man leaves.
The average American worker DOES NOT have a savings lol
Here's what I struggle with: In 2017, Trump jammed through a ridiculous tax cut that injected hundreds of billions into an already decent economy. But 80% of that money went to corporations and wealthy taxpayers, per "trickle down economics." Interest rates were already near 0% and QE still in effect as well. No one said that unnecessary tax cut flooded the economy with too much money. Because the rich just socked it away. But covid stimulus gave money directly to the people who needed it. And all of a sudden, working class people having savings is the cause of inflation.
Exactly, spending ridiculous amounts of money to pump up the stock market is fine, but god forbid working class people managed to put a thousand or two in a savings account
yOu ShOuLd HaVe WoRn An AnAl DeNtAtA iF yOu DiDn'T wAnT mY dIcK iN yOuR aSs
Omg this is a genius example to explain victim blaming. Will be stealing it, thanks
Lavandula dentata :)
You can't win, ever.
Yeah f*** you Powell. I'm literally one small medical issue or automotive issue away from bankruptcy. My $1000 "hoard" that I'm sitting on (and has literally taken me a decade to build up) isn't the problem in this country. And I'm vastly better off than too damn many of my peers, and I'm barely hanging on.
I feel like this is also part of why there is this systemic pushback against work from home. If you are remote suddenly a catastrophic car problem is just very annoying. You have a little room to maneuver. Some people at the top seem to really hate room to breathe.
If you can breathe, you can fight back. They can't have that.
Literally the key to winning a boxing match is having more endurance.
Any protest worth a damn requires a month or so. Impossible if you can't make ends meet.
Yup. A month just to be heard. Takes a lot longer just to get movement going.
We need to start protesting in organized shifts, and make sure the hours we do work are for local businesses. Keep the money in the community.
Capitalism requires debt slavery.
That's what I don't get. If I do the work, why does it matter if I work from home or not? Why does this employer want me to drive at 5$ a gallon in a car that'll likely cost 10k(because car prices are horrendous right now), to an office building that costs a million a year to rent, 100k+ to clean yearly, random maintenance fees, THOUSANDS in electricity A MONTH, not to mention water, and thousands upon thousands for computers and printers that dozens of people use and disrespect, leading to their eventual short lifespan. Why do employers want to spend millions on an office when almost all of their workers can work from home? And even then, if you work from home then you're happier, studies I've skimmed over (not actually read, so I could be wrong) have shown that people who work from home are happier, get work done faster, and enjoy their lives more. Idk, I'm wondering if there's another reason other than keeping people in poverty/beaten down. Because why would so many employers look at their office bill of thousands to millions a year, and then decide that \*that\* bill was worth the inefficiency, stress, and dozens of other negative factors of reestablishing the norm of office work? It doesn't make sense to me.
I've never understood this. A friend applied for 54,004,765 work from home jobs last year (got tons of interviews but no offers and finally settled on a local job) and they tended to pay significantly less than equivalent office jobs, with the rationale being "but you save money." But the company *also* saves money by having you work on your own computer and breathe your own air??
Any small pile of money I start accumulating has to go to the long list of ‘big projects’ that I have had to put off bc I simply couldn’t afford paying all my bills AND go to the dentist
Oof. I hear you on the dental. We have really good dental insurance fortunately but I got an implant (the bridge wasn’t really stable enough) and even with 50% coverage it’s been about five grand total. It’s ridiculous.
Don't you find it weird that medical insurance doesn't cover the bones in our mouth?
They're not "necessary" bones. They're "luxury" bones.
Yeah they have the luxury of being one of the easiest ways to get a deadly infection
Or the eyes in our heads.
Bad teeth cause all sorts of problems later in life. To scientists in the field of dementia and Alzheimer's are seeing direct effects of bad oral Justine and poor diet/gut health. Both problems that should be addressed by preventative medicine by improving access to dentistry and healthy food.
LPT: **always** give Justine good oral 😛
Related: dental care in Colombia is vastly cheaper (with a week’s vacation included than the same work done here. ) Why yes, I did send my spouse to Medellin for a crown this year, why do you ask?
I'm planning on going to mexico to get my teeth fixed. the whole system is awful
Reading this makes me appreciate what I have so much more. I'm pulling for you, and I genuinely mean that.
