Chairman Powell; A Hole in the System; The Mismatch | 60 Minutes Full Episodes

[@Seanpfree]

The middle class is disappearing, first time home ownership is a thing of the past.

[@antiquehealbot6543]

Understandably, Americans are frustrated about the housing price but US housing market is better than many other developed countries.

[@supersleepygrumpybear]

Try not to equate middle-class with owning a home. Owning a home is a sign of social status, and its partially why homes are overvalued. And also it just happens to be cheaper to rent than to own rn-

[@AR-rn8ok]

@@supersleepygrumpybearbut if you buy and maybe pay 10-20% more monthly, one day when you are too old to work, you will have no mortgage payments and be able to rest.

[@Youngberg1000]

The "nobel" class doesn't want a thriving middle class. Never has, and never will. They'll keep us around just above starving, at least those they want to keep.@@supersleepygrumpybear

[@ilpmuRk]

You are clearly wrong… we could clearly see the middleclass being replenished real time in the second report

[@MinusMedley]

The jobs discussion is incomplete, more people were forced into low paying jobs to cope. Yet the overall employment/earnings have not improved, poverty is still climbing - more and more people have lost their entire savings during this period. The money printing never stopped, so where is all that capital going? To the banks ofcourse.

[@supersleepygrumpybear]

The reality is that banks do the most "money printing." The Fed just sets "commercial banks borrow and lend their excess reserves to each other overnight" (Investopedia). Also, The Fed doesn't create low paying jobs; Wal-mart, Amazon, Target, Home Depot do. Why do they do it? To get loans from the banks... because if they actually paid their workers a fair wage- then their bond rating will go down, their share price will decrease, they won't be able to get (as many) loans, etc.

[@VincentVega--XD]

More jobs were not created they just filled the job void that COVID mandates created. These people lie by omission and count on you not recognizing it.

[@022100bmlotus]

5:23 if you move too late, people loose nearly everything theyve worked for. I guess they really want us all equally poor and begging to borrow money from banks again. Who is their real boss? BIG BANKS.

[@theodorearaujo971]

The Fed has no integrity. They change the measure of inflation and report numbers much lower than real people experience. The economy is in horrible condition and has been sustained by printing money since 2009. We desperately need a recession to reset price levels and allow the markets to work, but the Fed and our Federal government nationalized the banks. They think the financialized economy can be managed but the crash will just be much worse when it comes. Car prices went up 50% in the last 3 years. No one should pay more than 50% of MSRP. Debt at all levels of society have grown to immense proportions. The delusional types that think debt does not matter (Modern Monetary Theory) are politically motivated. Everything Biden is doing is inflationary (printing 5 Trillion, reshoring manufacturing, attempting to fund a chip industry) and the debt will erode future growth and cause the US to default when it can no longer service the debt.

[@user-xp3bn2ui5w]

Nicely put.

[@calebmacdonald6189]

Why can’t they “seek asylum” at any of the other dozen countries they pass through before getting to the US?

[@abukarabdulahihasan8612]

They are chasing The American Dream Let them live

[@deguldenmiddenweg895]

Inflation is the enlargement of the money volume. Price inflation is the result of that.

[@weloc]

No

[@deguldenmiddenweg895]

@@weloc what no?

[@tonysu8860]

You can talk about inflating the amount of currency but that's not anywhere close to what inflation is. And inflation is more than just price inflation, and there are many types of inflation... You can start with supply side, producer vs consumer inflation and go on from there.

[@yuiopoli9601]

​@@welocUnintelligent comment, people listen to you because you're so smart!

[@jamespossible2601]

​@@tonysu8860, The supply|demand side of inflation is something that will ebb and flow. The inflation resulting from the central bank monetary system is ever constant and persisent...hence the reason today's dollar is worth pennies, maybe less, when it comes to spending power. To open an interview with the Federal Reserve chairman with "Inflation is tumbling" "Is inflation dead" is to suggest that the Fed has the ability to reduce and or eliminate the same, which simply is not true. The Fed is the beneficiary of monetary interest, without monetary inflation, the Fed would not exist. To @deguldenmiddenweg895's point, the money supply is the single greatest issue when it comes to inflation. There is nothing that distorts and weakens the notional value (spending power) of everyday nominal representation of money (the U.S. dollar) than monetary inflation.

