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Something curious took place a month ago during Powell’s semi-annual testimony before a (still-Democrat controlled) Congress: whereas it was quite clear that Biden was calling Powell and demanding an end to inflation (which the White House had unleashed with its trillions in stimmies), most other vocal Democrats, and especially the progressives, were warning the Fed Chair that there is hell to pay if the Fed’s hikes push the economy into recession.
“What’s worse than high inflation and low unemployment?” asked Senator Elizabeth Warren as the Fed chief gave congressional testimony last month. “It’s high inflation and a recession with millions of people out of work…. I hope you’ll reconsider that,” she added, “before you drive this economy off a cliff.”
Which is funny, because in recent days Biden – who was adamant in “explaining” that the soaring inflation of 2022 was out of his control and was solely “Putin’s price hikes” – has been taking credit for the modest dip in gasoline prices thanks to the most grotesque abuse of a Y-axis in history… Gas prices are declining at one of the fastest rates we have seen in over a decade – we’re not letting up on our work to lower costs even further. pic.twitter.com/suEKuKXyKP — President Biden (@POTUS) July 22, 2022 … even though as we have repeatedly made it clear the only reason any commodity prices are low, and that includes oil and gas, is because most now see a recession as inevitable… … and yes, while gasoline prices will certainly drop during the coming recession (however briefly), it is absolutely certain that millions of people will also lose their jobs thanks to the Powell-induced recession.
Which takes us to the main event this week, when still scorching price pressures will push the Fed to raise interest rates 75 basis […]
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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Thank you and God bless!
JD Rucker
