Biden's incompetent cabinet

[mspart]

We are grousing about Trump's picks.   What about Biden's picks?   Any concern with any of these?

Alejandro Mayorkis - Fails to keep the homeland safe from illegal entry of thugs and criminals and terrorists, people from over 150 countries coming in via the southern border.   All along he says the border is under control.   Lying right to our faces.

Discuss.

mspart

 

[Bigbrog]

No...it's way more fun to call people incompetent that haven't even done the job for a single day than to actually talk about the results of people that have been doing the job for 4 years.

[mspart]

2 hours ago, Bigbrog said:

No...it's way more fun to call people incompetent that haven't even done the job for a single day than to actually talk about the results of people that have NOT been doing the job for 4 years.

FIFY.

mspart

[red viking]

There's no comparison between them. Trump's picks are mostly television personalities with no expertise whatsoever. 

[mspart]

I think you are typing in hyberbole. 

mspart

 

 

[mspart]

Janet Yellen regarding inflation:

https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

U.S. Treasury Secretary Janet Yellen said she was wrong about how severe inflation would be.

In an interview with CNN, Yellen was shown previous remarks she'd made last year where she indicated there would only be a "small risk" of inflation, and that it would be "manageable."

In response, Yellen said, "Well, look, I think I was wrong then about the path that inflation would take."

She continued: "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I didn’t at the time didn’t fully understand. But we recognize that now the federal reserve is taking the steps that it needs to take."

Talk about incomepent.  That was her job and she still has her job.   Biden has fired no one.

mspart

[red viking]

15 minutes ago, mspart said:

Janet Yellen regarding inflation:

https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

U.S. Treasury Secretary Janet Yellen said she was wrong about how severe inflation would be.

In an interview with CNN, Yellen was shown previous remarks she'd made last year where she indicated there would only be a "small risk" of inflation, and that it would be "manageable."

In response, Yellen said, "Well, look, I think I was wrong then about the path that inflation would take."

She continued: "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I didn’t at the time didn’t fully understand. But we recognize that now the federal reserve is taking the steps that it needs to take."

Talk about incomepent.  That was her job and she still has her job.   Biden has fired no one.

mspart

Lots of people were wrong about inflation, including the entire federal reserve. I was one of the only ones that were right, and I'm telling you again that inflation is going to jump big time under Geriatric Donny. 

Edited Tuesday at 06:12 PM by red viking

[Bigbrog]

1 hour ago, red viking said:

There's no comparison between them. Trump's picks are mostly television personalities with no expertise whatsoever. 

If nothing else you are entertaining.

[mspart]

Lots of people are not the Treasury Secretary.   She got it completely wrong.   No excuses.   She should have handed in her resignation.   She should have fully understood or foreseen what was coming but she didn't.  The markert has had their say on the new Treasury Secretary. 

You might be correct about further inflation.   But you might not be either.   We shall see.

mspart

[red viking]

11 minutes ago, mspart said:

Lots of people are not the Treasury Secretary.   She got it completely wrong.   No excuses.   She should have handed in her resignation.   She should have fully understood or foreseen what was coming but she didn't.  The markert has had their say on the new Treasury Secretary. 

You might be correct about further inflation.   But you might not be either.   We shall see.

mspart

The bottom line is that most economists got this wrong. I don't understand why because it seemed so obvious with the drastic growth in money supply after COVID. However, she is the norm rather than the exception, somehow. 

[mspart]

She refused to see what was before her and buck Biden's policies.   She was being a good soldier

mspart

[Wrestleknownothing]

17 minutes ago, mspart said:

Lots of people are not the Treasury Secretary.   She got it completely wrong.   No excuses.   She should have handed in her resignation.   She should have fully understood or foreseen what was coming but she didn't.  The markert has had their say on the new Treasury Secretary. 

You might be correct about further inflation.   But you might not be either.   We shall see.

mspart

That is just a silly hyperbolic take. Given the predictions of the overwhelming majority of economists that we were heading toward a recession, to then complety avoid it, if anything the Fed governors should get raises. The soft landing that no one thought possible sure seems possible now.

 

[red viking]

4 minutes ago, Wrestleknownothing said:

That is just a silly hyperbolic take. Given the predictions of the overwhelming majority of economists that we were heading toward a recession, to then complety avoid it, if anything the Fed governors should get raises. The soft landing that no one thought possible sure seems possible now.

 

Probably not. Nowhere close to the 2% inflation target after 4 years of this b.s. I'd call it a 100% failure.  A minor recession isn't a big deal. Better than what we still have now. 

Edited Tuesday at 07:42 PM by red viking

[mspart]

Quote

That is just a silly hyperbolic take. Given the predictions of the overwhelming majority of economists that we were heading toward a recession, to then complety avoid it, if anything the Fed governors should get raises. The soft landing that no one thought possible sure seems possible now.