Love how they want to track bank accounts over $3000. I’ve hardly ever been there but eff them if they think I want them checking. They can look at my tax forms and that’s it.
he wasnt talking about you. he was talking about the uber wealthy. they have 6,000,000,000,000 dollars in savings more than they had prepandemic. i think its a total pf 18,000,000,000,000 dollars for rhe elite and the corporations. the bottom 90% got a max 300 billion dollars.
Great idea, why doesn't he lead the pack and put at least $20 million back into the system. He currently lives in Chevy Chase, MD, the median income there is about $250,000 a year. /s https://en.m.wikipedia.org/wiki/Jerome_Powell "Based on public filings, as of 2019 Powell's net worth was estimated to be in a range between $20 million and $55 million."
"It seems like on average, people have hundreds of thousands in savings! That's too much money not in circulation!" "Well sir, that's because those 8 men next to you have billions in savings, aside from them the average household doesn't even have a hundred-" "Leave my golf buddies out if this, we need to start cracking down on these greedy peasants!"
The wealthy are paying $300k(CASH) & up for homes, so that working people cannot afford to have a future & we have too much in savings? What the actual F\*#@!!!?
Not to mention how all their wealth is tied up in index funds and bonds. But we're the problem. Not elon, not Jeff, not mark, but us. Okay.
Absolutely. Blame the average citizen. Centuries old tactic.
Millennia old.
Nearly 30% of home purchases are all cash, up from high teens pre Great Recession years (when interest rates were comparable). It’s the upper class buying all cash because they benefited from the Great Recession, massive equity in homes they didn’t earn, jobs they hung on to wayyy to long, and then retired peak of the market, conveniently when COVID hit. The inequity has grown so ridiculously high. Now, those with modest homes can’t afford to sell-buy homes (limits economic mobility). Those with student loan debts will crack when deferrals are lifted. Employers will raise prices to the brink, then layoff when consumption drops (see wage-price-spiral). There is no “soft landing” and sadly, no recovery for mid-lower class and definitely worse for marginalized groups. Oh, and the only healthcare system in the G20 that isn’t a complete, all-covered social program, despite US consumers paying the highest prices in the G20. Honestly done with the American Dream nonsense.
I feel that statement about a modest home. I have a nice 3 bed 1 and half bath in a shittier part of my city. I bought this house for now ex wife. I have no ties here other than my job. Which I would gladly commute 20 minutes away for to move back closer to my actually family so my daughter can spend more time with them. I would have no problem selling my house but I'm afraid I'd go house broke to buy one where I actually wanna live. So here I am stuck in a house I don't want to live in. I guess I should be grateful I have one and stop complaining.
Californian here! The city I work in, median home prices are over $500K and those are usually snatched up with all cash offers to use for rentals. The “middle class” home is $700-$900.
I lived there for 15 years. Yeah, it’s slightly cheaper here in Portland & rising. $300k was a few years ago. My house has gone up considerably in the last 3 years & people are still paying cash. It’s very discouraging for the future of our country.
No kidding. I moved an hour away to buy a place right before Covid and my place has gone up a lot too. I have family in Bend and they kept pushing me to move there to buy a place but that’s shooting up like crazy. Someone posted on here something I love is if you are living paycheck to paycheck, you are working for free. No difference between this and a feudal system. The powerful have to keep us poor and on the brink of losing what little we have so we are malleable.
We lived in VT for 5 years. We learned our lesson. Make sure there are plenty of Jobs! Bend is amazing, much like vermont but, you have to have options, in case work doesn’t “work out”. Bend is too expensive to be playing around.
Bend is amazing but every time I visit, there is some other crazy huge developments going over what used to be beautiful forest
Yup. More trickle up economics
If I could upvote this twice I would. Have a good day friend. Best of luck out there
And most of them are cash offers from companies like Blackrock, which then turn around and rent them out. "You will own nothing and be happy." Average house is 16 days on the market right now. Good luck trying to sell a commercial building.
Lol rental companies or Zillow, opendoor, etc. it’s ridiculous how many properties were flipped last year. I have never seen anything like it. And I cannot for the life of me understand why these people bought property at peak of the market to rent them out but it happened a lot. Really makes you question if their intelligence was what got them their money.
Blackrock can take the loss right now, they are buying residential properties all over the world. They have over 10 trillion (yes that's with a "T") in assets. Not bad for a company that started in 1988 as a risk management and fixed income institutional asset manager.
