Arthur Burns, Paul Volcker, Jerome Powell discussed on Stansberry Investor Hour
We will stay the course until the job is done. I think we all know he's talking about Arthur burns, right? Arthur burns preceded Paul Volcker as fed chair and Arthur burns will go down in history as the guy who stopped too soon, right? The guy who stopped raising rates too soon. And then inflation really took off for the rest of the 1970s. You know, he figured, well, I've just tanked the market like 73 74. I've destroyed the market. So it's over, right? Yeah. Nope, it wasn't. Yeah, I think you bring up that point. It makes me think of, you know, these guys are actually human too. You know, the fed board, we don't like to think of them that way, because they don't really kind of present themselves that way. But Jerome Powell is human. I highly doubt that he wants to go down as the Arthur burns and would rather be thought of as the Paul Volcker, even though he wasn't necessarily a hero either. But I think they think about their reputations. I suppose agree and absolutely. I said this in Boston. I think I said it on the podcast once before. But he is the high school quarterback, the star Twitter at walking down the hall, looking at the picture on the wall of the hero from 40 years ago. And he said, I'm going to be like Paul. I'm going to be just like, I'm going to win the game. I'm going to save the day just like Paul. And that's, I think that's an adequate paradigm because, you know, high school is a heavily, you know, peer pressure is the big, big one in high school, right? That's the thing that influences every kid in school. And it's the same thing in Washington, D.C., which is where the fed is, right? I'm going to be, I'm going to, I'm going to live up to what all these kids around me want. And you better beat down inflation to do that. Got me thinking about high school now in the hallways. After school activities, this is very fun. Yeah, yeah, that's right. After school activities are the same, too, because these people are smoking some serious serious ganja. They want me to believe that they're the smartest kids in school, you know, 400 PhD economists. Okay, sure, maybe you are, you look like a bunch of suck ups to me, just the same way they did in high school. And I also know that you're getting high after school. Just to relieve the pressure or whatever. So yeah, maybe it's a better paradigm. Would you say getting high on your own money supply? Yeah, so high on your own supply. That's right. Well, I think we've just covered this just about as well as I think we've got the fed all sussed out. Two guys sitting at home behind microphones know a lot more about it than the PhD economists and the guy appointed as chairman of the fed. Right. Of course. Yeah. I think the main point is, you know, the fed is this story's not going away yet as far as the raising rate story and as much as some people might speculating over it ahead of every fed meeting. You get the complete opposite. Yeah.