[@alexwyler4570]

Chairman Powell is an adult. sigh of relief. Integrity is priceless.

[@TheBINIBALL]

Chairman Powell like many of those who are adults in our government are the ones you almost never hear from. It's the loud blowhards who want to tear the country apart. The criticism behind his response to inflation is valid though and credit to him for owning up to it.

[@whysaywhyx7100]

You mean easily pressured Jerome Powell. 45 sure made him back down when he was in ofc. Not impressed at all. He's playing that shell game for the rich and super rich.

[@emjay2045]

@@whysaywhyx7100 💯

[@alexgeezy5466]

Integrity is priceless and we plan on keeping ours - J Powell

[@mephik]

If they (FED) hadn't driven it into the ground for the last 20 years of free money juice policy leading us here.... yeah. Sure give ol' boy a back pat.

[@AInfusedNetwork]

Aka… we’ll continue to print new money as long as it takes lol

[@alexgeezy5466]

I think that the integrity part is having separation of the fed and politics. He’s doing a good job given the situation.

[@VincentVega--XD]

They lost their integrity a long time ago. ABOLISH THE FED!!

[@alexgeezy5466]

@@VincentVega--XDideally for you what would that like like for interest rates who would control it

[@bonniemiller4041]

Fascinating conversation with Mr. Powell. Thank you Scott; excellent journalism.

[@tonysu8860]

I notice though that a lot of the general public are not listening closely to Powell's carefully chosen words. For example, I've heard many use this interview to say incorrectly that the US budget is putting the US on the path to financial ruin and certain disaster. Not true, Powell clearly says that the US is on a long term unsustainable path but is not telling Congress and the US that the problem has to fixed today and all at once. It should be pointed out that a main reason for the current US budgetary "unsustainable path" is due to the cost of money aka interest rates affecting the affordability of refinancing debt. First, most of the US National Debt is in 10 year Treasury notes, so the Congress has about that long or a little less (or more) to chart a different path forward regarding debt. It should be pointed out that not long ago when interest rates were exceedingly low that the US probably actually made money on increasing the National Debt... For the fixed cost of a fraction of a point interest per year, the US GDP was growing about 3.5% compounded annually. Financial conditions have changed, and it's probably prudent for Congress to adjust accordingly but there is no reason to go crazy and adopt something like a balanced budget all at once which would inflict harm by suddenly terminating a number of beneficial programs.

[@Mbahoue95200]

@@tonysu8860bro the budget is always balanced. There is no such thing as an unbalanced budget. You’ll pay for it via taxes or inflation

[@mercenarywings6700]

I can assure that inflation isn't at 3%. More like 12%.

[@escapefelicity2913]

that's about right

[@tonysu8860]

Only specific items. The US is pretty good at collecting and releasing data accurately to the public. If you think there is a discrepancy, I'd recommend looking at the fine print and maybe use a different metric to reflect a picture more true to you.

[@thephotochad]

The US is also pretty good at revising data. Don't believe everything you see. Especially anything related to inflation.

[@JohnDaniels]

The FED printed almost 8 trillion dollars, what did they think would happen 🤔

[@tonysu8860]

Not only a total lie possibly due to unsophisticated understanding, that's inflammatory. "Printing money" is typically what happened by a number of countries in the 20th century, and it often led to Latin Inflation and worthless currency. It's even considered a main cause of Germany's world wars due to "wheel barrows of currency" needed to buy groceries. Hardly any country today "prints money" out of thin air due to those lessons. Today nation Central Banks instead borrow from future income streams, and that's entirely different. Unlike potentially unrestrained "printing money" you can't borrow money unless someone is willing to lend it to you. Central Banks aren't able to sell debt in their national currency unless lenders believe in your ability to repay that debt and this becomes the barrier against irresponsible and reckless economic management. This is why and how nations can raise money to do necessary things (and even unnecessary but using debt to do that is unwise). The US is able to sell T-bills backed by the US easily because everyone believes the US economy has the capability and will to repay those debts when due and on time. Other countries like Turkey have a much more difficult time doing the same because their economies aren't sound but you won't find even countries like Turkey (and Pakistan and others) "printing money" because once people suspect that's happening there would be a loss of confidence in that currency and the economy would collapse quickly.