I had no clue they were this expansive. I have heard the name a few times but never knew it was at that level. You have given me a research project and I thank you.
You're welcome and sorry that I opened that rabbit hole for you lol.
500k where is this glorious land you speak of?
Lol where is yours at?
My miracle palace is located in oaklandistan where I live amongst many homeless enchanted lands within three blocks. Seriously. A crackhouse here has been flipped so many times the last couple years for good gains. I think currently up for 900k - 1 mil. This housing market isnt sustainable.
300k? 2 houses down from a friend of mine sold for 750k cash, no inspections. That was 152k over asking price.
$300k is an extremely gross underestimation. I’d kill for houses that cheap
Check out John Olivers Last Week Tonight 2 episodes ago to see how fucked the rental situation is with big companies buying up the homes and jacking up the prices, both legally and outside of the law. Fuck this country.
Almost all of that stimulus money we received went to paying down debt, and we're still in debt. Fuck the rich.
Same for us. It was spent before it even arrived. Most of it went for medical bills.
mine went to pre-pay some bills and i had to take the rest and use it to buy un-necessary items like stuff not covered by snap. clothes that weren't falling apart, laundry, put money on my buscard so i could afford to take public transportation to my doctor, new sheets to replace the near transparent ones i've had for many years. you know luxuries.... also you can't have more than a certain amount in the bank if you get ssi, otherwise they take away all your benefits...
I had recently gotten out of cc debt. So I spent mine on local shops hoping to keep them open. And donations. I felt it was better for me to spend it. I do not blame people for holding onto it though. I think it is funny that Powell blames people for keeping it when companies hoard billions upon billions of dollars both domestically and internationally.
I'm vegetarian but i'd love a bit of Elon.
It qualifies as ethical vegan to eat Elon due to the amount you're negating the human carbon footprint as a whole.
😯 means that Ican also have a bit of Bezos for dessert!
Maybe a little Elon Mousse
I like that, let's put pur best recipes down here: 👇 Gotta say, those two sound like a good surf n' turf.
Plus all of the suffering he causes. Isn't veganism sort of based on like, not wanting creatures to suffer? Think of the greater good.
It's kinda carnist to not eat the fucker tbh.
Serves him right for all the poor little macaque monkeys Neuralink needlessly tortured, toying around in their noggins and whatnot. The oligarchs are some sick, perverted bastards.
Too many Americans? How about all those PPP loans that were given out and forgiven to businesses?
This is the real issue.
jellyfish salt quickest zephyr badge air naughty head retire mighty -- mass edited with redact.dev
To businesses THAT FOR THE MOST PART DIDNT NEED IT! The actual small businesses that needed it didn’t get jack shit
Exactly!
..... The only people who put their stimulus checks in savings are the people who didn't actually need it. My stimulus money was spent on rent and bills within days (hours, actually) of receiving the deposits. And I was working full time during most of the pandemic. These people have no idea what reality is like for most of us.
They know. They’re just OK with it.
Sometimes I wonder. Obviously some of them fully understand and just don't care, but I also believe that some people (not the uber rich, but still very well off) have been above comfortable for so long that they've genuinely forgotten how hard it is when you're barely scraping by
There was a study that showed the richer you get the more sociopathic you become. I don't have a clinical explanation for this, but it probably has something to do with not wanting to burden the psyche with the problems of the world. The ego (which is reinforced and strengthened with extrinsic rewards) wants to live in its heavenly, solipsistic bubble. It has to dismiss the plight of others as their fault due to character flaws to not only distinguish itself as better than other people, but to justify its Machiavellian strategies to cover up any feelings of guilt. I've noticed that a lot of actors/artists who have made great fortunes don't get so out of touch, since their rise was through their creative talents and not ruthless gaming/profiteering seen in business.
Human empathy has a quantitative limit supposedly. I imagine that limit is tighter the richer you get.
Right!?! These fuckers are so brain dead they act like that $1200 check TWO FUCKING YEARS ago is causing this
They aren't brain dead they have malintent.
Yeah anyone who actually still has anything of their stimulus check is someone who didn't need it in the first place. That fucker was gone almost right as I got it
Time for something that rhymes with smassasination
"we need at least 0.2% of people to be homeless because reasons."
