Random thoughts:
Everybody seems to remember the amount given to the middle class during the pandemic,(2-3 Trillion), but forget that the fed threw TRILLIONS ( I heard 17) at keeping the stock market afloat in March of 2020 when it tanked in the face of Covid. The market had been illiquid just like in 2008.
Not to mention that money has basically been free since 2008, for banks investment houses big business etc. All that money flowed into the stock market and IPO's and other speculation. Now the fed has to neutralize that huge injection. Getting off this sugar high is not going to be pleasant. I saw that the median NASDAQ stock was off 70%
I was with a group last weekend, they were complaining that contractors in Jackson Hole were asking $1,000 a sq ft to build, but there was a 2 year waiting list, some were willing to pay $1,500 sq. ft to go to the head of the line. So the very top is not hurting for sure.
All the blame can't be put on the current administration although they have been slow to react.
One thing I don't understand is why they are blamed for high fuel cost, the US is currently oil self sufficient, the price of oil is set internationally. Years ago the US did not allow oil and gas to be exported, it is now a net exporter so maybe a ban on exports? Although I doubt that would be palatable. Maybe dropping the sanctions on Venezuela, (largest reserves) and Iran, that would bring a large amount of oil into the world markets to make up for some of the Russian supply.
Everybody seems to remember the amount given to the middle class during the pandemic,(2-3 Trillion), but forget that the fed threw TRILLIONS ( I heard 17) at keeping the stock market afloat in March of 2020 when it tanked in the face of Covid. The market had been illiquid just like in 2008.
Not to mention that money has basically been free since 2008, for banks investment houses big business etc. All that money flowed into the stock market and IPO's and other speculation. Now the fed has to neutralize that huge injection. Getting off this sugar high is not going to be pleasant. I saw that the median NASDAQ stock was off 70%
I was with a group last weekend, they were complaining that contractors in Jackson Hole were asking $1,000 a sq ft to build, but there was a 2 year waiting list, some were willing to pay $1,500 sq. ft to go to the head of the line. So the very top is not hurting for sure.
All the blame can't be put on the current administration although they have been slow to react.
One thing I don't understand is why they are blamed for high fuel cost, the US is currently oil self sufficient, the price of oil is set internationally. Years ago the US did not allow oil and gas to be exported, it is now a net exporter so maybe a ban on exports? Although I doubt that would be palatable. Maybe dropping the sanctions on Venezuela, (largest reserves) and Iran, that would bring a large amount of oil into the world markets to make up for some of the Russian supply.
Comment