It is important to admit when you are wrong. It may not happen often, but it does happen. Here is my error and why it happened.
The Federal Reserve Chairman is a position with a lot of power. Essentially this person is god as everything he says or even infers is taken as gospel. The position does not pay millions of dollars a year and typically it is filled by an academic. Only rarely does it get filled by person with real life experience. So the attraction to the position is mainly for power and influence... and most important legacy.
So my error was in thinking that Jerome Powell wanted to be remembered as a Paul Volker type, who killed inflation. However after the recent Fed meeting, it appears as if Powell is comfortable becoming the next Arthur Burns... Who fell over himself and did nothing and maybe even helped the US experience inflations rates approaching 20%. It was a crazy period of time to say the least and Powell may have just blundered into Burns' mistake. Only time will tell, but arrogance knows no bounds.. Just ask our politicians.
Join us this week for a fun Holiday Special.
For more information, visit the show notes at https://moneytreepodcast.com/i-was-wrong-powell-wants-to-be-burns-not-volker-603
Today's Panelists:
Kirk Chisholm | Innovative Wealth Douglas Heagren | ProCollege Planners
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