Chairman Powell Throws Biden Under the Bus – IOTW Report

Chairman Powell Throws Biden Under the Bus

Powell would like to go down in history like Volcker, for doing the right thing in the face of political pressure. Yesterday he admitted to a Senate panel that raising rates might cause a recession, and he did Biden no favors in the narrative department.

@KimDotcom· Here’s Fed Chairman Powell throwing Biden under the bus:

“Would you say the war in Ukraine is the primary driver of inflation?”
“No. Inflation was high before the war in Ukraine broke out.”

If we’re being fair though, we have to acknowledge that Trump’s stimulus checks, the Paycheck Protection Program, and the Fed’s own bailout of the bond market created this inflation. In all, the Cares Act airdropped $2.2 trillion of free money, while the Fed slashed rates to zero and invited Americans to consume their newly inflated home equity via cash-out refi loans. Powell doubled the Fed’s balance sheet, and was still printing money into 2022, well after we had seen major inflation. more

11 Comments on Chairman Powell Throws Biden Under the Bus

  1. We have a lack of additives for diesel oil which will further disrupt the supply chain. When people start wondering where their next meal is coming from and that all the McDonalds and Hardees and Burger Kings are closed for lack of supplies and there’s nothing on grocery store shelves, talk of inflation will be the least of their worries.

    I only hope that I can still get the news then when they report that Nancy and Paul Pelosi were murdered in their beds for their $45 pints of ice cream.

  2. I’m sorry, but if Biden now is the scapegoat for all that ails the US and even if we add to Biden the totality of the democrap party we haven’t learned a damn thing. How many times must we take a dagger to our backs from our own party until we finally wakeup to this tyranny?

  3. Biden is just the disposable stooge, like a worn out pen. This is all part of the great reset. Buckle up, because this is just the beginning of the planned takeover.
    “Don’t doubt me!”

  4. If we’re being REALLY fair don’t just single out DJT, who I recall saying we’d be doing so bigly, that the National Debt would be coming down, instead this deficit spending crap has been going on for decades.

    Vietnam was when it starting ramping up with abandon, that and going off the gold standard seemed to be the spring board.

    It’s metastasized to multi trillion dollar deficits inflicted on us for the last almost 10 years without any pretense of a budget. Yeah remember those, when the parties would try to define parameters and what an agency might yaknow actually need. Now it’s just a fucking free for all with these massive omnibus spending bills, huge piles of fairy dust money conjured out of thin air.

    And it’s been possible because we have the world’s reserve currency. Well this little adventure in Ukraine was the last straw for countries on the receiving end of asset theft & forfeiture and being locked out of SWIFT.

    There are over 100 countries that are continuing to do business with Russia including India & China. They are avoiding SWIFT and are paying for goods & energy in their currencies. The ruble BTW is trading higher now than before the war, thank you very much.

    When the dollar is no longer the reserve currency, the shit is really going to get real. Right now it’s like the dinosaurs just noticing a light up in the sky. We all know how that ended.

  5. The problem started at the end of Bush II’s term, when he started with QE1. Evaeyone since then hads spent money like crazy, even Trump.

  6. If we’re being fair though, we have to acknowledge that Trump’s stimulus checks, the Paycheck Protection Program, and the Fed’s own bailout of the bond market created this inflation.

    “Fair”. That’s one of those college degree mathification squiggly thingies? Ain’t it.

    (Couldn’t just be a lying apparatchik lying. That’s madness! Oh. Sorry. It’s Thorsday, already. I mean that’s insurrection!)

  7. You forgot Reagan’s tax cuts that the Dem’s were supposed to balance with spending cuts, but just “borrowed” from Social Security payments instead.

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