Guys that’s been wrong about everything is wrong some more
Is this the most recommended post in atlas history? That'd be ironic since it was ultimately wrong.
The fact it has even more recs now than it did before I bumped this thread is lol worthy. He was proven completely right here but it’s easier to yell how evil neoliberalism is than realize that passing over a trillion dollar stimulus at a time when the economy was growing very fast is extremely inflationary.
The situation in March of 2021 was not comparable to Feb 2009 at all yet everyone treated it as it was and did a much bigger stimulus than Feb 2009 which was ridiculous.
He wasn't proven right at all and was predicting much worse inflation. What we got for having a global pandemic and Russian invasion of Ukraine disrupting energy to most of Europe is remarkably manageable, more so than anybody predicated, thanks in part to the policies of Joe Biden.
The remedies Larry Summers was touting were also wrong:
Larry Summers Was Wrong About Inflation
Yellen criticizes Summers on inflation: He’s ‘been wrong in the past’
“He’s a person who’s been wrong in the past,” Yellen said of Summers during a House Ways and Means Committee hearing. “He said that it would absolutely take a recession to bring inflation down, and that turned out to be a serious misjudgment.”
Yellen has hardly had a good performance her term as Secretary of the Treasury. Suggest you find a better source to criticize Summers with.
Yellen did a great job. She was "wrong" on calling inflation transitory according to the media but that was the mainstream view including Powell believing so.
To quote John Cochrane of Stanford: "The Federal Reserve saying they were surprised by inflation is like an army saying they were surprised by an invasion." If that's what happened, you still failed.
That's more Powell than Yellen, but Yellen is the conduit from the administration, she was much better as Fed Chair than a partisan job like running Treasury (probably true for most buteaucrats, and her performance in post-FOMC meeting stand-up interviews with the financial press has been maligned.