I Was Wrong...

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 27 December 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

It is important to admit when you are wrong. It may not happen often, but it does happen. Here is my error and why it happened.

The Federal Reserve Chairman is a position with a lot of power. Essentially this person is god as everything he says or even infers is taken as gospel. The position does not pay millions of dollars a year and typically it is filled by an academic. Only rarely does it get filled by person with real life experience. So the attraction to the position is mainly for power and influence... and most important legacy.

So my error was in thinking that Jerome Powell wanted to be remembered as a Paul Volker type, who killed inflation. However after the recent Fed meeting, it appears as if Powell is comfortable becoming the next Arthur Burns... Who fell over himself and did nothing and maybe even helped the US experience inflations rates approaching 20%. It was a crazy period of time to say the least and Powell may have just blundered into Burns' mistake. Only time will tell, but arrogance knows no bounds.. Just ask our politicians.

Join us this week for a fun Holiday Special.

For more information, visit the show notes at https://moneytreepodcast.com/i-was-wrong-powell-wants-to-be-burns-not-volker-603

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Douglas Heagren | ProCollege Planners

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Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast. Stock market, wealth, personal finance, value stocks, invest in your life.
0:11.2	Hello, Smart Money Tree podcast listeners. Welcome to this week show. My name's Kirk Chisholm. I'll be your host. And today I'm joined with my good friend Doug Hagrant. Hey, Doug. Merry Christmas. I just got done listening to Baby, it's cold out there, but it's not.
0:23.8	This is weird. We're supposed to have 51 degrees on Christmas Eve and 47 on Christmas with showers.
0:30.7	El Niño in full effect, Kirk.
0:33.1	Apparently, that's only where you are, Doug, because it's 33 here, and it was real cold last night.
0:37.9	Although it's not cold enough to start my winter pool.
0:41.2	A little disheartened, it looks like all next week's going to be in the 40s and even 50.
0:44.7	It'll be 54 mid-next week, which is a little disheartening.
0:48.1	And then it looks like probably I'm not going to have my between Christmas and New Year's frozen winter pool in the backyard.
0:55.4	So a little disappointed, but hopefully it'll cheer up soon.
0:58.7	At least if you try to, it won't be like here in Minnesota, Kirk, where if they just see a little hint of glaze on the lake, they think they should walk out there and try ice fishing.
1:06.8	And then finally, you know, some of them find out very quickly that they would be better spearfishing because they'll be at the bottom with the fish.
1:12.1	But, you know, it happens every year.
1:13.8	We're both in the Christmas spirit here.
1:15.6	I'm wearing my ugly Christmas.
1:17.1	By the way, we just found these in the mall of all places.
1:19.8	Where else would these be?
1:21.0	It's ugly Christmas sweaters.com.
1:22.9	If you want to find one, they're glorious.
1:25.1	Great way to light money on fire. But I've got mine on. Doug's got his on,
1:29.2	although I'm not sure if that's his Christmasy, although it is an ugly sweater. So matter of
1:35.4	perspective, Kurt. Yeah, it depends on who you're rooting for, I suppose. Let's just dive right in.
	...

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