[@optiskeptic4746]

Many people thought 'printing money' would lead to inflation; but to their surprise, inflation has come down drastically as supply chains resumed supplies... although I still see evidence of greed keeping some prices going up (housing, restaurants maybe?), it's good to see most food prices are back down. New car prices are still too high, although it's nice to see gas prices stable, even low.. perhaps increased EV use has helped bring gas prices down..

[@thecw301]

@@optiskeptic4746 Greed? No, inflation is very much a problem. I don't see prices going down. Here in San Diego I'm still paying over $5 a gallon for gas, and everything else is up more than 30% higher than 3 years ago.

[@Quotesoflife.568]

​@tonysu8860 O good sir please kindly explaine if money isn't coming out of thinn air than what's backing it.

[@alchik1]

The jobs figures are misleading. Thousands who became out of work during the pandemic never found work and just dropped off the unemployment rolls. Others were out of work so long they could not get jobs in their old careers and had to take lower paid jobs to get by. It’s all smoke and mirrors…

[@phil20_20]

AI is going to take more jobs than ever before in history. We need to prepare for that.

[@tonysu8860]

US unemployment figures have always been about anyone who wants to work and never about the entire population. There are many reasons not to work and some are disabilities. Job creation and destruction is a natural part of any economy and should not be considered an anomaly or anything special as you suggest. The Pandemic might have caused more job losses than normal in a shorter amount of time but it's a natural occurrence in capitalism and free market economies. The point though is that not only were a great many jobs and businesses preserved through the Pandemic, the US economy has created a good many more jobs. Humans have to be adaptable during times of crisis and the Pandemic is no exception. Working at 3 temp jobs is one option. Improving skills and getting a job that likely pays higher Wages due to being unfilled (a big problem overall today) is another.

[@miaash3870]

"For the benefit of the public"!!!! What a joke! They don't give a fig about "the benefit of the public"!

[@adobedobedo409]

Whats the point of border patrol if theyre just gonna watch them enter and not do anything.

[@tonysu8860]

They're restrained by the law, and a people who choose Rule of Law wants its law enforcement to follow the law and not do unlawful things that could be criminal. In any case, it's not the illegal entry that is dangerous to the safety of the United States, it's the prospect that anyone entering the US is unidentified and running around unknown. If the Border Patrol picks up illegal immigrants for processing, identification and screening, there is little risk of some terrorist entering the US

[@emjay2045]

Just like the cops during Jan 6

[@adobedobedo409]

@@emjay2045 what's January 6?

[@CharlesMata80]

They weren’t allowed to stop them at the making of this video . Obviously they would be swarming that hole in the fence if federal policy allowed them to .

[@tomateeee33]

Currency manipulation, Manipulation in commodities, and interventions on the stock market and bonds. They use to call it free market.

[@frankhoffman3566]

Powell talks like he was a month or two late responding to inflation. I saw the Fed failing to act FOR ABOUT TWO YEARS. This was far too slow and it entirely discounted the tenacious aspects of inflation. The most stubborn of these are fear and greed. They must be dampened quickly and forcefully, which the Fed under Mr Powell failed to do. Greenspan, Bernanke and Yellen all understood this. I find it puzzling that Mr Powell did not learn this while observing those Fed Chairs.

[@timoooo7320]

He tried but Trump said that the feds don't know what they're doing if they want to raise rates, so he was pressured not to.

[@lr937]

This guys don’t shop at walmart, everything is up 30%-50% and yet they say inflation is low???? They are so out of touch this rich guys

[@dnd20-]

Coincidentally, Walmarts profits are also up, and wages aren’t going anywhere. Corporate greed is choking us to death.

