Well, howdy there, Internet people, it's Bell again.

So today, we're going to talk about Trump's next economic issue, a comment from Powell and a question.

The Federal Reserve Chair Jerome Powell said something that frequent viewers of this channel recognized, even though

he didn't say it the same way.

It prompted the same question from about a dozen people, asked in different ways.

This one is from Patreon, and I chose it because it's written in a funny way.

Quote, So I was watching TV and saw a report about the

Fed guy saying the stock market was overvalued. I turned into a meme. I was Leonardo DiCaprio pointing

at the screen. He's talking about the Buffett indicatoricator, I said to my friends.

And then I had to explain why a guy who has a net worth of $63 and two tick tax understood what a ratio of the GDP was. So thanks for making my friends think I'm secretly well invested,

with a monocle and everything. All of that to ask this

question. Why did he softball his answer? And why didn't he just say it the way you did? I looked for a

monocle to wear for this video. I couldn't find one. You need a top hat too. So, first, what did the Fed guy actually say?

Quote, we do look at overall financial conditions and we ask ourselves whether our policies

are affecting financial conditions in a way that is what we're trying to achieve. But you're right,

by many measures, for example, equity prices are fairly highly valued. Okay, so equity prices are

fairly highly valued. That's a very polite way to hint the stock market might be overvalued. Why didn't he just

come out and say the Buffett indicator is higher than it's ever been? A number of reasons. First is that

he's the Fed guy. He probably has access to much sharper tools than the Buffett indicator

that led him to a similar conclusion.

Second, is that the stock market isn't his job. The Fed's job is employment and price stability.

The stock market isn't really their concern if it doesn't relate to that. Third, past performance isn't a guarantee of the future.

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