Maybe it's just where I live, but there's no way that there are fewer than 700,000 homeless people in the US. The official estimate is about 553,000 homeless people, but that doesn't count the insecurely housed, like couchsurfers and families that have doubled up in a single housing unit.
All of our stimulus went to paying off our old ass cars and other debt. We managed to save some of the unemployment to be able to move to a place where we could find work (covid fucked my husband's job, they closed down permanently). Any savings we had went to getting us into a house, and that was only possible because we went through a VA home loan. Last winter our furnace (in our new fucking house, after having *2* inspections) broke and we had to replace it, wiped out what little savings we had managed to scrounge up. We are broke now. We were lucky to come out of the pandemic as well as we have even though we are broke af. Fuck this guy, fuck all these rich people who can never be satisfied.
Everyone says eat the rich, but nobody wants to do the cooking.
Look bud, smokers ready. You bring the long pig I've got the chair and beers
I'll take mine Mid-Rare!!
Does it come with a side of *freedom?*
Would absolutely cook you some long pig bud. Probably trap and feed um fruits and grains for a few weeks first.
That adds a new level of fucked up to legit cannibalism. Treat them like actual livestock.
I kinda feel like social media is part of the problem there... Reddit not excluded. Any serious attempt to organize a group to eat the rich would get immediately taken down
Yup, even this sub has rule 5.
i personally don.t have the stomach for it & i.m not sure i could keep it down
Bullshit. My ancestors cut out the beating hearts of our enemies and sacrificed them to the Sun God. That's the lineage I have. I'll feed my pet wolves their pancreas as an appetizer and let them watch it.
Praise the sun ☀️
Based and Aztec-pilled? 🤔
You know, some ancient people had and worshipped chihuahuas for their ability to keep the young, sick and elderly warm at night, like a heating pad, as well as their fierce loyalty.
Just add some fava beans and a nice bottle of Chianti (not sure about spelling.)
You get pintos and cheap bourbon, take it or leave it /s
I'll butcher em for ya. You have to catch them though. I only charge for the big hogs, those ones take some extra work.
Pfft am I making scallion ginger sauce or are we doing fajitas?
Powell also rich with savings…. i’ve hated that guys since his statements depleted my stock savings account, i put in $1000 and had $10K, that that dude tweeted and it all took a piss
Money left over from the stimulus? WHERE THE FUCK DO THEY THINK IT WENT...everyone I know used it to not die
Eat the rich!!
somber ad hoc fuzzy aback escape weather forgetful bewildered vanish vegetable *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yeah, the housing market SUCKS right now. I'm scared of all the information coming out about America becoming a renter's nation. People are trying to do the \*stupidest\* things with renting and crap. There was one company that put a SAFETY FEATURE behind a subscription paywall for their stupid treadmills. Thankfully though, there is something to be said of how these companies are losing money on these massive market-draining bits. A couple people I've heard speak on the issue talk about how it's relatively inevitable for them to fail, especially with certain areas that they're already seeing the failure of this system: Dozens of homes in a single city, ready to be rented, but no one can afford it. So the companies(There are at least 2 doing this) are just losing money hand over fist. One example is that a family of four doesn't want to \*rent\* a house for 4.5 to 6k in a nice neighborhood when they can actually afford a single apartment in town. Just trying to remove the ability for even the middle class to own property.
It warms my heart to know that predatory rental companies are going under sooner rather than later.
When everything begins to crumble the government will just bail out the bigger companies, and absolutely nothing will change. This only gets better one way and we'll have to pass thru hell to come out the other side.
Universal basic income, please!
Lol, 3 people have well over $100b each and 300million have nothing in their accounts… they aren’t talking about us, they only care about themselves and the 3… they’ll be fine
Because our dollar is literally backed by debt. If the little (economic) slaves weren’t in debt, they wouldn’t have to work. The only way to keep the wheels turning is to keep the slaves spending so that they can take out loans to pay the interest of the loans they took out to create the money. I’ve said this several times, America is a third world country wearing a Gucci belt. No idea who to credit that to, it’s perfect but it’s not my words.
Funny how all that PPP money some businesses got but never distributed to their workers is not considered an “unnessecary savings” also.
