Sen. Elizabeth Warren (D-MA) questions Federal Reserve Chairman Jerome Powell about the impact raising interest rates will have on working Americans. #CNN #News
I'd like to do his job. He has only one tool in hand but he sounds like he can fix anything with one tool. Im a plumber who needs much more tools to fix a simple water leaking.
He likes to give out a whole bunch of economist jargons so nobody can understand what he is talking about when he could have made it easier. The fed just either raise rates or lowers them, print money by buying treasuries or sells them. That’s pretty much it.
I wish I was a politician (actually no I dont). Even better than having one tool to fix every problem, you get to say you CAN solve any problem by simply saying what the outcome should be. Powel as the plumber gets to say, I have the one wrench to fix it. Warren as the plumber simply gets to say, fix it and if you do its because of me, but if you don't it's because of you. Unreal, does the show ever end.
But the Bible says that in the end of days, Biden and Harris and all the global leaders called globalist will make $300,000,000,000,000.00 of global debt go away before Biden leaves office.
The FED "moderates" our economy so that the wealthy don't lose any money, so that the wealthy do not have to pay any taxes, so that our government keeps pouring our tax dollars into the wealthy's "business" endeavors, aka corporate welfare. What ever happened to our Free Market Capitalism - do you understand the word "free" as it is applied here, gentlemen? Whatever happened to letting the "American Dream" breathe and live again? Stop suffocating the American people and their dreams.
but dont worry, AOC is on a mission to save us all! By using words like Latinx we are being more inclusive and gender neutral. These are the real issues that we should be talking about. Thanks AOC for shinnying a light on the major issues in this country.
The Fed: We need to raise interest rates pay no attention to the fact of us doing everything we can to prop up Wall street and transfer money from the working class to the rich business owners in the form of bail outs and buying bonds so they can in turn use said money for stock buy backs to enrich owners and investors.
Low interest rates boost wall street. When wall street can borrow at 0% to buy stocks on margin against what they already own, then stocks go up b/c there is more money for the same number of shares. Raise rates and the margin bets need to make more than 0% to be a win.
Everyone acts like they know what they're doing or how to fix all this. They don't. Prepare people.. if you haven't started, don't wait any longer. These people don't care about the average American, just whatever sound bite they can put out to make it seem they care so they can keep that cushy job.
@@michelerocks167 👌🏼👌🏼👌🏼. Yeah, they are both financial geniuses. You should learn the difference between being emotion and factual, in special regards to the economy.
@@thebeautifulmanclub3790 hey Trumper, fact is Elizabeth Warren has written numerous books on finances/bankruptcy, so don’t worry about my emotions, my statement was based on facts, which is something you wouldn’t recognize unless it came from a Cheeto!
The fed waited months to take action on inflation, inflation started around sept 2021 and they didn’t start raising those interest rates until feb 2022, their inaction made things worse it’s too late now even if they do get inflation under control we’ll already be in a recession
recession is when people recesses 100,000s of business owners across america would say consumers pulled back 4-6 months ago this is very typical news says pending recession but already in one , then we are experience a mild recession but were in a major one
I think one misconception here is people seem to think the economies work like on right wing and left wing philosophies. They don't yes either side can boost and damage an economy but they aren't the end all be all
Yeah its when they BOTH get together and vote for a multi trillion dollar stimulus bill and the president simultaneously shuts down oil pipelines and oil leases in Alaska and the Gulf of Mexico.
We should put people in charge who care about the economy and not pronouns. It reminds me of when Ayatollah Khomeini said “economies are for donkeys”. The pronoun police are just as stupid as those barbarians from the Stone Age.
@@bidenssugardaddy6098 the keystone XL pipeline was 1 never finished and 2 intended to move Canadian oil from Canada to the Gulf coast so that it could be exported.
@@91gold91 well 1: its now not gonna be finished because it was fully shut down by this president. And 2: it was meant for domestic use and would only be 1 year away from completion right now instead of 18 MONTHS BEHIND SCHEDULE BECAUSE THIS PRESIDENT SHUT IT DOWN ON HIS VERY FIRST DAY IN OFFICE. Plus last month he rejected two new oil leases in Alaska and the Gulf of Mexico. We should TRANSITION (key word) to green energy. We just got out of a two year pandemic and people don’t have $50,000 for a electric vehicle right now. Instead this president (for whatever reason) is shutting down oil leases and blaming putin for 100% of the problems.
Interest rates have been absurdly low for way too long. Personally I would like to see rates in the 4% range for simple savings and higher for borrowing. There is nothing crippling with a 6-7% mortgage rate. Frankly, higher rates would help curb the runaway housing market by making it more expensive to borrow for a mortgage, thus reducing the amount people could pay for a house, which would, in turn, put downward pressure on all housing prices (purchase and rental). Higher rates would also force people to be more responsible about borrowing. These days people are way too dependent on borrowing to finance their life styles.
I'd LOVE to see everyone educate themselves because we own everything, literally EVERYTHING. That's why this is happening, buckle up, reality is upon us. Sad it had be this way, sometimes you can't tell people the truth,you must show them, only at the precipe will they find the will to change..
Unfortunately the US spends so much that if the interest rate rises, they can't keep borrowing. They borrow money to pay back the money they previously borrowed. It's a ponzi scheme. So basically they have 2 choices. Save the population from inflation and default the government (which would cause a worldwide depression) or let inflation run hot and use the printed money to pay off the debt (which screws the population). Those are their only choices. They have spent us into oblivion promising everyone so much each election cycle.
2:00 “when money is more expensive they’re less likely to do that, right? Isn’t that what you just said on asset pricing?” No, that is not what he just said Senator Warren, and certainly not in the context of asset prices 🤦♂️.
@@debfo33 We are taxing those profits. Just like every other company. Including ones with much higher profit margins taking even more profits from consumers.
@@clifford629 Not true, most major companies with record profits pay less in taxes then my son who makes $40-50k a yr. They buy back their stock to raise their stock gains.
Powell was late to the party w/interest rates, so what happens now with what would have worked fine if timed properly will be sort of like putting a different lens on a camera - we'll just have to wait and hope!
The Biden regime would not allow them to hike raters in the first year of bidens term. The only reason they're allowing it now is the fact that now were on the precipice of one of the worst economic disaster of our lifetime
Interest rates are still way too low, still close to zero. It's overdue for correction for years. Decades long zero interests is not medicine. It's addiction. Stop stealing money from savers and retirees to subsidize bankers and realtors, senator.
@@jvhee If zero interests for 14 years couldn't fix the economy, it clearly isn't the right remedy. Yes, retirees and savers are better off with some fixed income. Raising interest rates a few years ago would've been painless when DJIA was hitting record high every few weeks, but these people prefer to fly high and crash hard. So be it. And it won't be a decade long depression. Unrealistic stock and real estate valuation was what caused the recession of 2001 (also 911 in 2001 but unrealistic valuation was the root cause) and 2008. Get real.
@@kwokmanchung To really improve the economy we need better Presidents and less idiots in Congress, obviously. But to attack zero interest at a time before 2020 when there was no problem with inflation, makes zero sense to me and most economists...
@@jvhee Zero interest rates was put in place as a stimulant. A stimulant used for too long is an addiction. They were forcing savers and retirees to deplete their hard earned savings to temporarily stabilize the economy. It's immoral to keep stealing from savers and retirees once the economy is stable. They kept on stealing even when DJIA was hitting record highs. At the same time, low mortgage rates kept the root cause of the 2008 recession alive and kept pushing property prices up. That hurts everyone except the rich people who have many properties. It doesn't only make sense but is also necessary to raise interest rates once the economy is out of the woods. It also prepares for the next downturn giving you some means to stabilize the economy.
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Powell is not doing this alone, he has a lot of smart people working with him. Inflation, if not controlled can be devastating to a whole economy and cost many more problems including high unemployment. If people would only buy what is necessary the supply chains could get caught up. So the only alternative for the Fed is to raise interest rates to slow down demand in general. Part of the problem is energy costs and that is driven by Putin’s war.
Exactly, Elizabeth Warren is thinking about her chances for election...Powell is worried about the credibility of Fed, that credibility is most important and if lost will definitely lead to big recession
@@Jay-dm4id I guarantee you that Elizabeth Warren would be sitting in that Fed team if we didn’t need her to remain in the Senate. She is well qualified to speak on the economy without being considered for reElection. She created the Consumer Financial Protection Bureau before she won her seat.
What's the problem here is corporate greed record profits its outta control with corporations nobody talks about record profits for them the rich get richer and everybody else is screwed I don't think capitalism survives this
I agree, American Capitalism is all greed! Not one of these companies understands what being patriotic is. Pay your employees a livable wage in return they drive the economy! Not 10 board of directors hoarding generational wealth!
Capitalism will be just fine, because it’s the fairest economic policy ever created. Capitalism has helped more people rise out of poverty then any other economic theory. Name one economic theory that is more fair then capitalism and one that has helped more people out of poverty and into the middle Class then capitalism has. What’s killing our economy today isn’t capitalism, capitalism is the reason why our Economy hasn’t completely collapsed. As bad as it is now, it could be a lot worse, we could be Venezuela or Cuba, or China, we could be like how the Soviet Union was at time it collapsed. What needs to happen is the government needs to get out of the way, cut regulations and cut business taxes opening up more money for investment and growth, which in turn creates jobs. Lowering unemployment rates adding total amount of tax payers, increasing tax revenue. You have to let the market do what the market does, stop trying to micro-manage business, that’s what killing our economy, GOVERNMENT INTERVENTION is the problem. People like you want more and more of it. SMH I’ll never understand why people want the government to control more and more aspects of their lives. Or why people care so much about how much money rich or wealthy people have. It’s none of your business, worry about yourself and what you have. As long as I am happy, I have a home, family, my girl, my health, my FREEDOM, I have enough food, I have things for entertainment, my dog is happy and healthy, I don’t give 2 shits that someone has a billion dollars, they didn’t steal it from me or anyone I care about.
@@elmosweed4985 Biden is a worthless president and has the power, NOT TRUMP. Biden has created this mess with his policies and even admitted on the campaign trail and the debates he was going to tear down the Oil companies even if it means higher gas prices so we can go green. Biden and NATO stopped oil production and relied on Russia for oil, then provoked Russia and Ukraine to Fight by offering them NATO membership when Russia has specifically said for decades if they try and expand NATO to Russias border they will retaliate while sanctioning Russia to the point we pulled every business out and even block their Tv and news. Biden and the NATO leaders are garbage and evil. They wanted this war and recession and they planned it for years.