[@happyjohn1656]

Information doesn't exist anymore

[@optiskeptic4746]

My experience in the East and Midwest is that bread, milk and eggs (and cheese!) prices HAVE come down - bread is back down to $1-$2, millk is back down to 2.55, eggs are $1.15 - $1.40 a dozen, cheese is around $3/pound, same as pre-pandemic... chicken and turkey are around $1-$2/lb, but strangely, hamburger is still high. Canned food is a mixed bag; vegetables are still low, but soups are still higher, don't know how it compares to pre-pandemic... fresh fruit (bananas, strawberries, grapes, tomatoes, cucumbers) are back down, peanut butter and jelly/preserves are in line with 2%/yr from 2019

[@COJC1830]

I've asked this before and never get a real answer, but I'm going to ask again. Why can't the United States government get out of debt?

[@JustinBuildsThings]

because you dont understand debt in this context, so you're asking a stupid question without realizing it. debt = treasury bonds.

[@criSOME1]

He asks a smart question that ends in a Socratic loop down to the source and that is the FED has scammed this idea to include and only include foreign investor interests, not yours. End your mind if you never pondered the thought

[@tonysu8860]

First and foremost, because it's stupid to do so. To understand this, consider first why the US got into debt in the first place. Although the comparison is imperfect it has similarities to a young person buying first home and car. it's the concept that you don't want to live your entire life working to build up cash savings before you buy your home near the tail end of your life. You instead want the benefits of buying a home as soon as possible to enjoy those benefits early and more during your life. Same for buying a car, it should be obvious that getting to work and back quickly and being able to do more personal things increases your personal productivity and enjoyment of life. Same concept applies to the US government going into debt, it's to provide government services today instead of waiting decades to provide those benefits to your children. Your children along with all other citizens benefit because you can provide a better life raising your kids and the community prospers more than if everything had to wait until it can be paid in cash. Once the government goes into debt, then eventually when that debt becomes due a decision has to be made... Either pay off that debt(as you suggest) or refinance that debt at new rates and "kick that can down the road." Yes, the US has the capability and ability to pay off that debt and it's been done before during the Clinton administration although the debt was much smaller then. Paying off the debt means that money wouldn't be spent on other programs. What would you give up? Cheaper healthcare and medications? Cheaper electricity rates in the future? Better roads? Food? Something else?

[@criSOME1]

@@tonysu8860 I'm sorry do you just like to type? I think we're both belong the grade school explanation for why they might have had good intentions but you and I know damn well what they're doing isn't like comparing credit scores on our end, so cut it. If you want to gloss over my statement that's fine but don't pretend like you're too scared to answer simply cause it flew over your simple mind

[@tonysu8860]

​@@criSOME1I guess the question is whether you think the US isn't assuming debt for good reason. Would you prefer businesses closing and personal bankruptcies resulting from the Pandemic? It took 8 years to recover from 2008. Would you prefer more sickness and death due to less healthcare? Maybe a weaker military? What's on your list of expenditures that should be cut back?

[@calebmacdonald6189]

Amazing episode! The illegal immigration story was insane. Does Biden really need congress to give him permission to close that gap? Come on man!

[@Peekaboo-Kitty]

He's lying!

[@pianofinger]

@@Peekaboo-Kittytrump stopped the Republicans from signing the bipartisan deal. Trump said so. Other than that he has nothing to run on. Most things are doing better without him

[@ricardocuadrafajardo581]

If there is no budget who will put up his own money?

[@EMan-cu5zo]

It’s amazing how blatantly they lie to people and they eat it up.

[@Skipbo000]

YES! The president, if he wants lasting policy, must have Congress approval on everything! See, this is the problem. People think the US president is this almighty dictator and he is not. When are we going to finally understand that it does not matter who is in the White House - that's all TV drama. What matters in a representative democracy is what Congress is doing.

