Friends, in a stunning reversal of fortunes in the culture wars, conservatives won a massive victory today as Cracker Barrel decided to reinstate its traditional logo. What's more, they did so after President Trump urged them to. It's almost as if a major corporation is...listening to the American people, and taking seriously what their elected President says. Unheard of!!!
https://www.nbcnews.com/business/business-news/cracker-barrel-logo-rcna227389
In other, and potentially more substantive, news, DJT has fired one of the "Governors" of the Federal Reserve. He says he did it "for cause", and of course all Trump haters say he did it because he's a racist dictator. Ultimately the courts will decide whether he has any such power. The politicization of the Federal Reserve, at any rate, does entail certain risks, and the politicization of the market as a whole does too. I continue to fear that the sheer irrationality of Trump haters could cause a market crash. So far, of course, it hasn't. Quite the opposite!
Dr. Waddy from Jack: This cultural shift toward a reembrace of traditional values continues apace. What the heck; our President is a businessman and I'm glad he is at ease offering such innocent advice to Cracker Barrell.
ReplyDeleteI think this burgeoning trend is propelled in part by long pent up public resentment over the way the woke have reflexively cast aspersions on some of our civilization's verities in their relentless campaign to destroy America and replace it with their totalitarian "guidance" and their Marxist dreams. Cracker Barrell Inc. had some reason to think that the homey and most importantly , common sense image their longtime logo portrayed had been worked by "wokeism" to appear at least "passe" and had maybe even thereby had become perceived as "oppressive".
Well, we deplorables are sick of this kind of unrelenting , vicious and counterintuitive trashing of our way of life on the part of the "American" far left. President Trump has set us an inspiring and powerful example by insolently standing up to these would be dictators both in his long road back to the White House, on day one of his present tenure and consistently since then.This Cracker Barrell episode really does have much symbolic value I think; lets continue telling the wokeists to STEP OFF!
Dr. Waddy from Jack: I must, in commenting on the Federal Reserve, admit my nearly comprehensive lack of understanding of economics. That said:
ReplyDeleteIt appeared to me that the BBC articles expressed some reasonably couched concerns about "politicizing" the Fed. But if politics is defined as "the distribution of income, safety and deference " (as my wonderful PoliSci 100 Prof. bade us)then I would say it already is politicized. The "income" part seems to fit.
But I would suggest that the "independence" of the Fed does not excuse it from responsibility for its actions and that includes giving a President the deference he deserves when he expresses concerns about its policies.
Please elaborate on your concern that the irrationality of Trump haters could cause a market crash. I am in no way doubting it but I just didn't understand your reasoning in expressing it. Thanx!
Sorry - Cracker Barrel - Jack
ReplyDeleteJack, I wonder whether the fact that Cracker Barrel "cracked" right after Trump's intervention is a coincidence... Those "truths" pack some punch!
ReplyDeleteYou're right, of course, that economics and monetary policy have always been "political", but at the same time the invective now being directed at Fed Governors, and the Fed Chairman, are somewhat remarkable. Most of the time, the Fed has been able to "do its work" with very little public scrutiny, or, as you say, accountability. Rule by experts has advantages, but it is also fundamentally undemocratic and can be, at times, perverse and sinister. I personally think Trump may be crossing some lines. For instance, Ms. Cook hasn't actually been prosecuted, much less convicted, of anything, so is firing her point blank the best approach, or the fairest? I dunno.
What do I mean by TDS causing a market crash? If you read much of the financial analysis generated by the mainstream media, it is pretty clearly calculated to trash Trump and to predict doom based on the predicted cataclysms that his policies will generate. If the investor class was actually listening to the media, we probably would have had a depression in April because of "tariff insanity". We didn't, which proves that elite anxieties aren't shared by the hoi polloi, but leftists by themselves, if they acted in concert, could crash the market with ease. That gives me pause. Plus, foreign investors are even more profoundly misinformed about developments here than are American leftists. There is a lot of scope there for irrationality... The market is, lest we forget, essentially a psychological construct.
Dr. Waddy from Jack: To say that the market is psychological construct makes a great deal of sense to me. I experienced alot of anxiety when my retirement funds were in process, partly through market based mutual funds. The "American" far left is a very emotionally motivated faction. Could they be persuaded to be as calm and cool as it would take to purposefully torpedo the market? Oh some of the 20 somethings perhaps. But for those "elders" who are getting the first very faint hints of what advanced age may entail, or may have just signed mortgages or parented young'uns who will within 18years need support for further education: they may take pause . Oh they probably won't give up their far left convictions but they may be far more hesitant to mann the barricades.
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