S&P500 Net Profit margin is 12%. It has been 10% for the past 7-8 years. That means increased Profit margin accounts for at best 1/3 of rising prices. And odd argument that suddenly corporations are greedy.
Powell is between a rock and a hard place. He doesn't want to replicate the Volcker Shock of insane interest rates, but the tools of the Fed are really blunt and indelicate instruments.
I usually like Warren but I think she went on an attack here that may not have been warranted. Powell AND Yellen AND the 1.9T stimulus are on Democrats. I feel like she is not offering the other side of what happens if we allow inflation to continue out of control unabated. This is not a simple issue where if Powell does X that is bad for the little guy. If a box of pasta costs $7 that is also bad for the little guy.
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Yeah, I like Warren but this feels like political theatre more than anything. He’s between trying to fight inflation and easing us into a recession that’s coming no matter what. Or just making the bubble even bigger and waiting for it to pop
He should read up on MMT. Start off with, THE DEFICIT MYTH, by Stephanie Kelton. Raise taxes on large corporations and billionaires, don't count on their souls, they don't have any.👵🧐
According to MMT, giving people huge sums of money wouldn't cause inflation. The Covid stimulus checks, and resulting high inflation, has proven MMT to be a false theory. Why read up on something that is totally wrong? He should ignore anyone who espouses that well debunked theory.
Any believer in MMT is a nutcase. It actually calls on the central government (democratic or authoritarian) to have BOTH fiscal and monetary policy powers (the ability to BOTH spend and print money). That's a recipe for disaster because the central government will deliberately set both policies to get lots of money in the hands of everyone to maintain power, which will likely trigger hyperinflation.
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Having experienced ups and downs in economy during my life, what I think is causing the inability to control economic fluctuations is the change in corporate goals and philosophy. Regardless how one judges the moral integrity of capitalism, during the middle decades of the 20th century, there was progress toward controlling monopolies and robber baron tactics and a push toward companies being a part of a community. That has vanished in the past three decades. I would never argue that businesses in general are more concerned for the community than for their revenues but American Business up until the late seventies depended upon the communities for their own fortunes. With the corporate mindset of pursuing profit over commitment to a community, lobbied politicians have created laws that favor corporate greed. I understand a business person wants to make money but when you look at the most respected businessmen in the world I think you will find they are the ones who are philanthropic and/or understand capitalism cannot survive without supporting the class that creates its goods. If workers cannot afford what they themselves produce the economy goes out of control. Today workers are more often than not unable to unionize and the desperate need for jobs in general causes workers to accept conditions that in the end may even be suicidal. Do we want a capitalism run by people so out of touch that they thank their overworked and underpaid employees for the toys that take them into recreational space flight?, Or do we want a capitalism that supports the people that make it work. Think of this when you vote and remember that you may be able to choose between someone who just wants to line their pockets and voice lobbyist rhetoric or you can choose someone who really gives a damn that the majority of America's workers are now living in poverty.
Of all the social, economic and government systems, such as Feudalism, Socialism and Communism, Capitalism has been the most successful, Even the Chinese Communist had to resort to capitalism to save their government.
Nah, you'll actually know who we need more of when you see the cold hard truth. Life's not even supposed to be this way,not at all. It's insane people think a mob syndicate is a GOV and that a small group can control EVERYTHING. We are the native Americans they robbed. Buckle up gonna be a wild summer, I'd seek Jesus,only at the precipe will y'all find the will to change.
@@deborahfreedman333 Both of them fight like hell on behalf of the working class. You have clearly never watched Katie Porter take on price gouging Pharma company executives who's price gouging is really harming the poor and the elderly. I wish their were 500 more like her in Congress fighting for people like me.
What do bribed elected officials do when corporations are forced to raise wages to find employees? They allow the economy to tank into recession to put people out of work and force them to accept lower pay.
Why is it up to this man to fix the economy, well try and if it fails badly does he get the blame, of course not. These bureaucrats just make me sick, Reserve chairman, most likely on 100's of thousands a year, but these big increases in interest rates can push people out of there homes. The government should have some input in these rate rises, as they will be blamed for them. When are they ever happy, oh people are sending to much, can't have people with money to spend, better stop that.
It also caused the recession of '74/'75 and although a political success, it was an economic disaster. The dollar lost about a third of its value in one shot.
What's the difference if they cap prices now, Cliff? We are going into a recession and prices will still continue to climb. The housing market will be unaffected by the interest rate increases, since most home buyers are investors passing on higher payments to their renters in higher rent.
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The only thing sharp about her, is her tongue. She's dead wrong here. Inflation, due to giving out Covid relief, must be tamped down. Raising the prime rate is the only tool the FED has, to do that. Maybe, with higher interest rates, the housing market will cool down too, and people will be able to afford homes and rent.
You do know interest rates has to increase to curb consumer spending/debt load. The Fed is doing the right thing. It’s the uneducated Congress & career politicians who are wrong !
There's a reason why Fed isn't beholden to Congress or the president, because those 2 do things that will serve their immediate political benefit & upcoming election. But Fed must act towards what is good for the economy in long term even if it gives a small temporary suffering. The high interest rate by Volcker of early 80s, brutal recession that followed it for a year, then the subsequent stable 2 decade long economic stability is an example of that
COLLAPSE OF THE US Economy is coming. BLM Biden's laptop matters. The Taliban and Cartel are infiltrating the country through the southern border. THIS IS just diversions. focus AmericA. Look at US diesel fuel levels. Our fuels is being sent off shores.🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩
We should have had one during Trump's term, but he kept publicly putting pressure on the Fed to keep interest rates low. His tax cuts for the rich and corporations kept the stock market artificially high. What worries me is that the crash is going to be worse than it could have been.
While you’re all struggling, remember Biden’s son was making $80k per month from a Ukrainian gas company. The dems said this was not suspicious at all, let’s see how many of you can find a job that pays you $80k per month to work from home 😂😂😂
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Covid relief bills came from Congress, not from the Federal Reserve. Yes, they were too large and caused a lot of inflation, but they weren’t the sole cause either. A lot of it was the shutdowns causing demand reduction, which led to producers cutting supply as well as a reduction in shipping efficiency/volume, and now they’re struggling to ramp it up (especially oil production) all at once, creating shortages. Paying people an extra $600 per month not to work also destroyed the labor market in certain industries. Some think that’s good because workers can demand higher wages, but they don’t stop to consider that most small businesses don’t have the profit margins to pay more, which is why many (especially restaurants) are closing and/or drastically shortening hours and/or laying off workers. The big companies can absorb or pass on wage increases more easily. So really, these people are actually helping the big companies at the expense of small businesses and workers.
So, if you have the money to spend, the higher rates will cause those people to wait. What about those who are just getting by and trying to pay off debt from the covid down time, who now cannot afford the higher rates? Bankruptcy? Is that better?
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@@richyrich3231 you’d have to be in a position to shop for items affected by inflation. If you are paying higher rates to hold onto your home, vehicle, or took out loans to survive Covid shutdown, you may not have funds to purchase even necessities. In this scenario, you are not experiencing the inflation. I don’t think many people understand how many families do not “shop,” for groceries, much less anything else. I have personally experienced the choice between making a mortgage (much cheaper than rent) payment and buying food or other necessities. While in a better position now, I still do not grocery shop so I don’t feel that inflation. I retain a vehicle, but choose to walk. I am fortunate to grow most of my food needs. That is far from the norm or even a possibility for so many. I do feel the higher rates, though. They disrupt a very carefully planned budget of recovery, following Covid.
If voters watched any of these hearings, they would be shocked that they voted for some of these legislators. Both parties have people totally unaware of how this government works or what their job is supposed to be.
Not to mention how these politicians are completely clueless of how the American (including Intl, federal, state, municipal/state/city) economy works ! Totally Dumb which isn't bad as one can obtain that knowledge, it's the sheer irresponsibility, and shamelessness of choosing to go and blame aka politics (both god darn useless parties and not to mention career politicians... I mean one has to be soul less to stay in any govt seat for soooo long ...and be soooo dumb ... And academically educated at the same time ) . Hahaha hahaha hahaha 😂😆
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@@daveh322 Lol! that's why you support and vote authoritarian, - It's like you right wingers like to warn about the dangers of socialism so you have to support fascists. You folks paint yourselves in a corner with every political move. Look at the mess this country is in and the rightwing is only concerned with sodomy laws! - the jokes on you pal.
It’s been recently stated that this recession is already costing most households $500 more/month on top of rising costs in every sector! They wanna raise rates without offering better pay!💰
Firms did raise wages actually. Businesses are seeing wage inflation in their expenses due to increased pay b/c of shortage of workers. Employees definitely took advantage (rightfully so) in demanding higher pay and Incentives. Hopefully the businesses that can eat the higher Expenses and ride out lower profitability keep employees employed and don’t lay-off. But it’s usually not the case.
I think a better message is we should not have an economy that so much depends on usury and debt to thrive. More a production economy instead of a consumer economy is in order.
The legalization of monopolies , price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair. Usually, this event occurs after a demand or supply shock. Common examples include price increases of basic necessities after natural disasters.
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Nah, she just wants air time. Look how her wrong headed diatribe achieved that goal. Inflation is hurting the people. If she really gave a damn about the people, she be applauding raising the prime rate.
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When has the Federal Reserve concerned itself with the average American family? Never. Rather than address the real reasons of short term price gouging, poor anti-monopoly enforcement, stimulus’s that just resulted in stock buybacks and many other pro business deregulations, we hurt the one time in history when labor forces were able to command higher wages and better employment options. When wages increase it leads to inflation but when corporations or CEOs have massive profits nothing deleterious happens. Hmmmm.
Why are you ignoring the fact that the stock market began crashing, because companies posted quarterly losses, because they refused to "price gouge" enough to keep up with inflation. The economy isn't as simple as you are.
Man, get a clue. As pointed out, stocks have been crashing in direct response to Fed action. But, sure, you don't like what they're doing and want to keep wage pressure high. This is a major driver for inflation, so is it fair to say you don't care as long as wage pressure remains? And, no, inflation isn't really caused by corporate profits, and you can do the math yourself. Doesn't mean large profits don't carry problems, nor that they should be ignored, but you're barking up the wrong tree.
