Powell spent 5 paragraphs of his Jackson Hole speech on Friday explaining why Alan Greenspan was right to keep rates low from 1995 to 1999. If you want to know why US stocks rallied to fresh highs on his talk, that’s pretty much all you need to know.
Given the length and breadth of credit that has been extended over the last decade, and the ever-more risky search for yield, it seems likely the next blowup will find its way into a wide range of unsuspecting American investment portfolios.
Over the past month, an army of Amazon workers was discovered on social media, defending their employer after numerous reports surfaced of the terrible working conditions at the company’s fulfillment centers.
"Here we are three months later and if anything during that time the hawk’s position has been consolidated because we drove over the cliff and discovered our car can fly with the U.S. economy still doing fairly well."
"Getting back to Facebook, I hope it goes bankrupt. I hate it as an institution. I hate what it does. I don’t like its policies. I don’t like its management. I don’t like the fact that it’s causing people to destroy whatever privacy they have left. While turning their brains to mush sending out selfies all day."
"Today, it’s almost impossible to imagine a world where the FAANGs aren’t dominant. That’s why it’s a good a time to start selling, and diversifying into the decentralized platforms that will eventually replace them."