The Fed is not the Treasury Secretary.   The Fed reacted to the inflation as they should have.   The Treasury Secretary should have been able to see where the Biden policies were heading.   But she didn't or wouldn't.   That's not hyperbolic.   That is the truth. 

mspart

Edited Tuesday at 07:45 PM by mspart

[red viking]

Just now, mspart said:

The Fed is not the Treasury Secretary.   The Fed reacted to the inflation as they should have.   The Treasury Secretary should have been able to see where the Biden policies were heading.   But she didn't or wouldn't.   That's not hyperbolic.   That is the truth. 

mspart

She has little if any control over the tax & spend policies of Congress & President. WTH are you talking about?? 

[mspart]

Just now, red viking said:

She has little if any control over the tax & spend policies of Congress & President. WTH are you talking about?? 

That is correct.  But she should be able to forsee what they will do.   And she said, they will be of no consequence.   You remember them saying this would be short term inflation and be hardly at thing at all.  Then she had to admit she got it wrong.   She just did not foresee the reality.   If that is competence you can have it.

mspart

[Wrestleknownothing]

12 minutes ago, red viking said:

Probably not. Nowhere close to the 2% inflation target after 4 years of this b.s. I'd call it a 100% failure.  A minor recession isn't a big deal. Better than what we still have now. 

The September PCE Index was +2.1%. The three months prior to that were 2.3%, 2.5%, and 2.4%. I would call that close.

https://www.bea.gov/data/personal-consumption-expenditures-price-index

Edited Tuesday at 07:54 PM by Wrestleknownothing

[red viking]

6 minutes ago, Wrestleknownothing said:

The September PCE Index was +2.1%. The three months prior to that were 2.3%, 2.5%, and 2.4%. I would call that close.

https://www.bea.gov/data/personal-consumption-expenditures-price-index

Excluding food & energy it is about 2.7%. Food & energy are best excluded because they fluctuate monthly and significantly independent of overall money printing/inflation. 

[Wrestleknownothing]

3 minutes ago, red viking said:

Excluding food & energy it is about 2.7%. Food & energy are best excluded because they fluctuate monthly and significantly independent of overall money printing/inflation. 

Too bad that isn't what the Fed targets.

[red viking]

Just now, Wrestleknownothing said:

Too bad that isn't what the Fed targets.

The fed does look at this, in addition to most economists. They look at everything, but everybody knows that the core PCE is more reliable. That's why people use it in the first place. 

[red viking]

2 minutes ago, Wrestleknownothing said:

Too bad that isn't what the Fed targets.

https://www.advisorperspectives.com/dshort/updates/2024/11/01/two-measures-of-inflation-september-2024#:~:text=The Fed is on record,longer-run goal for inflation.

The Fed is on record as using core PCE data as its primary inflation gauge.

[Wrestleknownothing]

14 minutes ago, red viking said:

https://www.advisorperspectives.com/dshort/updates/2024/11/01/two-measures-of-inflation-september-2024#:~:text=The Fed is on record,longer-run goal for inflation.

The Fed is on record as using core PCE data as its primary inflation gauge.

Both you and the author of the link you posted need to read more critically. Yes, the Fed looks at many thing, but they target PCE, PCE ex food and energy.

From the Fed:

What is the Fed's inflation target?

The Federal Reserve seeks to achieve inflation at the rate of 2 percent over the longer run as measured by the annual change in the price index for personal consumption expenditures (PCE).

https://www.federalreserve.gov/economy-at-a-glance-inflation-pce.htm#:~:text=What is the Fed's inflation,personal consumption expenditures (PCE).

Edited Tuesday at 08:20 PM by Wrestleknownothing

[Wrestleknownothing]

39 minutes ago, mspart said:

The Fed is not the Treasury Secretary.   The Fed reacted to the inflation as they should have.   The Treasury Secretary should have been able to see where the Biden policies were heading.   But she didn't or wouldn't.   That's not hyperbolic.   That is the truth. 

mspart

You are correct. I mis-read that. I still think your statement is silly hyperbole though. What exactly do you think she did that is either a fire-able offense or warrants her resignation?

[Lipdrag]

6 hours ago, Wrestleknownothing said:

Too bad that isn't what the Fed targets.

i agree.  The Fed's targets are bad.  The target should be stable money.  Period.  No money devaluation.  Zero. Zip. Nada Inflation.

[PortaJohn]

23 hours ago, red viking said:

Lots of people were wrong about inflation, including the entire federal reserve. I was one of the only ones that were right, and I'm telling you again that inflation is going to jump big time under Geriatric Donny. 

Lots of people were right about inflation.  Larry Summers was shouting about it from his mountain top