The cost of a barrel is no different than 10 years ago and yet prices have risen because they are controlling supply through refineries. Youre the ignorant sheep. Insult me all you want, but you still going to end up in the same shithole that your Republican masters want you to live in. I hope you get everything you ask for.
Um OK … houses went up 21% in one year, permanently making them unaffordable for many people. I really don’t see the logic in the Senators argument. 5+ percent really isn’t that high in the grand scheme. It was 11%.
The argument of Senator Warren is that interest rates cannot continue to grow up without crashing the economy. Which means high unemployment, stagflation and less investments.
This rate hike will result in more housing shortages which means the prices will remain out of reach for millions of families. Homelessness will increase. These idiots don’t care about the poor.
The simple matter of those workers were slow to return to the market place, partially due to Covid, partially due to government subsidy, and partially due to demand for higher paying wages. Unfortunately, the accumulation of these ideas has consequences as well as positives, however, the buck has become due and there’s no avoiding it.
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I think the fed reserve did prop up the economy for a little too long and now we're paying the price, but I also think currently the fed reserve is doing the right thing by raising interest rates.
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The fake Indian is worried that the costs of borrowing by the Federal government are going to go up; and that will make it impossible for the Dems to buy votes with more "free" stuff. Inflation is the proof that nothing is free.
So EW, if I understand you correctly, are you saying the fed should not do anything to curb inflation? This is economics 101. When you raise rates, it slows spending, thus reducing inflation.
If only business actually borrowed and or used profits to invest in increasing production or pay staff better wages rather than just buying back their own stock, driving up eps and paying huge bonuses to senior executives...
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Just get it over with. We all know it’s coming. Yea it’s going to be painful and no one likes it but it’s necessary. Everybody likes it when rates are zero and the fed printing money, plenty of jobs, economy is great, backed by the printing press from the fed. But when the fed raise a bit of interest rates to fight inflation she worries about unemployment going up. Yes it will go up unfortunately if he raises rates even more and it’s already happening, you can’t have it both ways. You either get high inflation or high unemployment, pick your poison. This is where are at right now. that’s the reality we are facing now. On the bright side, after the entire economy is cleansed of all these toxic waste there will be opportunities for new industries to be born and new economy. Just believe in free market economy. You have to clean out the old toxic junk in order for the new generation to grow. This is the cleansing process and it’s not going to be pretty. Just swallow the medicine and get it over with. This is the price we have to pay for all the reckless government spending, welfare, not living within our means, reckless spending taxpayers money etc.. The bigger question is when will congress realize they can’t keep borrowing and spending money they don’t have. The day congress realize that, it’s the beginning of progress.
"Getting the labor market back in balance." Yeah, but putting people out of jobs. This round of inflation isn't caused by normal factors and won't be fixed by normal measures. We may get all the "side effect" and none of the benefit.
She was right on. I do not think this inflation problem stems from demand side. Even if the rates were lifted sooner it would not have addressed the problems of oil, food, and production of goods that we lack. He throws out terms like supply and demand and moderate balances. But, imo this is wrong in this situation. People just want basic things. He doesn’t need to raise rates to bring it all back in balance. We simply need more housing, food, fuel, vehicles, appliances, etc. Raising the rates hurts the production imo. Destroying demand by raising the rates doesn’t solve the problem that people still need these goods they can no longer afford.
Don't worry. When it comes time to decide COLA, the cost of living adjustments for federal pay and Social Security..... Inflation will magically go back down to under 2%.
Two parts of the equation We owe the 1% for car loans, credit cards, etc. Our debts are their assets. That collective debt is about $2 trillion 1. Inflation of 8.6% will cost them $172,000,000,000 One hundred 72 BILLION dollars in a year 2. Raising interest rates recoups some of it, keeps us from borrowing more (lowering their risk), and it retards investment so they have longer to pick the bones
10% inflation on the other hand wouldn't hurt me much at all. 10/12 months is .733 So for every hundred dollars that I spend today, I will need another $0.73 cents in 30 DAYS If I can't MAKE more money I'll have to shave $0.73 off my budget for every $100 I spend in the NEXT MONTH Replacing one stick of butter with margarine in a cookie recipe that calls for 4 sticks will save me that much - I can BUY DOWN $100 worth of inflation easily
Your explanation is realistic and straight to the point. This major dump is quite hurtful and a disaster for holders but on the other hand there are many ways of manipulating the market. I am glad as a smart investor I am putting my hard earned savings into the most. Don't just hold you'd regret it, better said the only transparent market there is day trading. Big thanks to Mrs Clara Greens for helping me gain over 7BTC with her method lately.
The interest rates should have been raised a while ago. Slowly as the economy was recovering from the pandemic. The longer you wait the worse is going to get.
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I don't know what that senator is thinking, but interest rates are the main tool that central banks all over the world have to deal with inflation. The market expects the Fed to increase interest rates, and it's pretty clear that most economists agree that's what needs to be done.
It's almost like keeping a Trump pick was a bad idea. "Two job vacancies for every person looking for work." A political catchphrase that completely ignores that jobs require qualifications. Powell is a pro big business/pro ultra-rich republican, period.
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Well there is no absolute answer here. The ongoing challenge of balancing the economy is just that , a challenge. They had to raise rates, no if ands, or buts.
The problem is how much they are raising rates so quickly. Trump kept pressure on the Fed to keep the rates artificially low in order to gas the economy. Now they are stomping on the brakes and yanking on the emergency brakes at the same time ¾ if a prevent is a huge increase all at once, especially when they had just raised rates ½ of a percent a month ago. Raising rates so much s ok fast is likely to trigger a recession.
“In the labor market, as you know, you have a situation where there is a shortage of workers. There are two job vacancies for every person who is actively looking for work. So, part of this is to get the labor market back into balance.” Time out. Did this guy say that raising interest rates will essentially pressure poor people to take the jobs that people clearly don't want (isn't financially viable for their family, crappy working conditions/hours/benefits, etc.)? Cause that's what I heard. It's not the worker's problem that the companies aren't lucrative.
The Fed: Well, we have this hammer. If you squint hard, close one eye, and stare through gauze, doesn't the current situation start to resemble a nail?
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We are talking about economics here. Just because raising interest rates worked against stagflation before doesn't mean it will work this time when corporations are price gouging. Ceterus Paribus is not happening here!
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Looks like things are heading towards depression , they don’t want to admit that we are already in recession, I think about 2008 , same situation are happening now
She remembers Chairman Paul Volker. Times were good after that terrible dose of medicine. Reagan didn't want Volcker policy, but it drove his bullish economy for several years. Economists are number driven. Right or wrong, it was hard for Chairman to relate to social aspect of what might happen. I still respect and admire his knowledge.
I dont bow down to foreign bankers like The Federal Reserve. Your literally watching your govt BEG kiddo. To foreign owners. I remember Ben Bernake telling Mariah Bartilomo that the Fed CAUSED the first great depression. And they are FORCING another one. I remember 70 cent gasoline and 70 cent smokes. Only 40 years ago. What that MEANS kiddo is that prices have doubled 5 times in 40 years. Your money buys 5 times less than JUST 40 years ago. Thanks to the Federal Reserve printing USD into the dirt.
@@randallmadison9910 In what way? I WITNESSED the Bernake interview where he almost rolls his eyes walking down some hallway filled with busts and then Ben sighs, then Ben grudgingly ADMITS The Fed caused the Great Depression itself. So ALL those food lines, the unemployment, the poverty of MILLIONS of Americans stopped when the Fed decided to rain bread from the heavens again, didnt it? Can you say balderdash to the FACT that bread rained from the heavens after they STOPPED crashing markets and stealing grannies pensions for a few years?
At present, the problem of raw materials should be negotiated at the source side or find another source country to solve the inflation problem. Raising interest rates will not solve the problem, because in the early stage of the epidemic, all walks of life have been affected, and it is definitely necessary to borrow money from banks. Raising interest rates is equivalent to increasing the burden on the people, which is detrimental to the development of enterprises, and finally affects the growth rate of employment. The only way to get rid of the bell is to contact the bell person. Only by confirming whether to stock up on the prices of various materials, shouting prices all over the sky, or deliberately raising prices to lower the price, is the countermeasure.
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How is fighting to keep inflation at a thirty year high, helping anyone but the rich? She working against the interests of the people. Inflation must be lessened.
@@deborahfreedman333 Exactly. And the Federal Reserve is the central bank, which is supposed to be left to independently set monetary policy. The Fed will do what is right based on the data.
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I don't know why I heard that the American people have been working hard on oil prices recently, and they are particularly distressed. Obviously, because of shale oil in the past few years, oil prices have plummeted. Especially drive electrical car at present.
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This admin should spend less time focusing on the variables outside of their direct control and instead put their efforts toward taking action on the measures that are immediately within their jurisdictions. The most immediate measure they could take that would directly alleviate inflation tremendously would be to get with US oil producers and accommodate whatever they need to start Increasing US oil production. This would directly alleviate the hyper-inflated costs of basic necessities that are draining folks’ on an everyday basis by alleviating the expensive cost of gas, groceries, electric, consumer goods, - all products which have the cost of oil built into the price. Because oils is a future market, Increasing US oil production would have a direct impact on cost of goods even if the actual supply takes time to materialize. As a result, people will be better positioned to weather the feds rate hikes and general inflation otherwise, And less likely to have to take on new debt with costly interest rates just to cover their basics. (Not to mention, this would also help our ally nations across the world that have capped their intake of Russian oil in their efforts to support Ukraine. Unfortunately, without the US’ willingness to materially subsidize this decreased oil intake from Russia with US oil (which warrants increased US oil production), many of our allies across the globe are subsequently similarly having their economies crushed under the weight of record high inflation and energy shortages. As a result, the ability to support Ukrainian and other increasingly vulnerable nations is diminished as US and our allies become increasingly weakened under collapsing economies and descend into a struggle to merely sustain our own individual countries. Meanwhile, the intended effect of weakening Russia’s economic power via oil sanctions has backfired, instead nearly bankrolling Russia’s war as a result of Russia reaping windfall profits from the hyper-increased costs of oil born out of low supply and high demand. Furthermore Russia is enjoying increased power on the world stage as they take advantage of leveraging their valuable oil resources to strengthen the dependencies of other countries on Russia).
