Jared Bernstein: ‘I Am Just Sick to Death of Billionaires Telling Regular People Not To Worry About What These Incompetent People Are Doing’

BUMILLER So that s ░░░░░░░░ question Are we going ░░░░░░░░ know enough on May ░░░░░░░░ for the Fed to ░░░░░░░░ in any way BERNSTEIN ░░░░░░░░ I will answer that ░░░░░░░░ question It s something ░░░░░░░░ ve been writing about ░░░░░░░░ I m happy to ░░░░░░░░ to it But first ░░░░░░░░ me just say I ░░░░░░░░ I speak for a ░░░░░░░░ of people when I ░░░░░░░░ I am just sick ░░░░░░░░ death of billionaires telling ░░░░░░░░ people not to worry ░░░░░░░░ what these incompetent people ░░░░░░░░ doing all right I ░░░░░░░░ I just think that ░░░░░░░░ you re a billionaire ░░░░░░░░ you re sitting there ░░░░░░░░ the market is in ░░░░░░░░ territory and 60 percent ░░░░░░░░ middle class people about ░░░░░░░░ retire are watching their ░░░░░░░░ k s don t ░░░░░░░░ them not to worry ░░░░░░░░ it OK Just don ░░░░░░░░ OK Now sorry a ░░░░░░░░ bit of rant but ░░░░░░░░ feel very deeply about ░░░░░░░░ and I m sure ░░░░░░░░ resonates with many folks ░░░░░░░░ in terms of the ░░░░░░░░ they have a real ░░░░░░░░ here because yes if ░░░░░░░░ was the market the ░░░░░░░░ all this turmoil and ░░░░░░░░ an interest rate cut ░░░░░░░░ be something that we ░░░░░░░░ probably expect In fact ░░░░░░░░ since that s kind ░░░░░░░░ the direction they ve ░░░░░░░░ going in anyway but ░░░░░░░░ s a new problem ░░░░░░░░ are a particular challenge ░░░░░░░░ the Fed because they ░░░░░░░░ two things They slow ░░░░░░░░ but they raise prices ░░░░░░░░ That s stagflation the ░░░░░░░░ has a hard time ░░░░░░░░ interest rates especially a ░░░░░░░░ that s nervous about ░░░░░░░░ getting back to its ░░░░░░░░ the Fed has a ░░░░░░░░ time rationalizing justifying an ░░░░░░░░ rate cut when it ░░░░░░░░ into a price rising ░░░░░░░░ of environment So when ░░░░░░░░ hear Jay Powell talk ░░░░░░░░ hear him say he ░░░░░░░░ precisely concerned BRZEZINSKI Yeah ░░░░░░░░ about that that dichotomy ░░░░░░░░ trade off So I ░░░░░░░░ he might hold as ░░░░░░░░ to lower.”