Ken Klippenstein
@kenklippenstein
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Reporter @theintercept . Signal: 202-510-1268. Subscribe to my newsletter below 👇
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Q: How long from here should Americans be prepared for that economic pain?
Fed Chair Powell: "How long? I mean it really depends on how long it takes for wages and more than that, prices, to come down for inflation to come down."
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Q: 1.3 million jobs, is that acceptable job loss?
Fed chair Powell: "...We're never going to say there are too many people working, but the real point is this, inflation..."
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Ken Klippenstein Retweeted
It’s increasingly looking like the Fed panicked right at peak inflation.
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Ken Klippenstein Retweeted
The Fed could do a lot to ease inflation by selling off some of the $1.3 trillion in mortgage-backed securities it has acquired since Feb 2020, which inflated housing costs by 12.7%. But it prefers to protect wealth over employment, so instead it jacks up interest rates.
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Ken Klippenstein Retweeted
So much tech sector “innovation” isn’t code or design or algorithms—its finding novel ways to avoid paying for labor.
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Ken Klippenstein Retweeted
Fed Chair Powell seems determined to push the economy over a cliff—even after he admitted rate hikes won’t lower key prices.
Destroying jobs and crushing wages of millions of workers is reckless and dangerous.
Recession is not the solution to inflation.
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Ken Klippenstein Retweeted
i for one am shocked that the head of the World Bank lacks the foresight to anticipate climate change
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more on this in my newsletter (pls subscribe, it's free) 👇
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Would it surprise your that our financial elites are not as data-driven as they like to pretend
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corporate profits are the highest in decades, weird how that doesn't factor into the inflation discourse but ordinary people's meager wage increases do
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(This piece is by Clinton’s Labor Secretary btw)
Corporate greed, not wages, is behind inflation. It's time for price controls
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Corporate greed, not wages, is behind inflation. It's time for price controls
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