The economy has been on fire the last couple years, a come down is likely inevitable. He is right despite his terrible explanation, we have to get spending and thereby inflation under control. The primary way to to do that is to make borrowing money harder. Let's be honest, a lot of people are spending money like crazy, new cars, vacations, home renovations, they aren't saving, a certain amount of them are doing it on credit. A lot of people aren't behaving rationally, historicaly when things get expensive and budgets get tight, they spend more conservatively, that's not happening. Getting back to normal inflation will be costly and difficult, some people will lose their jobs, some corporations will fail, fittingly some of them will be those that over spent now. It's a necessary evil, like pulling off a band aid it must be done. This level of inflation for too long, or if it gets much higher will also crash the economy.
The economy has been on fire because they lowered interest rates back in 2018, then brought them to near zero because of covid. This inflation is the price we are paying so trump could brag about “record breaking market”.
If spending was out of control, our current inflation problem would be he result of spikes in demand. We know that to be vehemently untrue with todays situation. Demand has remained relatively the same, while supply has tanked. He’s proposing that the solution to accommodate low supply, is to simultaneously lower demand by increasing unemployment and increasing interest rates. Warren is very correct is stating that we would be far more successful is passing fiscal policies aimed at increasing supply to where it needs to be, rather than lowering demand. Why is this so hard to grasp? This isn’t her mere opinion, but rather backed by most economists who aren’t working for right wing think tanks, or like Jerome, aren’t looking for incredibly short term solutions prior to election season. The actions he’s proposing to take should only occur where excess government spending has resulted in inflation from spikes in demand.
@@saintcainYou are correct however there were a couple other factors at play as well. All of the covid stimulus and build back better contributed as well, some was good but they went too far, you can't inject that much money into the economy and expect inflation to not go up. Also consumer demand has been all screwy, people are willing to pay outrageous amounts for things like cars and vacations and 2nd homes, things they normally wouldn't be so brazen with their income if these weren't the end times or whatever you want to call it.
@@danb.709 build back better was never passed. Spending bills don’t put money into circulation. Money is only put into circulation through the fed. Spending bills either use budgeted tax money or the government borrows, thus the national debt or deficit of the budget. Ps5s tripled in price because there was a low supply and high demand, not because of inflation. Supply and demand work for individual products, where inflation is dependent upon the value of the currency itself.
Sources have mentioned, America being a flea market to the Europeans. The U.S MUST make foreign stock and shareholders respect American Commodities, especially; American Commodities that are in DEMAND. The Only way for America to meet the cost of living, and increase minimum wages? The U.S Government MUST Increase the price value on ALL American GOODS. This is the only way, the U.S can increase minimum wages on SERVICES in our nation.
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She complained about low interest rates benefitting banks and now she's complaining about higher interest rates slowing the economy. She needs to be recalled for incompetence.
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@@barbaraann6229 people like you put a smile on my face when the interest rates go up. and yes bidens inflationary policies made me RICH beyond normalcy.
Let's see......do you think they should of cooled off the economy earlier instead of feeding it low interest rates for 10+ years. Economic pain can never be avoided, why kick the pain down the road? The only reason to kick the pain down the road is to offset the pain from the events that caused it in the first place. Life is not one big glory train year after year. This Country needs to take the good and the bad when the events that cause them happens. Now, we live in even worse times.
High interest rates would only put people out of work because it just make sense; how in the world can the employers afford to maintain their businesses and keep cost down with the high interest rate?! and therefore, they can't keep their employees on the payroll because majority of their profits would have go to pay the interests, forgot sake!
A recession is merely a contraction of measured GDP -- it is not a depression, it is not a catastrophe (by and of itself), and most importantly, *a recession need not affect employment or measured wages at all* , and Warren's embarrassing "concern" that rising rates will "drive the economy off a cliff" is subtractive of the national debate. Inflation makes everyone poorer, and dries up lending (insuring everyone _stays_ poorer), and Powell (Godbless'im) and the FED rightly put addressing inflation first.
She's always been about what will give her more press coverage, not what is good for the American people. The only thing the FED did wrong, was wait so long to raise the prime rate.
@@deborahfreedman333 I can't speak to Warren's motivations, but neither can you. Regardless, she has said way-much that needed to be said but hadn't been by others in Washington. And FWIW, the FED does not control the Prime Rate -- it is a construct developed/published by the Wall Street Journal. The FED controls a number of ingredients to the Prime, but the two that get most coverage are the FRS Overnight and the FRS Interbank which, as their names imply, control short-term actions through the Federal Reserve System. As far as timing goes, your comment that the FED should've hiked _sooner_ is unsupportable. FWIW, my own preference would be for them to have hiked in greater steps (like, by 10x as much -- e.g., 5% rather than 0.5%, which is still less than measured inflation at this point), but there are many shocks to world markets being worked through (a process of years), and the FED has a lot more data than I do.
America, President Joseph R. Biden standing up for us, the American People, against BIG OIL COMPANIES and companies. I'm a United States Veteran and I voted for President Joseph R. Biden, and I'm proud of our president.
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I'd like to do his job. He has only one tool in hand but he sounds like he can fix anything with one tool. Im a plumber who needs much more tools to fix a simple water leaking.
Plumbing is an honest trade though right?
Great analogy.
He likes to give out a whole bunch of economist jargons so nobody can understand what he is talking about when he could have made it easier. The fed just either raise rates or lowers them, print money by buying treasuries or sells them. That’s pretty much it.
You're right. It's insane. Biden has a lot more tools, but he's asleep at the wheel... Or falling off his bike...
I wish I was a politician (actually no I dont). Even better than having one tool to fix every problem, you get to say you CAN solve any problem by simply saying what the outcome should be.
Powel as the plumber gets to say, I have the one wrench to fix it.
Warren as the plumber simply gets to say, fix it and if you do its because of me, but if you don't it's because of you.
Unreal, does the show ever end.
Any solution that puts the burden on the middle class rather than the guys charging more and giving less.
I have a lucrative government job & a still tongue makes a happy life.
But the Bible says that in the end of days, Biden and Harris and all the global leaders called globalist will make $300,000,000,000,000.00 of global debt go away before Biden leaves office.
Time to tax the corporations on their obscene profits!
The FED "moderates" our economy so that the wealthy don't lose any money, so that the wealthy do not have to pay any taxes, so that our government keeps pouring our tax dollars into the wealthy's "business" endeavors, aka corporate welfare. What ever happened to our Free Market Capitalism - do you understand the word "free" as it is applied here, gentlemen? Whatever happened to letting the "American Dream" breathe and live again? Stop suffocating the American people and their dreams.
Has pothole Pete fixed the supply chain yet?
Tell big business to not send jobs to foreign countries and to stop buying back their stock.
Stock buybacks used to be illegal.
Tell Biden not to chase big business out of the country.
That "telling" has to be by enacting laws that make it unprofitable to ship jobs overseas.
@@charleslewis9871 literally not one company has been chased out the country... you cultists need to learn economics and stop parroting propaganda.
@@charleslewis9871 it started with Ronald Reagan. Get a grip.
Thank god for patriots like Warren, Porter and AOC who never stop fighting to help all Americans.
@Biden’s Laptop Matters And what Exactly do we see the Republicans doing?
Is this a joke I hope?
they killed the country
but dont worry, AOC is on a mission to save us all! By using words like Latinx we are being more inclusive and gender neutral. These are the real issues that we should be talking about. Thanks AOC for shinnying a light on the major issues in this country.
Is this a joke?
The Fed: We need to raise interest rates pay no attention to the fact of us doing everything we can to prop up Wall street and transfer money from the working class to the rich business owners in the form of bail outs and buying bonds so they can in turn use said money for stock buy backs to enrich owners and investors.
@@andreamadden9153 troll!
You clearly have no idea what you're talking about.
That happened two years ago, not recently.
Low interest rates boost wall street. When wall street can borrow at 0% to buy stocks on margin against what they already own, then stocks go up b/c there is more money for the same number of shares. Raise rates and the margin bets need to make more than 0% to be a win.
That's exactly how it works.
Everyone acts like they know what they're doing or how to fix all this. They don't. Prepare people.. if you haven't started, don't wait any longer. These people don't care about the average American, just whatever sound bite they can put out to make it seem they care so they can keep that cushy job.
@Travel Crawl don’t shit on her. She’s the only one that truly gives a damn beside Bernie
THE BIGGER THE MONEY ---- the whiter their shirts have to be... they'll be dressing in phosphorus soon.
Economics is just astrology for boys.
@@michelerocks167 👌🏼👌🏼👌🏼. Yeah, they are both financial geniuses. You should learn the difference between being emotion and factual, in special regards to the economy.
@@thebeautifulmanclub3790 hey Trumper, fact is Elizabeth Warren has written numerous books on finances/bankruptcy, so don’t worry about my emotions, my statement was based on facts, which is something you wouldn’t recognize unless it came from a Cheeto!
The fed waited months to take action on inflation, inflation started around sept 2021 and they didn’t start raising those interest rates until feb 2022, their inaction made things worse it’s too late now even if they do get inflation under control we’ll already be in a recession
recession is when people recesses 100,000s of business owners across america would say consumers pulled back 4-6 months ago this is very typical news says pending recession but already in one , then we are experience a mild recession but were in a major one
I think one misconception here is people seem to think the economies work like on right wing and left wing philosophies. They don't yes either side can boost and damage an economy but they aren't the end all be all
Exactly
Yeah its when they BOTH get together and vote for a multi trillion dollar stimulus bill and the president simultaneously shuts down oil pipelines and oil leases in Alaska and the Gulf of Mexico.
We should put people in charge who care about the economy and not pronouns.
It reminds me of when Ayatollah Khomeini said “economies are for donkeys”. The pronoun police are just as stupid as those barbarians from the Stone Age.
@@bidenssugardaddy6098 the keystone XL pipeline was 1 never finished and 2 intended to move Canadian oil from Canada to the Gulf coast so that it could be exported.
@@91gold91 well 1: its now not gonna be finished because it was fully shut down by this president. And 2: it was meant for domestic use and would only be 1 year away from completion right now instead of 18 MONTHS BEHIND SCHEDULE BECAUSE THIS PRESIDENT SHUT IT DOWN ON HIS VERY FIRST DAY IN OFFICE.
