Federal Reserve Folly zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
July 25, 2021 | Federal Reserve Folly
John Mauldin John Mauldin is a renowned financial expert, a
New York Times best-selling author, and a pioneering online commentator. Each week, over 1 million readers turn to Mauldin for his penetrating view on Wall Street, global markets, and economic history.
Great news: The US economy is officially out of recession. We know this because the National Bureau of Economic Research’s official recession-calling committee said so this week. The economy has been in an expansion phase since last April, making this the shortest recession on record at only two months.
The NBER committee always makes these calls in hindsight both the beginning and end of recessions. Literally everyone could see the economy coming to a halt in March and April. The signs weren’t subtle. Yet it wasn’t until June 8, 2020, that they said the economy had peaked in February, marking the recession’s onset. I don’t blame them for waiting to see the data, though. C
Jerome Powell Won t Get a 2nd Term as Fed Head, Says JPM Economist ai-cio.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ai-cio.com Daily Mail and Mail on Sunday newspapers.
Print this article
President Joe Biden apparently communes with the deceased. At least, that’s what he suggested recently when he claimed the past five Federal Reserve chairmen said his $2.3 trillion American Jobs Plan would grow the economy.
Two of the past five chairmen are dead. So either Biden is just making stuff up, or he has powers beyond what anyone expects of a president.
Biden was asked recently at a White House press briefing whether he has talked to business CEOs about his proposed corporate tax rate and whether he is open to making it 25% instead of his planned 28%.
For starters, two of the previous five Fed chairmen Paul Volcker and G. William Miller are deceased. Of the others, only Janet Yellen is advocating publicly for the president’s proposed tax hikes. And she happens to be Mr. Biden’s Treasury secretary.
The White House didn’t respond to a request for clarification.
An anonymous White House official told CNN that Mr. Biden misspoke. What the president meant to say, the anonymous official said, was that five former IRS commissioners endorsed his tax plan as a way to boost the economy.
Which is also not true.
Five former IRS chiefs wrote an op-ed in The Washington Post in which they said Mr. Biden’s plans to raise taxes on individuals earning more than $400,000 and to boost corporate tax rates would “restore our tax administration system to make it far fairer and more effective.”