[@j.m.3600]

60 minutes? More like 44 minutes LOL

[@SrengLim2023]

43😂😂😂😊

[@amz33894]

Inflation is in perpetuaty it never stops, Americans have just experienced a bout of rapid inflation within a 2 year time frame. It would be niave to think it will not happen again.

[@yohuevon]

I can't tell if Powell is purposely lying, or if he actually believes his lies. It's crazy that he doesn't get pressed more on the disaster we are about to endure as a result of the Fed and the Government's horrendous decisions and indiscretions about America. I'll probably go back to this video in astonishment in a year or two.

[@loudaddy2001]

I'll meet you here, prophet

[@yohuevon]

@@loudaddy2001 see you very soon

[@yohuevon]

@@JohnDaniels luckily it ends half way through the video and they change topics. It's maddening

[@maltyshreddar]

In all fairness, how easy would his job really be...

[@yohuevon]

@@maltyshreddar pretty easily, considering no pressure from the media and all the government numbers are doctored to make it seem like everything is fine here. It's wild

[@MysteryD]

"3.7% unemployment" Oh, you mean we're down to 3.7% of people who still qualify and haven't run out of benefits.

[@emjay2045]

🙄 Some CANNOT work

[@MysteryD]

@@emjay2045 the they'd be on disability, not unemployment.

[@seriouslyyoujest1771]

It’s unfortunate that President Biden thought oil was bad, and attacked USA oil production. Two days after President Biden canceled the Keystone Pipeline, Saudi Arabia raised prices 42%. Oil prices soared at the pump, and my groceries doubled. I had been watching prices very close for a year, so I knew what things cost. Too see prices double shocked me! I will say Powell did good considering the wrench President Biden through in the engine of our Economy.

[@tonysu8860]

All baloney and propaganda by the Oil industry and their supporters. The bottleneck in US oil production isn't extracting crude from the ground, its the refining step. The price of crude in the US is manipulated by controlling how much crude is extracted. The US has enormous crude resources both by drilling in Alaska and shale practically all across the mainland US but particularly in Pennsylvania and the Midwest. Any time the US oil industry wants to increase crude oil extraction, they just hire another shale team and they have more crude in about a month or two. The oil industry wants Keystone because Canada is willing to sell their tar sands oil for cheap and the oil industry like profits. Same thing for opening new fields in Alaska, more drilling rigs and more pressure in new fields mean more profits. But in no way is there a shortage of crude oil resources in the US, only refinery shortages which are sometimes intentional and sometimes not. The oil industry in general doesn't want to build any more US refineries because they're expensive and only 25 years of guaranteed production justifies building a refinery. The oil industry sees Green taking over long before 25 years so building a new refinery isn't economically justified, in fact if a decision is made today to build a new power plant powered by fossil fuel or any renewable source, it's actually a cheaper decision to choose the renewable source. Bottom line is to listen and understand what is being said. If you're interested in cheaper electricity bills and US security, don't support the oil industry projects unless there is really good reason. Make them explain why a Keystone is really needed instead of just taking their word.

[@lars277]

Our plutocracy is totally unsustainable. We all knew that since 2008. We are just printing and floating dollars now, with no backing whatsoever. You say we never had backing. Wrong. We used to back our dollar with gold and silver. Then since the 40s, we backed it mostly with bonds and T-notes. We do not do that anymore. We just print money. Ben Bernanke said that, he said the printing press will save our economy, or something like that. It is not an exact quote.

[@pistolen87]

US biggest export is the US dollar. The world exports goods to the US and the world receives dollars they can trade with on the global market in return. No other country can print money like the US does, without it having a negative effect of the currencies value, it's a huge privilege. On the other hand, it undermines US competitiveness and increases US trade deficit.

[@supersleepygrumpybear]

@@pistolen87 Exactly! The dollar printing doesn't matter when every other world bank pegs their currency to the USD. Especially US bonds and T-notes, which are held as collateral. In fact, going back to a gold and silver backed currency is ridiculous at this point harkening back to the bank-runs of the late 1800s (The Long Depression). All commodities, gold, silver, wheat, etc., are financialized through ETFs like everything else (Yep, even Bitcoin now; BRICS we're coming for you) The reality is, is we're in a new day and age of complex derivative trading backed by proven algorithms and unproven A.I. Money supply simply doesn't matter when all forms of money and debt are being sold in global markets to fund their economy, especially when supply chains are becoming more and more nationalized.