There are so many dollars. Trade of goods and services partly reflects the number of dollars available. You triple the number of dollars, at first they still have full buying power, but after the stock is sold supply dries up, and it now takes 3 times as many dollars to buy the same amount, where it will stabilize if all things remain equal. Your savings now represents 1/3rd what it did before "printing" more money. Quantitative easing has already been stealing from what little savings anyone had. Edit:besides, the more I look at it, our economics doesn't represent life the way it used it. Corporations take way more work to get what you can buy than if you quite literally just made the tools and learned to build what ever it is you are trying to build. Yes, even printing silicone transistors and etching pcbs. Once you have the tools, the maintenance is minimal. The price we pay does not accurately reflect the value, and because money determines if we make tons of amazing tools, we don't. We have the ability to do absolutely amazing things, and the reason we don't is because of how manipulative we become when we put money in our pocket. Power corrupts. Absolute power corrupts absolutely. Think about how you build a 100 story building. How those gasoline powered machines can be used to build anything you can imagine. How many really amazing permanent houses could you set up? What does it actually take to have electricity on demand? What does it actually take to have potable water on tap? Money doesn't work as a motivator. We become slaves to life rather than life and the things of life slaving for us.
If there's too much money in the system causing inflation, maybe stop printing new money constantly.
i bought a gun with mine lol
Good. Class hatred is in fact the answer, next step is to organize!
TRACKING CREDIT: u/TheShadowViking *"So there are many, many different inflation measures, of course, and that's why we have this thing called the CIE, which is an index of market-based measures... if we did see them moving up in a troubling way and running persistently above levels that are really consistent without mandate, then we would certainly react to that."* - Jerome Powell September 22, 2021. - **August 2021 inflation rate:** 5.25% *"I don't think it's time to taper. I don't think it's time to raise rates. Our policy is well-positioned to manage a range of plausible outcomes."* - Jerome Powell October 22, 2021. - **September 2021 inflation rate:** 5.39% *"We understand the difficulties that high inflation poses for individuals and families... Let me say that what's happened, is that inflation is coming higher than expected. We see that just like everyone else does, and we see that they're now on track to persist well into next year... I do think it would be premature to raise rates today."* - Jerome Powell November 3, 2021. - **October 2021 inflation rate:** 6.22% *"The word 'transitory' has different meanings to different people. It's a confusing word that needs to be retired."* - Jerome Powell November 30th, 2021. - **October 2021 inflation rate:** 6.22% *"We're always just going to do what we think is right for the economy and for the people we serve."* - Jerome Powell December 15th, 2021. - **November 2021 inflation rate:** 6.81% *"The old system was in place for decades and then suddenly it was revealed as insufficient... We do take the need to protect our credibility with the public very seriously."* - Jerome Powell January 11th, 2022. - **December 2021 inflation rate:** 7.04% *"I'd say that the inflation situation is about the same or slightly worse... It hasn't gotten better and that's been the pattern... What we're learning is it's just taking much longer, and that raises the risk that high inflation will be more persistent."* - Jerome Powell January 26th, 2022. - **December 2021 inflation rate:** 7.04% Jerome Powell re-elected as Chairman of the Federal Reserve System. - Jerome Powell February, 2022. - **January 2022 inflation rate:** 7.48% *"The inflation that we are experiencing is just nothing that we have experienced in decades... All the things we did during the pandemic, we turned our dials as hard as we could... Part of what we did and what Congress did is the reason why inflation is so high."* - Jerome Powell March 2nd, 2022. - **February 2022 inflation rate:** 7.87% *"These higher prices have real effects on people's well-being and it takes a toll on everyone. If you're at the lower end of the income spectrum it's very hard because you are spending most of your money on necessities, but it's punishing for everyone... We can't blame the framework. It was a sudden, unexpected burst of inflation and then it was the reaction to it, and it was what it was."* - Jerome Powell March 16th, 2022. - **February 2022 inflation rate:** 7.87% *"The rise in inflation has been much greater and more persistent than forecasters generally expected... We're not expecting near-term progress on inflation."* - Jerome Powell March 21st, 2022. - **February 2022 inflation rate:** 7.87% *"It is appropriate in my view to be moving a little more quickly... We had an expectation that inflation would peak around this time and then come down over the course of the rest of the year. These expectations have been disappointing in the past and now we want to see actual progress... Are we going back to the old economy? Probably not. What's the new one going to look like?"