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Every Magnificent 7 name is starting out the week DOWN by more than 1%
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Every Magnificent 7 name is starting out the week DOWN by more than 1%
🔴🔴🔴🔴🔴🔴🔴 https://t.co/k2LJJeaf3y
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The European Union 🇪🇺 paused its immediate plans to punish Google's $GOOGL for abusing its dominance over advertising technology amid fears that 🇺🇸 President Trump could hit back by derailing a transatlantic trade deal - Bloomberg https://t.co/gG4snczHo4
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The European Union 🇪🇺 paused its immediate plans to punish Google's $GOOGL for abusing its dominance over advertising technology amid fears that 🇺🇸 President Trump could hit back by derailing a transatlantic trade deal - Bloomberg https://t.co/gG4snczHo4
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Video
The All-In Podcast
David Sacks: Jerome Powell has been “intensely political” as Fed Chair
Sacks:
“Powell has been intensely political. I think Trump is right to be frustrated.”
“Let's just go back through the history. In the summer of 2021, we got that 5% shock inflation print.”
“And it was Powell who played along with Biden and Yellen that this was transitory.”
“And that transitory narrative they used to basically avoid any change of policy for six months.”
“Now, what was the importance of that timing?”
“Well, Powell was renominated for a second term by Biden on November 22nd, 2021.”
“So, in other words, he went along with this whole transitory narrative to get renominated, and then a week later on November 30th, he said it was time to retire the word transitory.”
Jason:
“ Do you think that was incompetence, or do you think that was political, Sacks?”
Sacks:
“ It was obviously political because think about it, if Powell had stood up and said, ‘No, I think Biden and Yellen are wrong, and this isn't transitory,’ it would've been contradicting the Biden Administration and it probably would've cost him getting renominated for a second term.”
“And it caused an asset bubble in 2021, it caused the 9% inflation that we had the following year, and it caused the crash that we saw in 2022 and 2023.”
“ Let me give you another one. Powell started the rate cutting cycle last fall with a 50 basis point cut right before the election shortly after Elizabeth Warren sent him a letter demanding a cut.”
“ The bottom line here is Elizabeth Warren was saying that Powell needed to cut dramatically when inflation was at 2.5%.”
“ Now, Elizabeth Warren is saying that Powell needs to stand up to Trump and not cut rates.”
“So you can see the hypocrisy.”
tweet
David Sacks: Jerome Powell has been “intensely political” as Fed Chair
Sacks:
“Powell has been intensely political. I think Trump is right to be frustrated.”
“Let's just go back through the history. In the summer of 2021, we got that 5% shock inflation print.”
“And it was Powell who played along with Biden and Yellen that this was transitory.”
“And that transitory narrative they used to basically avoid any change of policy for six months.”
“Now, what was the importance of that timing?”
“Well, Powell was renominated for a second term by Biden on November 22nd, 2021.”
“So, in other words, he went along with this whole transitory narrative to get renominated, and then a week later on November 30th, he said it was time to retire the word transitory.”
Jason:
“ Do you think that was incompetence, or do you think that was political, Sacks?”
Sacks:
“ It was obviously political because think about it, if Powell had stood up and said, ‘No, I think Biden and Yellen are wrong, and this isn't transitory,’ it would've been contradicting the Biden Administration and it probably would've cost him getting renominated for a second term.”
“And it caused an asset bubble in 2021, it caused the 9% inflation that we had the following year, and it caused the crash that we saw in 2022 and 2023.”
“ Let me give you another one. Powell started the rate cutting cycle last fall with a 50 basis point cut right before the election shortly after Elizabeth Warren sent him a letter demanding a cut.”
“ The bottom line here is Elizabeth Warren was saying that Powell needed to cut dramatically when inflation was at 2.5%.”
“ Now, Elizabeth Warren is saying that Powell needs to stand up to Trump and not cut rates.”
“So you can see the hypocrisy.”
tweet