Plus last month he rejected two new oil leases in Alaska and the Gulf of Mexico. We should TRANSITION (key word) to green energy. We just got out of a two year pandemic and people don’t have $50,000 for a electric vehicle right now. Instead this president (for whatever reason) is shutting down oil leases and blaming putin for 100% of the problems.
Interest rates have been absurdly low for way too long. Personally I would like to see rates in the 4% range for simple savings and higher for borrowing. There is nothing crippling with a 6-7% mortgage rate. Frankly, higher rates would help curb the runaway housing market by making it more expensive to borrow for a mortgage, thus reducing the amount people could pay for a house, which would, in turn, put downward pressure on all housing prices (purchase and rental). Higher rates would also force people to be more responsible about borrowing. These days people are way too dependent on borrowing to finance their life styles.
I'd LOVE to see everyone educate themselves because we own everything, literally EVERYTHING. That's why this is happening, buckle up, reality is upon us. Sad it had be this way, sometimes you can't tell people the truth,you must show them, only at the precipe will they find the will to change..
I got 6 1/4% on my first savings account in 1980.... Regular savings.
Now I believe it is 0.1% at my bank.
Unfortunately the US spends so much that if the interest rate rises, they can't keep borrowing. They borrow money to pay back the money they previously borrowed. It's a ponzi scheme. So basically they have 2 choices. Save the population from inflation and default the government (which would cause a worldwide depression) or let inflation run hot and use the printed money to pay off the debt (which screws the population). Those are their only choices. They have spent us into oblivion promising everyone so much each election cycle.
@@my1vice I was getting 3.5% in the booming late 90s on my first savings account. Rates at 4% doesn't mean high unemployment and recession.
The US is too weak to reduce their lifestyle. It will have to be forced upon them happening as we speak. Expect a lot of pain coming our way.
2:00 “when money is more expensive they’re less likely to do that, right? Isn’t that what you just said on asset pricing?” No, that is not what he just said Senator Warren, and certainly not in the context of asset prices 🤦♂️.
If the GD CEOs would stop taking the lions share of profits & give workers a livable income. The failure in America is due to CORPORATE GREED.
how true, wish more people would understand that. Gas companies are at record profits, need to tax those record profits
@@debfo33 We are taxing those profits. Just like every other company. Including ones with much higher profit margins taking even more profits from consumers.
@@clifford629 Not true, most major companies with record profits pay less in taxes then my son who makes $40-50k a yr. They buy back their stock to raise their stock gains.
Powell was late to the party w/interest rates, so what happens now with what would have worked fine if timed properly will be sort of like putting a different lens on a camera - we'll just have to wait and hope!
Yellen said he's a "dangerous man."
The Biden regime would not allow them to hike raters in the first year of bidens term. The only reason they're allowing it now is the fact that now were on the precipice of one of the worst economic disaster of our lifetime
Interest rates are still way too low, still close to zero. It's overdue for correction for years. Decades long zero interests is not medicine. It's addiction. Stop stealing money from savers and retirees to subsidize bankers and realtors, senator.
100% Right !
Are retirees and savers really better off with a giant recession? It's not an addiction, it was a necessity to prevent a decade long depression
@@jvhee If zero interests for 14 years couldn't fix the economy, it clearly isn't the right remedy. Yes, retirees and savers are better off with some fixed income. Raising interest rates a few years ago would've been painless when DJIA was hitting record high every few weeks, but these people prefer to fly high and crash hard. So be it. And it won't be a decade long depression. Unrealistic stock and real estate valuation was what caused the recession of 2001 (also 911 in 2001 but unrealistic valuation was the root cause) and 2008. Get real.
@@kwokmanchung To really improve the economy we need better Presidents and less idiots in Congress, obviously. But to attack zero interest at a time before 2020 when there was no problem with inflation, makes zero sense to me and most economists...
@@jvhee Zero interest rates was put in place as a stimulant. A stimulant used for too long is an addiction. They were forcing savers and retirees to deplete their hard earned savings to temporarily stabilize the economy. It's immoral to keep stealing from savers and retirees once the economy is stable. They kept on stealing even when DJIA was hitting record highs. At the same time, low mortgage rates kept the root cause of the 2008 recession alive and kept pushing property prices up. That hurts everyone except the rich people who have many properties. It doesn't only make sense but is also necessary to raise interest rates once the economy is out of the woods. It also prepares for the next downturn giving you some means to stabilize the economy.
We are doomed 😔 ..,smh
Force companies to stop gouging the American tax payers!🤬
1 LaLa H Fuk what you saying it here 😠 ua-cam.com/video/8zrfSK6pnpQ/v-deo.html
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Free market isn't it
Powell is not doing this alone, he has a lot of smart people working with him. Inflation, if not controlled can be devastating to a whole economy and cost many more problems including high unemployment. If people would only buy what is necessary the supply chains could get caught up. So the only alternative for the Fed is to raise interest rates to slow down demand in general. Part of the problem is energy costs and that is driven by Putin’s war.
Energy cost were rising for like 2 years before the war.
Don't we have oil here in America?
Exactly, Elizabeth Warren is thinking about her chances for election...Powell is worried about the credibility of Fed, that credibility is most important and if lost will definitely lead to big recession
You seem to forget that besides being a “democracy” the real American way is capitalism. The system is rigged that way.
@@Jay-dm4id I guarantee you that Elizabeth Warren would be sitting in that Fed team if we didn’t need her to remain in the Senate. She is well qualified to speak on the economy without being considered for reElection. She created the Consumer Financial Protection Bureau before she won her seat.
What's the problem here is corporate greed record profits its outta control with corporations nobody talks about record profits for them the rich get richer and everybody else is screwed I don't think capitalism survives this
This isn’t capitalism…the fed pumping 8 trillion in the market is not capitalism…it is corporatism/cronyism
I agree, American Capitalism is all greed! Not one of these companies understands what being patriotic is. Pay your employees a livable wage in return they drive the economy! Not 10 board of directors hoarding generational wealth!
Capitalism will be just fine, because it’s the fairest economic policy ever created. Capitalism has helped more people rise out of poverty then any other economic theory.
Name one economic theory that is more fair then capitalism and one that has helped more people out of poverty and into the middle
Class then capitalism has.
What’s killing our economy today isn’t capitalism, capitalism is the reason why our Economy hasn’t completely collapsed. As bad as it is now, it could be a lot worse, we could be Venezuela or Cuba, or China, we could be like how the Soviet Union was at time it collapsed.
What needs to happen is the government needs to get out of the way, cut regulations and cut business taxes opening up more money for investment and growth, which in turn creates jobs. Lowering unemployment rates adding total amount of tax payers, increasing tax revenue. You have to let the market do what the market does, stop trying to micro-manage business, that’s what killing our economy, GOVERNMENT INTERVENTION is the problem. People like you want more and more of it.
SMH
I’ll never understand why people want the government to control more and more aspects of their lives. Or why people care so much about how much money rich or wealthy people have. It’s none of your business, worry about yourself and what you have. As long as I am happy, I have a home, family, my girl, my health, my FREEDOM, I have enough food, I have things for entertainment, my dog is happy and healthy, I don’t give 2 shits that someone has a billion dollars, they didn’t steal it from me or anyone I care about.
@@elmosweed4985 Biden is a worthless president and has the power, NOT TRUMP. Biden has created this mess with his policies and even admitted on the campaign trail and the debates he was going to tear down the Oil companies even if it means higher gas prices so we can go green. Biden and NATO stopped oil production and relied on Russia for oil, then provoked Russia and Ukraine to Fight by offering them NATO membership when Russia has specifically said for decades if they try and expand NATO to Russias border they will retaliate while sanctioning Russia to the point we pulled every business out and even block their Tv and news. Biden and the NATO leaders are garbage and evil. They wanted this war and recession and they planned it for years.
S&P500 Net Profit margin is 12%. It has been 10% for the past 7-8 years. That means increased Profit margin accounts for at best 1/3 of rising prices. And odd argument that suddenly corporations are greedy.
Powell is between a rock and a hard place. He doesn't want to replicate the Volcker Shock of insane interest rates, but the tools of the Fed are really blunt and indelicate instruments.
I usually like Warren but I think she went on an attack here that may not have been warranted. Powell AND Yellen AND the 1.9T stimulus are on Democrats. I feel like she is not offering the other side of what happens if we allow inflation to continue out of control unabated. This is not a simple issue where if Powell does X that is bad for the little guy. If a box of pasta costs $7 that is also bad for the little guy.
1 M.A. Fion Fuk what you saying it here 😠 ua-cam.com/video/8zrfSK6pnpQ/v-deo.html
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los mortales abian apreciado tan hermosa mujer
Yeah, I like Warren but this feels like political theatre more than anything. He’s between trying to fight inflation and easing us into a recession that’s coming no matter what. Or just making the bubble even bigger and waiting for it to pop
The feds has to increase interest rates to curb consumer spending/debt. The fed has no choice.
@@pacificfrontier3566 You people who think Powell is good are CRAZY!!
He should read up on MMT. Start off with, THE DEFICIT MYTH, by Stephanie Kelton. Raise taxes on large corporations and billionaires, don't count on their souls, they don't have any.👵🧐
According to MMT, giving people huge sums of money wouldn't cause inflation. The Covid stimulus checks, and resulting high inflation, has proven MMT to be a false theory. Why read up on something that is totally wrong? He should ignore anyone who espouses that well debunked theory.
Any believer in MMT is a nutcase. It actually calls on the central government (democratic or authoritarian) to have BOTH fiscal and monetary policy powers (the ability to BOTH spend and print money). That's a recipe for disaster because the central government will deliberately set both policies to get lots of money in the hands of everyone to maintain power, which will likely trigger hyperinflation.
You nailed it!
@@nba1942
If you insist on trolling, learn to spell.🌺👵🧐
MMT is the Economics version of Lysenkoism. It ignores all reality in the name of an agenda.
Why ask him questions if Warren is only going to translate his statements into what she would prefer them to sound like ?
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Having experienced ups and downs in economy during my life, what I think is causing the inability to control economic fluctuations is the change in corporate goals and philosophy.
Regardless how one judges the moral integrity of capitalism, during the middle decades of the 20th century, there was progress toward controlling monopolies and robber baron tactics and a push toward companies being a part of a community. That has vanished in the past three decades.