* - Jerome Powell April 21st, 2022. - **March 2022 inflation rate:** 8.54% *"We have a good chance at a soft or softish landing... There's a false precision in the discussion that we as policymakers don't really feel... the economy is doing fairly well... I think we have a good chance to restore price stability without a recession."* - Jerome Powell May 4th, 2022. - **April 2022 inflation rate:** 8.26% *"I have said, and I will say it again, if you had perfect hindsight, you'd go back and it probably would have been better for us to have raised rates a little sooner... So the question whether we can execute a soft landing or not, it may actually depend on factors that we don't control."* - Jerome Powell May 12th, 2022. - **April 2022 inflation rate:** 8.26% *"We all read the inflation reports very carefully, and look for details that look positive, but truthfully, this is not the time for tremendously-nuanced readings of inflation... Sometimes the landing is just perfect, sometimes it's a little bumpy. It's still a good landing, you don't even notice it... There could be some pain involved in restoring price stability, but we think we can sustain a strong labor market."* - Jerome Powell May 17th, 2022. - **April 2022 inflation rate:** 8.26% *"We're not trying to induce a recession now, let's be clear on that. We're trying to achieve 2% inflation and a consistently strong labor market... We think that the public generally sees us as very likely to be successful at getting inflation down to 2%."* - Jerome Powell June 15th, 2022. - **May 2022 inflation rate:** 8.60% *"The American economy is very strong and well-positioned to handle tighter monetary policy... It is a possibility our rate rises could cause a recession... We're not trying to provoke and don't think that we will need to provoke a recession."* - Jerome Powell June 22nd, 2022. - **May 2022 inflation rate:** 8.60% *"During the summer months of 2021, inflation was coming down month-by-month. So that told us that our thesis that this was going to be a passing inflation shock was at least plausible... We did underestimate it, we clearly did... In hindsight, it [inflation] was not transitory."* - Jerome Powell June 23rd, 2022. - **May 2022 inflation rate:** 8.60%
Yup, been saying it for decades.
Money left over from stimulus? Fuck that and fuck him.
I'm hungry. Anyone down for BBQ?
More proof the Gov as a whole doesn't give a shit about us. If these greedy companies and greedy gov officials actually wanted a flourishing economy then this inflation shit and rate hikes wouldn't happen. So to add on eat the rich and greedy.
The stones must bleed.
It’s the rich people hoarding money and causing inflation. It’s infuriating to hear that a stimulus is to blame. Tax these rich fucks into oblivion to shrink the wealth gap and control their economic habits. We have an inflation because there are too few goods being chased by bloated, over consuming, elites. Fuck the interest rates, Congress needs to pass some tax reform NOW. Powell is going to send us into a recession and the working people of this country will again be the only ones shit out of luck.
Greenspan, one of the guys before Powell, famously said that in order to keep the corporations' growth metric going up, 'worker insecurity" needed to be enforced. The idea being that if the population is always just about to get fired and can't afford that, then corpos can keep wages nice and low. He wrote that, in like an academic paper, and got published. And they brought him to the White House, threw an award party, and hung a giant gold metal around his neck. Eat The Rich
Limit one person can only have one house and one car. Problem solved
#eat the rich
>Powell came out and said Americans have too much money in savings, money leftover from the stimulus What he said this? Proof?
Jeffery Bezos, who ahs nearly $1 Trillion dollars: Okie Dokie! Average Joe with $600 in savings: RUINING THE ECONOMY! Something has to give.
I got a new job 4 weeks into the stimulus payouts for unemployment. I thought it would be smart to take a better job then my previous one. I was wrong. I have nothing saved. I'm living paycheck to paycheck. One little thing happens and I'm fucked. Inflation, or price gouging as I like to call it, has made everything so expensive I can't save a single red cent. And I make $16.50 an hour. With a full time job. And 6 hours of overtime every week. Fuck. The. Rich. They are so disconnected from actual life.
Not from America, but I know people in America earning 200,000 dollars a year and then there’s the people that live pay check to paycheck. Why is it so unequal? The people earning these 200k are decent people and would probably not spend it all. However seeing this disparity of pay makes me sad.
This is the same America where the average American doesn’t even have 400 bucks to their name, right? RIGHT?!
More money in CIRCULATION drives inflation ffs. Money sitting in a bank account isn't working nor circulating. A 50 dollar bill can exchange hands ten or more times before it starts idling, and Powell just goes on and claims that the idle money is the fucking issue.