[@tonysu8860]

It's OK to think in anachronistic ways. But it's irrational to believe that every currency is not much different than any other. There's no difference between fiat currency vs precious metals or crypto. Fans and proponents of any currency will tell you theirs is different but the truth is that any currency relies on the same principles... Faith, reliability, usability acceptance and an agreed upon value. If a currency lacks any of those qualities, then it takes a back seat to others.

[@lr937]

A hole??? More like a Grand Canyon 10 times over

[@Vmac87]

Powell and the committee waited too long to raise rates. By the time they stepped in inflation was already out of hand. It amazes me that these “masterminds” of finance are never proactive but rather reactive with their fiscal approach is mind blowing. After printing all that money and injecting it into the economy during Covid they couldn’t predict inflation would be a consequence of that decision. And let’s not give Powell too much credit. Raising rates to battle inflation is economics 101. Geez.

[@shlamdonk]

There are two parties responsible for inflation. The federal government and their policies and fiscal policy. Keep voting democrat and then cry why we have super high inflation. Its very simple, if you vote for democrat that means you are voting on more governmental spending for more government programs. If you vote republican they are cutting government spending which means less pgovernment programs. Do your research and choose besides "orange man bad" as a reason.

[@tonysu8860]

Powell took a very cautious approach to raising interest rates tiny increments at a time over about 2 years. He was trying to avoid what his predecessors Volker and Greenspan did which was to raise rates a substantial amount suddenly which shocked the system and almost consistently resulted in a following recession and high unemployment. So, at least for today and the limits of our understanding of macroeconomics... You have a choice. The old, traditional way that results almost certainly in killing businesses and jobs for at least a half year(sometimes up to 5 or so years) but more likely more than a year causing mass unemployment and suffering or The new option Powell has pioneered that results in much higher interest rates and possibly for a much longer time while practically ensuring no jobs are lost, unemployment remains low and large numbers of Americans aren't suffering from total lack of employment.

[@EMan-cu5zo]

@@shlamdonkI am afraid Trump won’t be able to help it much either. Everything has already gotten out of hand. We need a deflation but then everyone including the government will default on their debt. We are in a terrible place.

[@johngil3692]

As Katt Williams says, nobody knows why liars lie

[@Peekaboo-Kitty]

They lie to deceive you and benefit themselves.

[@Philippe_Gruijthuijzen]

12:55 What is the single most important factor for future of America's prosperity? Answer: Leading voice of US abroad. And the world wants that. My answer: Currently US is losing his lead position. Examples: Yuan is increasingly a world / reserve currency, which breaks the US' hegemony. One of the main reasons for US losing their lead / hegemony is that other countries rely less and less on their safety and economy from the US. That has also an impact on US economy eventually.

[@extendedclips]

Key Takeaway: USA is an indispensable nation defending democracy with a dynamic economy….. smh

[@tripleuno5900]

That's why everyone wants to come here 🤷🏽‍♂

[@loudaddy2001]

What are you shaking your head at? 🤔

[@cowdaddy4595]

There was a time when I believed that 60 minutes was objective news reporters

[@escapefelicity2913]

Me too. Those days are gone.

[@ragusaf]

How many decades ago was that?

[@escapefelicity2913]

about 3.7

[@ears9506]

I would really be interested in hearing the Feds reasons for lumping interest rate increases for businesses and the individual together. Since import profits, businesses base their price changes on either 'best-price-in-market' or ' %-above-last-price' instead of '%-of-cost'. So, to reign in business price increases, it seems the Fed would want to increase interest rates for businesses only. Raising interest rates on the individual consumer is penalizing an already penalized (demand restricted) individual with and second increase.: one from product price increase and second from interest rate increase. Bottom line: what the individual pays in increased interest rates is income to the business. The overall result is the business gets interest income from the individual to offset their increased interest on their expansion, general growth, and profits. The individual is hit twice so the businesses can pay 0 increase in interest rate on their growth and profit.