I would never argue that businesses in general are more concerned for the community than for their revenues but American Business up until the late seventies depended upon the communities for their own fortunes. With the corporate mindset of pursuing profit over commitment to a community, lobbied politicians have created laws that favor corporate greed. I understand a business person wants to make money but when you look at the most respected businessmen in the world I think you will find they are the ones who are philanthropic and/or understand capitalism cannot survive without supporting the class that creates its goods.
If workers cannot afford what they themselves produce the economy goes out of control. Today workers are more often than not unable to unionize and the desperate need for jobs in general causes workers to accept conditions that in the end may even be suicidal.
Do we want a capitalism run by people so out of touch that they thank their overworked and underpaid employees for the toys that take them into recreational space flight?, Or do we want a capitalism that supports the people that make it work. Think of this when you vote and remember that you may be able to choose between someone who just wants to line their pockets and voice lobbyist rhetoric or you can choose someone who really gives a damn that the majority of America's workers are now living in poverty.
Of all the social, economic and government systems, such as Feudalism, Socialism and Communism, Capitalism has been the most successful, Even the Chinese Communist had to resort to capitalism to save their government.
Absolutely agree!
Economy is run by stock value, public trading creates this. Private companies are much better in the long term.
Well said
Say that
We should have more people like Katie Porter & Elizabeth Warren working in government.🌻
Nah, you'll actually know who we need more of when you see the cold hard truth. Life's not even supposed to be this way,not at all. It's insane people think a mob syndicate is a GOV and that a small group can control EVERYTHING. We are the native Americans they robbed. Buckle up gonna be a wild summer, I'd seek Jesus,only at the precipe will y'all find the will to change.
What? They are working in Government!
Why? Do you want the poor and elderly to suffer even more?
@@deborahfreedman333 Both of them fight like hell on behalf of the working class. You have clearly never watched Katie Porter take on price gouging Pharma company executives who's price gouging is really harming the poor and the elderly. I wish their were 500 more like her in Congress fighting for people like me.
@@greeneyedlady5580 They don't fight for the working class. They fight for the parasite class: people who don't work or who work in/for government.
What do bribed elected officials do when corporations are forced to raise wages to find employees? They allow the economy to tank into recession to put people out of work and force them to accept lower pay.
The public needs to give them the finger. Publish the names and profits of said companies. They need to feel the burn like tax payers
And to work for Trump Towers.
@@mikesmith836 take them jobs to Mexico or China
@@mikesmith836 they higher pay than the minimum wage.
Completely deranged opinion, JOE BIDEN cut oil production in America and started buying it from our enemy's, that caused everything to go up
Why is it up to this man to fix the economy, well try and if it fails badly does he get the blame, of course not. These bureaucrats just make me sick, Reserve chairman, most likely on 100's of thousands a year, but these big increases in interest rates can push people out of there homes.
The government should have some input in these rate rises, as they will be blamed for them. When are they ever happy, oh people are sending to much, can't have people with money to spend, better stop that.
I remember when Nixon froze prices.It gave badly needed relief for millions.
It also caused the recession of '74/'75 and although a political success, it was an economic disaster.
The dollar lost about a third of its value in one shot.
What's the difference if they cap prices now, Cliff? We are going into a recession and prices will still continue to climb. The housing market will be unaffected by the interest rate increases, since most home buyers are investors passing on higher payments to their renters in higher rent.
Yeah, till they took them off.
Liz is a sharp cookie!
1 Guy Fuk what you saying it here 😠 ua-cam.com/video/8zrfSK6pnpQ/v-deo.html
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She was a professor/teacher in Texas; my point being don't throw the baby out with the bathwater in the eagerness to "let" Texas secede.
The only thing sharp about her, is her tongue. She's dead wrong here. Inflation, due to giving out Covid relief, must be tamped down. Raising the prime rate is the only tool the FED has, to do that. Maybe, with higher interest rates, the housing market will cool down too, and people will be able to afford homes and rent.
You are part of the problem!
The Fed is beholden to Congress, not vice versa. This delusion that congress has to beg the Fed for anything is horrifying.
not really, no.
You do know interest rates has to increase to curb consumer spending/debt load. The Fed is doing the right thing. It’s the uneducated Congress & career politicians who are wrong !
The Federal Reserve is independent. It is not the government.
There's a reason why Fed isn't beholden to Congress or the president, because those 2 do things that will serve their immediate political benefit & upcoming election. But Fed must act towards what is good for the economy in long term even if it gives a small temporary suffering.
The high interest rate by Volcker of early 80s, brutal recession that followed it for a year, then the subsequent stable 2 decade long economic stability is an example of that
When you look at it this way 4 years ago up until now this economy was a destined to fall down again🤔
COLLAPSE OF THE US Economy is coming. BLM Biden's laptop matters. The Taliban and Cartel are infiltrating the country through the southern border. THIS IS just diversions. focus AmericA. Look at US diesel fuel levels. Our fuels is being sent off shores.🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩
Thank you Elizabeth. 💕💜🇺🇲
Wtf Pocahontas could run a lemonade stand. Ngfy.
We need to increase rates and protect the dollar or else recession is the least of our worries. We honestly need a recession.
We should have had one during Trump's term, but he kept publicly putting pressure on the Fed to keep interest rates low. His tax cuts for the rich and corporations kept the stock market artificially high. What worries me is that the crash is going to be worse than it could have been.
While you’re all struggling, remember Biden’s son was making $80k per month from a Ukrainian gas company. The dems said this was not suspicious at all, let’s see how many of you can find a job that pays you $80k per month to work from home 😂😂😂
1 Let’s Go Brandon Fuk what you saying it here 😠 ua-cam.com/video/8zrfSK6pnpQ/v-deo.html
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Today the CDC is reporting 210,000 new covid-19 case's in the US.
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Deaths?
@@STELLASCUTENESS 647,582 under Biden, 392,647 under Trump
@@satguy Tump wasn't in office for most of the pandemic....so
@@Mel-be6mg July 4th, 2021 Biden declares victory in beating covid, since then there has been over 400,000 deaths
I have never agree with Ms Warren but the interest rate increase will cause more unemployment and shortages
Nobody is disputing that at all.
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los mortales abian apreciado tan hermosa mujer
Capitalism much?
Unemployment is low and pricing are rising.
So will high inflation. Not to mention it raises the cost of living.
No mention of the 2 to 4 trillion the FED dumped into the markets in March 2020 to keep wall street solvent? did that hurt or help the economy?
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los mortales abian apreciado tan hermosa mujer
Exactly people have the attention span of a gnat and forget how we got here.
Covid relief bills came from Congress, not from the Federal Reserve. Yes, they were too large and caused a lot of inflation, but they weren’t the sole cause either. A lot of it was the shutdowns causing demand reduction, which led to producers cutting supply as well as a reduction in shipping efficiency/volume, and now they’re struggling to ramp it up (especially oil production) all at once, creating shortages. Paying people an extra $600 per month not to work also destroyed the labor market in certain industries. Some think that’s good because workers can demand higher wages, but they don’t stop to consider that most small businesses don’t have the profit margins to pay more, which is why many (especially restaurants) are closing and/or drastically shortening hours and/or laying off workers. The big companies can absorb or pass on wage increases more easily. So really, these people are actually helping the big companies at the expense of small businesses and workers.
Whoever asks for cheaper rates, didn't they have enough money the last 2 years?
We could reduce some of the higher taxes, so companies won't fire employees during higher interest rates.
So, if you have the money to spend, the higher rates will cause those people to wait. What about those who are just getting by and trying to pay off debt from the covid down time, who now cannot afford the higher rates? Bankruptcy? Is that better?
If rates stayed low inflation would persist. Which means higher prices across the board for consumers, which hurts the poorest the most.
If you are trying already to pay down debt, don't you already have a fixed loan interest rate?
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los mortales abian apreciado tan hermosa mujer
@@richyrich3231 you’d have to be in a position to shop for items affected by inflation. If you are paying higher rates to hold onto your home, vehicle, or took out loans to survive Covid shutdown, you may not have funds to purchase even necessities. In this scenario, you are not experiencing the inflation. I don’t think many people understand how many families do not “shop,” for groceries, much less anything else. I have personally experienced the choice between making a mortgage (much cheaper than rent) payment and buying food or other necessities. While in a better position now, I still do not grocery shop so I don’t feel that inflation. I retain a vehicle, but choose to walk. I am fortunate to grow most of my food needs. That is far from the norm or even a possibility for so many. I do feel the higher rates, though. They disrupt a very carefully planned budget of recovery, following Covid.
@@aggieschoonover4235 why would we assume someone has a fixed rate?
If voters watched any of these hearings, they would be shocked that they voted for some of these legislators. Both parties have people totally unaware of how this government works or what their job is supposed to be.
The Fed is independant of legislators.
Not to mention how these politicians are completely clueless of how the American (including Intl, federal, state, municipal/state/city) economy works ! Totally Dumb which isn't bad as one can obtain that knowledge, it's the sheer irresponsibility, and shamelessness of choosing to go and blame aka politics (both god darn useless parties and not to mention career politicians... I mean one has to be soul less to stay in any govt seat for soooo long ...and be soooo dumb ... And academically educated at the same time ) . Hahaha hahaha hahaha 😂😆
Business doesn't want low unemployment where they have to compete for workers, if you lose your job or home too bad.
Company's don't want high interest rates either.
Thank you! I agree that this is old thinking and it’s not the best idea…..
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los mortales abian apreciado tan hermosa mujer
The economy is already dead and don’t try to put this on one person.
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I put it on "progressives" which is another name for "liberals" which is another name for "communist" which is another name for "Marxist"
@@daveh322 Lol! that's why you support and vote authoritarian, - It's like you right wingers like to warn about the dangers of socialism so you have to support fascists. You folks paint yourselves in a corner with every political move. Look at the mess this country is in and the rightwing is only concerned with sodomy laws! - the jokes on you pal.
I wonder if the 2 trillion dollars of wasteful spending in the "American rescue plan" has had anything to do with the mess were in
It’s been recently stated that this recession is already costing most households $500 more/month on top of rising costs in every sector! They wanna raise rates without offering better pay!💰
Firms did raise wages actually. Businesses are seeing wage inflation in their expenses due to increased pay b/c of shortage of workers. Employees definitely took advantage (rightfully so) in demanding higher pay and Incentives. Hopefully the businesses that can eat the higher Expenses and ride out lower profitability keep employees employed and don’t lay-off. But it’s usually not the case.