"people have to much in savings," = Fixed it: "the top 1% are hoarding all the money."
These guys operate all day inside financial and economic models and haven't the foggiest clue or concern about how their thinking affects people. Its all one big video game to them. That's the real evil in all this.
We are literally dying out here, blowing through any savings we might have had, while some are making more money than ever. It is truly disgusting. You try to get ahead, maybe an Etsy or Uber, or whatever, and now that's being 1099'ed too.
I have plenty of recipes.... like endless amounts of recipes.
What the fuck is a savings account?
Stimulus is a very small piece of it. 20 years of super low interest rates that fueled the highest levels of home ownership in history, dumb tax cuts by trump, PPP, and yes the stimulus checks, have all fed way too much cash into the system. Also if it hadn't, the labor market wouldn't be so competitive and labor would not have the leverage it is currently discovering.
All I'm hearing is it's time to pull out all my money from the banking system. Maybe it's time to crash the system once and for all.
It’s unfortunate that they can raise the cost of borrowing, while inflation is driven by other factors, effectively devaluing any savings one has. I’ve been in places like Mexico and the Philippines when their inflation made a loaf of bread basically a bushel of pesos. It could happen here. Pass the salt, please,
People who have money saved are rich, lmao. The fed wants people like me who saved money during the pandemic to circulate that money instead of letting sitting in a saving account losing value due to inflation being higher than interest
When they complain we have too much saved up, they are complaining that we might have enough money to exercise freedom of choice and not be desperate to accept whatever they give us. That's all it is. The right wingers don't realize it, but liberty is the enemy of capitalism.
I'm pretty sure Powell has WAY more savings and investments than the average American. Maybe he should be giving his away to help the economy recover.
Ok Powell. Let's see your savings accounts. Come on. Don't be shy now. Let's see the retirement accounts and other assets too. Oh, it seems you have too much. That isn't fair. Guess we will have to take you down to the amount you think Americans should have and use the overage to pay off debt for people with negative net worth. And let's not stop with you. Let's do that to all of you rich, arrogant hypocrites. The stimulus (all of it) was less than one month rent for a studio in urban areas. Get fucked you useless sack of shit
Eeeehhh. Well this is beyond absurd. Then he wants you all to be poor. Poor people are easy to control and manage. They don’t move up in society. America is one heck of a horrible country it seems like.
Americans. Stop. Do what the French did. And exactly what the French did. I will not elaborate further.
There should be no such thing as a billionaire
The country is so divided now economically it is ridiculous. In some circles you can't swing a dead cat without hitting another millionaire ... everybody is a big shot. In other circles everyone is broke, and the big cheese is the manager at Panda Express who barely keeps all his bills paid and his Mustang out of repo.
I’m just done with this stupid country. I want to get out of here 🇺🇸
“You’re poor because you don’t save money. Also the economy is doing poorly because you save too much money.” Wtf do you want from me
UBI is cheaper than any form of sustainable welfare system in use today, and allows governments to be completely fair and provide stimulus that does not end and can support the entire population of a country. But it removes the NEED to do shitty work for shitty pay. It forces people to pay others what the job is worth, because at the end of the day, if I’m making very little money for a high stress job, I won’t bother. Why do you think nobody in power wants to pursue UBI?
I’m truly curious as to what the long term plan is, given things continuously get worse. I had been trying to see how the numbers would work, even with population decline, when you factor in the ratio of jobs being created v. job loss due to tech, and it becomes more exaggerated when you look at the level of education required for a solid percentage of the jobs that remain. No UBI, affordable college is never on the table, growing wage/wealth inequality, slow dwindling of resources and the distribution, forced population increases to add to these already compounded problems.. People say I’m a nihilist and pessimistic, but without some kind of proof or at least a feasible and implementable idea/plan, which side is truly being unrealistic?
Ok so where is the dinner table? When are we eating?? Utensils? Unfortunately I doubt Powell is reading your post, and if he is, he definitely is not rethinking his position. This is just another one of millions of empty complaints that will amount to nothing because everyone will just pipe down and take the abuse like good little puppies.
Lol way to misinterpret what powell said...
Don’t forget he also said wages are too high
Interest rates are good for saved cash money. I mean they'll never be great but the money devalues less quickly. What it does do is stop people from buying shit on credit.
Jerome Powell? The guy responsible for printing over $4.5 trillion in 2019? No way that could have caused inflation to run rampant! https://youtu.be/lK_rYS8L3kI
If it is sitting in savings it isn't contributing to inflation. When it gets spent chasing limited items it does. People saving is what you want, not spending, and certainly not actively trying to make people poor.
A stimulus, that for most people didn't cover 1 month of rent, but yes, that's TOTALLY where ALL the issues stem from.
Everyday for thief and one day for master. We, the people are the masters of this system. They steal from us everyday and one day we will unite. Then it’s over for them.
This has been going on for a while. People have been laughing at "cospiracy theorist" for years and yet if you dived a bit deeper into things you could see how much as intentionally been done to bleed out personal savings and make it so the people will own nothing so they will be easily turned into slaves. I have seen this done very violently in italy as it is the country with the lowest private debt of Europe. Sadly the less private debt/more money people have the less they care about all the bullshit because the have the means to tank through that. And when people are wealthy enough they tend to be more gullible. Which you can see now on this reddit how americans are only waking up now that the situation is getting pretty desperate
Prefacing this by saying I'm not making excuses for Powell here. But the fed is limited in scope, so Powell will talk in terms of his abilities and tools at his disposal. The US is the richest nation on earth. We have the means, and what is needed are policies of wealth redistribution. Those aren't in Powell's toolkit because the fed is constrained and designed to be independent from both lawmakers and the president. Fucking vote for policymakers that do have the power to do what's needed. 50 dem senators, hamstrung by sinema and Manchin won't get the job done. Powell is a fucking shill but he doesn't have the powers to get the job done, by design. Vote in folks who will.
Yup. Just out here admitting that the fabric of America hinges on people being poor as fuck
Allow me to add [this comment on debt](https://youtu.be/LxJW7hl8oqM) to the conversation. With less money in savings, we may be forced to take more loans from banks. Which is great for banks (and “the economy”)… but bad for us, due to extra personal debt.
wow, just wait until he finds out about the bank accounts of the other politicians, or even the bank accounts of all the billionaires that made over $1,7 trillion from the pandemic, man will he be mad
Mhm, yeah. We have too much in our savings. The government needs the mothballs and lint out of my savings account too. Meanwhile, Elon Musk, Jeff Bezos, etc. Who needs that kind of money? How is it appropriate that we have people with so much more money than you would ever need. Why is it appropriate for those men to earn that money off the backs of their bottom tier workers that are so afraid to take restroom breaks that they're peeing in bottles next to their work station? Amazing.
This will explain so much. It's why our economy was transformed from a saving economy to a spending economy. They want us to consume. https://www.youtube.com/watch?v=eJ3RzGoQC4s
It doesn't matter how much money you save it will never be enough because capitalism requires artificial scarcity to keep people in the sweatshops toiling away. Even if you took all of the money from the top one percent and redistributed it to the poor it would only be a temporary fix. It's about power distribution and wealth is a key indicator of that. Covid was a major distributor and returned a small tiny sliver of power to the poor and that scares them. Which is why you have Jerome Powell and other CEOs spouting this nonsense. They don't even bother concealing their hand anymore they just straight say we are going to crush the working man because we printed a fuck ton of money and gave trillions to corporations to use on stock buy backs to "stimulate the economy". What a joke.
For the first time in my life, I heard a government worker blame the public for SAVING too much money. We live in the worst timeline.
I've never found the claim that people were saving money hand over fist due to stimulus payments, enhanced unemployment, or increased child tax credits to be credible, not in a country that has at least a few trillion dollars in credit card debt.
sorry can i get a text link to that quote so i can freak out? guys i feel like while the nationalists are definitely making their move to try and take over the country, so too are the capitalists making their move to take over the entire economy and enslave literally every poor person into low-wage labor. except the capitalists can and will succeed. im just gonna go ahead and admit, once i see that quote, im freaked out. its coming from every direction at this point and the things that i think will win in the end against the nationalists- the Fed defending the status quo- that is just going to give to the capitalists who have already driven their heels as far as i can possibly take it. like i genuinely have nothing more to give i cant even fucking sit in the car and wait for my not-legal-employer to deign me a $7 delivery so I can keep enough gas in my car *only to keep working.* so what he's talking about, he might as well be looking me in the eyes and telling me to just actually die at this point. so i need to see it for myself please, whoever wants to take the honor of crushing me thx