Pay rates have gone up substantially in the last year. That is part of the reason commodities thus inflation has gone up.
So people will stop buying so the supply can get caught up with the demand.
@@ianalan4367 some people need the money to get out of debt. Some people have money to burn.
@Donna - Of course your right. That always has and always will be the case.
I think a better message is we should not have an economy that so much depends on usury and debt to thrive. More a production economy instead of a consumer economy is in order.
The legalization of monopolies , price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair. Usually, this event occurs after a demand or supply shock. Common examples include price increases of basic necessities after natural disasters.
The Demand doesn't go down, the availability for regular people goes down so in reality less people will have access.
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los mortales abian apreciado tan hermosa mujer
She wants a simple answer to a complex question
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los mortales abian apreciado tan hermosa mujer
Kinda like people expects Biden to fix the economy that isn't his fault?
Nah, she just wants air time. Look how her wrong headed diatribe achieved that goal. Inflation is hurting the people. If she really gave a damn about the people, she be applauding raising the prime rate.
I'm not sure you understand her background. Banking is kind of her thing. She basically gave you the answer.
The Fed should have put the brakes on a little at a time over a year a go. Powell should have been dropped by Biden.
Right. Powell should be have been replaced.
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los mortales abian apreciado tan hermosa mujer
Dear Senator Warren: Could you please write a bill taxing Churches? They have clearly crossed the 'separation' boundary.
When has the Federal Reserve concerned itself with the average American family? Never. Rather than address the real reasons of short term price gouging, poor anti-monopoly enforcement, stimulus’s that just resulted in stock buybacks and many other pro business deregulations, we hurt the one time in history when labor forces were able to command higher wages and better employment options. When wages increase it leads to inflation but when corporations or CEOs have massive profits nothing deleterious happens. Hmmmm.
Why are you ignoring the fact that the stock market began crashing, because companies posted quarterly losses, because they refused to "price gouge" enough to keep up with inflation. The economy isn't as simple as you are.
Man, get a clue. As pointed out, stocks have been crashing in direct response to Fed action. But, sure, you don't like what they're doing and want to keep wage pressure high. This is a major driver for inflation, so is it fair to say you don't care as long as wage pressure remains? And, no, inflation isn't really caused by corporate profits, and you can do the math yourself. Doesn't mean large profits don't carry problems, nor that they should be ignored, but you're barking up the wrong tree.
Record profits by oil companies this year is one example- they aren’t suffering any losses. Cost of oil goes down but petrol does not.
The cost of a barrel is no different than 10 years ago and yet prices have risen because they are controlling supply through refineries. Youre the ignorant sheep. Insult me all you want, but you still going to end up in the same shithole that your Republican masters want you to live in. I hope you get everything you ask for.
@@deborahfreedman333 Since when is Wall St. the economy?
Um OK … houses went up 21% in one year, permanently making them unaffordable for many people.
I really don’t see the logic in the Senators argument. 5+ percent really isn’t that high in the grand scheme.
It was 11%.
The argument of Senator Warren is that interest rates cannot continue to grow up without crashing the economy. Which means high unemployment, stagflation and less investments.
This rate hike will result in more housing shortages which means the prices will remain out of reach for millions of families. Homelessness will increase. These idiots don’t care about the poor.
At this point worse inflation can do more economic damage than higher interest rates.
Clearly that's not true as inflation is outpacing wage growth :(
1:40 PM
2/10/2023
The simple matter of those workers were slow to return to the market place, partially due to Covid, partially due to government subsidy, and partially due to demand for higher paying wages. Unfortunately, the accumulation of these ideas has consequences as well as positives, however, the buck has become due and there’s no avoiding it.
Powell doesn't want to say interest rates are the way money has value and he's partially responsible for reducing it to confetti since 2018.
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I think the fed reserve did prop up the economy for a little too long and now we're paying the price, but I also think currently the fed reserve is doing the right thing by raising interest rates.
LMFAO Elizabeth Warren accusing Jerome Powell of driving the economy off a cliff.
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I agree, it was her and the reckless overuse of stimulus that put us in this inflation mess.
The fake Indian is worried that the costs of borrowing by the Federal government are going to go up; and that will make it impossible for the Dems to buy votes with more "free" stuff. Inflation is the proof that nothing is free.
So EW, if I understand you correctly, are you saying the fed should not do anything to curb inflation? This is economics 101. When you raise rates, it slows spending, thus reducing inflation.
If only business actually borrowed and or used profits to invest in increasing production or pay staff better wages rather than just buying back their own stock, driving up eps and paying huge bonuses to senior executives...
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los mortales abian apreciado tan hermosa mujer
Just get it over with. We all know it’s coming. Yea it’s going to be painful and no one likes it but it’s necessary. Everybody likes it when rates are zero and the fed printing money, plenty of jobs, economy is great, backed by the printing press from the fed. But when the fed raise a bit of interest rates to fight inflation she worries about unemployment going up. Yes it will go up unfortunately if he raises rates even more and it’s already happening, you can’t have it both ways. You either get high inflation or high unemployment, pick your poison. This is where are at right now. that’s the reality we are facing now. On the bright side, after the entire economy is cleansed of all these toxic waste there will be opportunities for new industries to be born and new economy. Just believe in free market economy. You have to clean out the old toxic junk in order for the new generation to grow. This is the cleansing process and it’s not going to be pretty. Just swallow the medicine and get it over with. This is the price we have to pay for all the reckless government spending, welfare, not living within our means, reckless spending taxpayers money etc.. The bigger question is when will congress realize they can’t keep borrowing and spending money they don’t have. The day congress realize that, it’s the beginning of progress.
"Getting the labor market back in balance." Yeah, but putting people out of jobs. This round of inflation isn't caused by normal factors and won't be fixed by normal measures. We may get all the "side effect" and none of the benefit.
She was right on. I do not think this inflation problem stems from demand side. Even if the rates were lifted sooner it would not have addressed the problems of oil, food, and production of goods that we lack. He throws out terms like supply and demand and moderate balances. But, imo this is wrong in this situation. People just want basic things. He doesn’t need to raise rates to bring it all back in balance. We simply need more housing, food, fuel, vehicles, appliances, etc. Raising the rates hurts the production imo. Destroying demand by raising the rates doesn’t solve the problem that people still need these goods they can no longer afford.
Don't worry. When it comes time to decide COLA, the cost of living adjustments for federal pay and Social Security..... Inflation will magically go back down to under 2%.
Two parts of the equation
We owe the 1% for car loans, credit cards, etc. Our debts are their assets.
That collective debt is about $2 trillion
1. Inflation of 8.6% will cost them $172,000,000,000 One hundred 72 BILLION dollars in a year
2. Raising interest rates recoups some of it, keeps us from borrowing more (lowering their risk), and it retards investment so they have longer to pick the bones
10% inflation on the other hand wouldn't hurt me much at all.
10/12 months is .733
So for every hundred dollars that I spend today, I will need another $0.73 cents in 30 DAYS
If I can't MAKE more money I'll have to shave $0.73 off my budget for every $100 I spend in the NEXT MONTH
Replacing one stick of butter with margarine in a cookie recipe that calls for 4 sticks will save me that much - I can BUY DOWN $100 worth of inflation easily
Hey how are u doing the inflation is so high
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The tax code needs righted and monopolies need broken up….and btw real free markets not bail outs for bad management decisions.
The interest rates should have been raised a while ago. Slowly as the economy was recovering from the pandemic. The longer you wait the worse is going to get.
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I don't know what that senator is thinking, but interest rates are the main tool that central banks all over the world have to deal with inflation. The market expects the Fed to increase interest rates, and it's pretty clear that most economists agree that's what needs to be done.
It's almost like keeping a Trump pick was a bad idea.
"Two job vacancies for every person looking for work."
A political catchphrase that completely ignores that jobs require qualifications.
Powell is a pro big business/pro ultra-rich republican, period.
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Then you shouldn't have been printing money out of thin air. Come on EW, you're smarter than that.
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Good for Senator Warren!! I'm glad someone finally said this, raising the interest rate to "rebalance" the employment sector is class warfare.
She does not understand the economy
Well there is no absolute answer here. The ongoing challenge of balancing the economy is just that , a challenge. They had to raise rates, no if ands, or buts.
There is never any answer ,there is trade-off's
The problem is how much they are raising rates so quickly. Trump kept pressure on the Fed to keep the rates artificially low in order to gas the economy. Now they are stomping on the brakes and yanking on the emergency brakes at the same time ¾ if a prevent is a huge increase all at once, especially when they had just raised rates ½ of a percent a month ago. Raising rates so much s ok fast is likely to trigger a recession.
So poor people can't afford nothing.
Rich people make more by selling less.
This is a scam.
The scam is government regulations set in place to take more of our money in the name of raising revenue. Tax, tax & more tax.
@@Second_Wind9
Tax the wealty....
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Go away bot
“In the labor market, as you know, you have a situation where there is a shortage of workers. There are two job vacancies for every person who is actively looking for work. So, part of this is to get the labor market back into balance.”
Time out. Did this guy say that raising interest rates will essentially pressure poor people to take the jobs that people clearly don't want (isn't financially viable for their family, crappy working conditions/hours/benefits, etc.)? Cause that's what I heard. It's not the worker's problem that the companies aren't lucrative.
The Fed: Well, we have this hammer. If you squint hard, close one eye, and stare through gauze, doesn't the current situation start to resemble a nail?
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We are talking about economics here. Just because raising interest rates worked against stagflation before doesn't mean it will work this time when corporations are price gouging. Ceterus Paribus is not happening here!
Your premise, that inflation is due to price gouging, is disproven by the fact so many companies posted record *losses* last quarter.
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Looks like things are heading towards depression , they don’t want to admit that we are already in recession, I think about 2008 , same situation are happening now
Liz Warren still has 5 Shock Tops in her fridge - She has no organic identity - none.
Low interest rates benefit rich people more than it does poor people.
She remembers Chairman Paul Volker. Times were good after that terrible dose of medicine. Reagan didn't want Volcker policy, but it drove his bullish economy for several years. Economists are number driven. Right or wrong, it was hard for Chairman to relate to social aspect of what might happen. I still respect and admire his knowledge.
I dont bow down to foreign bankers like The Federal Reserve.
Your literally watching your govt BEG kiddo.
To foreign owners.
I remember Ben Bernake telling Mariah Bartilomo that the Fed CAUSED the first great depression.
And they are FORCING another one.
I remember 70 cent gasoline and 70 cent smokes.
Only 40 years ago.
What that MEANS kiddo is that prices have doubled 5 times in 40 years.
Your money buys 5 times less than JUST 40 years ago.
Thanks to the Federal Reserve printing USD into the dirt.
@@federalreservewolflegend3523 You are too funny.
@@randallmadison9910 In what way?
I WITNESSED the Bernake interview where he almost rolls his eyes walking down some hallway filled with busts and then Ben sighs, then Ben grudgingly ADMITS The Fed caused the Great Depression itself.
So ALL those food lines, the unemployment, the poverty of MILLIONS of Americans stopped when the Fed decided to rain bread from the heavens again, didnt it?
Can you say balderdash to the FACT that bread rained from the heavens after they STOPPED crashing markets and stealing grannies pensions for a few years?
We aren't in the same situation
After watching Elizabeth say a handful of words I understand fully why the founding fathers didn't give women the right to vote.
At present, the problem of raw materials should be negotiated at the source side or find another source country to solve the inflation problem. Raising interest rates will not solve the problem, because in the early stage of the epidemic, all walks of life have been affected, and it is definitely necessary to borrow money from banks. Raising interest rates is equivalent to increasing the burden on the people, which is detrimental to the development of enterprises, and finally affects the growth rate of employment. The only way to get rid of the bell is to contact the bell person. Only by confirming whether to stock up on the prices of various materials, shouting prices all over the sky, or deliberately raising prices to lower the price, is the countermeasure.
The best way to stop inflation is for all Americans to stop buying unnecessary things, stick with the basics, we the consumers have the power.
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Get him Warren!🤬 thank you for fighting for us.
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How is fighting to keep inflation at a thirty year high, helping anyone but the rich? She working against the interests of the people. Inflation must be lessened.
@@deborahfreedman333 Exactly. And the Federal Reserve is the central bank, which is supposed to be left to independently set monetary policy. The Fed will do what is right based on the data.
No, we need to raise interest rates. She's just playing a political game.
Well said, Liz. Our American capitalism at work. 🙄
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I don't know why I heard that the American people have been working hard on oil prices recently, and they are particularly distressed. Obviously, because of shale oil in the past few years, oil prices have plummeted.
Especially drive electrical car at present.
It’s not inflation
It’s price gouging
He will. It’s the point… put the working class back in their place…
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Time for mass general strikes.
90% of this entire comment section doesn't know what the fed even does let alone what these 2 are talking about.
Isn’t the Federal Reserve a prison?
@@arbyjack2552 nah, its a water facility
I thought it was premium wine for FBI agents?
Pretty sure they're FBI agents that can be called up and reactivated in a time of emergency.
So enlighten us, holly thou!
(One more know-it-all 🙄).
people just need to cut down on spending and inflation should do that on it own
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Yeah .. they aren't 5 year old?? They know exactly what they are proposing
This admin should spend less time focusing on the variables outside of their direct control and instead put their efforts toward taking action on the measures that are immediately within their jurisdictions. The most immediate measure they could take that would directly alleviate inflation tremendously would be to get with US oil producers and accommodate whatever they need to start Increasing US oil production. This would directly alleviate the hyper-inflated costs of basic necessities that are draining folks’ on an everyday basis by alleviating the expensive cost of gas, groceries, electric, consumer goods, - all products which have the cost of oil built into the price. Because oils is a future market, Increasing US oil production would have a direct impact on cost of goods even if the actual supply takes time to materialize. As a result, people will be better positioned to weather the feds rate hikes and general inflation otherwise, And less likely to have to take on new debt with costly interest rates just to cover their basics. (Not to mention, this would also help our ally nations across the world that have capped their intake of Russian oil in their efforts to support Ukraine. Unfortunately, without the US’ willingness to materially subsidize this decreased oil intake from Russia with US oil (which warrants increased US oil production), many of our allies across the globe are subsequently similarly having their economies crushed under the weight of record high inflation and energy shortages. As a result, the ability to support Ukrainian and other increasingly vulnerable nations is diminished as US and our allies become increasingly weakened under collapsing economies and descend into a struggle to merely sustain our own individual countries. Meanwhile, the intended effect of weakening Russia’s economic power via oil sanctions has backfired, instead nearly bankrolling Russia’s war
as a result of Russia reaping windfall profits from the hyper-increased costs of oil born out of low supply and high demand. Furthermore Russia is enjoying increased power on the world stage as they take advantage of leveraging their valuable oil resources to strengthen the dependencies of other countries on Russia).
The economy has been on fire the last couple years, a come down is likely inevitable. He is right despite his terrible explanation, we have to get spending and thereby inflation under control. The primary way to to do that is to make borrowing money harder. Let's be honest, a lot of people are spending money like crazy, new cars, vacations, home renovations, they aren't saving, a certain amount of them are doing it on credit. A lot of people aren't behaving rationally, historicaly when things get expensive and budgets get tight, they spend more conservatively, that's not happening. Getting back to normal inflation will be costly and difficult, some people will lose their jobs, some corporations will fail, fittingly some of them will be those that over spent now. It's a necessary evil, like pulling off a band aid it must be done. This level of inflation for too long, or if it gets much higher will also crash the economy.
Wrong, its Putins inflation.
The economy has been on fire because they lowered interest rates back in 2018, then brought them to near zero because of covid.
This inflation is the price we are paying so trump could brag about “record breaking market”.
If spending was out of control, our current inflation problem would be he result of spikes in demand. We know that to be vehemently untrue with todays situation. Demand has remained relatively the same, while supply has tanked. He’s proposing that the solution to accommodate low supply, is to simultaneously lower demand by increasing unemployment and increasing interest rates. Warren is very correct is stating that we would be far more successful is passing fiscal policies aimed at increasing supply to where it needs to be, rather than lowering demand. Why is this so hard to grasp? This isn’t her mere opinion, but rather backed by most economists who aren’t working for right wing think tanks, or like Jerome, aren’t looking for incredibly short term solutions prior to election season. The actions he’s proposing to take should only occur where excess government spending has resulted in inflation from spikes in demand.
@@saintcainYou are correct however there were a couple other factors at play as well. All of the covid stimulus and build back better contributed as well, some was good but they went too far, you can't inject that much money into the economy and expect inflation to not go up. Also consumer demand has been all screwy, people are willing to pay outrageous amounts for things like cars and vacations and 2nd homes, things they normally wouldn't be so brazen with their income if these weren't the end times or whatever you want to call it.
@@danb.709 build back better was never passed. Spending bills don’t put money into circulation. Money is only put into circulation through the fed. Spending bills either use budgeted tax money or the government borrows, thus the national debt or deficit of the budget.
Ps5s tripled in price because there was a low supply and high demand, not because of inflation. Supply and demand work for individual products, where inflation is dependent upon the value of the currency itself.
Apparently people still have money to vacation and travel, can't get enough planes in the air for all of them. What are we supposed to believe.
Sources have mentioned, America being a flea market to the Europeans. The U.S MUST make foreign stock and shareholders respect American Commodities, especially; American Commodities that are in DEMAND. The Only way for America to meet the cost of living, and increase minimum wages? The U.S Government MUST Increase the price value on ALL American GOODS. This is the only way, the U.S can increase minimum wages on SERVICES in our nation.
I feel bad for powell. Powell is trying to fight inflation and Warren doesn’t understand.
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Warren does understand. She's just grandstanding for her "educated" base instead of educating her "educated" base.
She complained about low interest rates benefitting banks and now she's complaining about higher interest rates slowing the economy. She needs to be recalled for incompetence.
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No, she complained about tax cuts for the corporations. How did thrumps tax cut help you?
@@barbaraann6229 people like you put a smile on my face when the interest rates go up. and yes bidens inflationary policies made me RICH beyond normalcy.
@@stiiizyjones14 nerd :D
@@barbaraann6229 She also complained about low interest rates.
Let's see......do you think they should of cooled off the economy earlier instead of feeding it low interest rates for 10+ years. Economic pain can never be avoided, why kick the pain down the road? The only reason to kick the pain down the road is to offset the pain from the events that caused it in the first place. Life is not one big glory train year after year. This Country needs to take the good and the bad when the events that cause them happens. Now, we live in even worse times.
High interest rates would only put people out of work because it just make sense; how in the world can the employers afford to maintain their businesses and keep cost down with the high interest rate?! and therefore, they can't keep their employees on the payroll because majority of their profits would have go to pay the interests, forgot sake!
A recession is merely a contraction of measured GDP -- it is not a depression, it is not a catastrophe (by and of itself), and most importantly, *a recession need not affect employment or measured wages at all* , and Warren's embarrassing "concern" that rising rates will "drive the economy off a cliff" is subtractive of the national debate. Inflation makes everyone poorer, and dries up lending (insuring everyone _stays_ poorer), and Powell (Godbless'im) and the FED rightly put addressing inflation first.
She's always been about what will give her more press coverage, not what is good for the American people. The only thing the FED did wrong, was wait so long to raise the prime rate.
@@deborahfreedman333 I can't speak to Warren's motivations, but neither can you. Regardless, she has said way-much that needed to be said but hadn't been by others in Washington. And FWIW, the FED does not control the Prime Rate -- it is a construct developed/published by the Wall Street Journal. The FED controls a number of ingredients to the Prime, but the two that get most coverage are the FRS Overnight and the FRS Interbank which, as their names imply, control short-term actions through the Federal Reserve System. As far as timing goes, your comment that the FED should've hiked _sooner_ is unsupportable. FWIW, my own preference would be for them to have hiked in greater steps (like, by 10x as much -- e.g., 5% rather than 0.5%, which is still less than measured inflation at this point), but there are many shocks to world markets being worked through (a process of years), and the FED has a lot more data than I do.
America, President Joseph R. Biden standing up for us, the American People, against BIG OIL COMPANIES and companies. I'm a United States Veteran and I voted for President Joseph R. Biden, and I'm proud of our president.
lol you have to be joking, no way you are serious right
Just to understand, will pay rate go back down if recession hits?
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So, nothing to do with industry continuing their record profits in a pandemic and a war in Europe?
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