[@tonysu8860]

You're right that the Federal Reserve's tools to manage interest rates are very crude but as a creation of Congress that's what the Fed is empowered with. I agree that the time may have come that the Fed should be give more surgical tools to better pinpoint the effects of its actions. Besides differentiating interest rates between producers and consumers, I's consider possibly granting tools that affect specific classes or sectors that might be doing better or worse although the more you go into micromanaging the economy the danger appears that unfair and discriminatory practices are more likely to occur and mistakes can crush certain targets either intentionally or not. Also to be considered is that under the current system that restrains the still extremely powerful Federal Reserve is that we may have had a long string of benign, well intentioned Fed Chairmen, there is also the possibility of some day a unicorn might be in charge, similar to how Trump is considered the first despotic, autocratic and self serving President in the nearly 250 year history of the USA. There are few checks and balances on the position so it's important to consider what that person is empowered to do.

[@robbynelson3]

Anyone watch this and say to themselves " What a hit piece!" ?

[@emjay2045]

Nope

[@aryanpers7726]

Schuster sat there if nobody knows them then it's like he is the chairman of the federal reserve and Mr Powel is the jurnalist! 😂😂😂

[@MarcosAlvarado_]

No questions about corporate greed?

[@p8895]

Is it true that regular jobs are being cut whereas low skill temp jobs have increased in US? There are people on you tube saying after loosing their regular jobs, they are forced to work 3 part time jobs to make ends meet.🙏

[@MrMrCario]

Employment rates dipped in the small 2022 bear market, however since then it has been going up steadily as inflation has calmed. Labor/blue collar jobs are in much higher demand currently and are hiring, whereas office/white collar jobs are slowing down and laying off folks.

[@robertlee8805]

Like what @MrMrCario said. If you're in BLUE collar jobs you have it made especially if your in Union. Either way labor jobs are growing and there's not enough people applying for the much needed Renewable energy economy. Those wind turbines don't get installed or maintained by itself. After all they're man made so it'll need maintenance and repairs.

[@hackedbyBLAGH]

​@@robertlee8805 that would be lovely, except knowing you are going to get that rejection email.. again..

[@mephik]

DING DING DING. This is not recovering, it's being centralized faster than ever before.

[@tonysu8860]

That was a common observation years ago but I haven't heard it discussed recently. That might still be happening particularly in certain sectors. But, temp or part time job increases might also be a natural evolution of work in general. A more productivity is based on technological advances, old jobs die out and new jobs are created, typically at a much faster rate. Technology in many parts of the world is growing at double digit rates which translates to chronic job openings and labor shortages and shorter employment should often mean increasing wages for the worker that constantly keeps himself relevant. Of course not all jobs are technology related, and I'd assume that as those jobs lose value they'll gradually disappear or a company might hire cheapest labor possible. Bottom line is that if you're young and full of potential, don't stay where you are if the community isn't investing in infrastructure and attracting tech businesses. For millennia there has always been a migration of young from the backwards rural to the job opportunities in the city and Conservative rural areas can complain all they want but humankind has been that way since they started living together in groups and not as solitary individuals.

[@ichifish]

Gee, maybe the federal government should buy that guy's land near the border and set up facilities there? A pittance for the government would make him rich enough to get a malibu home, and then this hole could be plugged.

[@tonysu8860]

The problem is the way the border patrol law is written in combination with a broken immigration processing system that could have made strides to fix if the Republicans didn't just vote down the bi-partisan legislation Langford negotiated for the Republicans. The legislation left out a lot of stuff the Dems wanted for immigration reform like DACA but still the Republican caucus won't support legislation that would have gone a long way towards fixing the border problem. So no, simply the Federal government buying the land probably wouldn't fix that problem because the problem isn't access or jurisdiction... It's practically everything else about the problem like legal circumstances for arrest and the processing that comes afterwards.

[@jimbojones1107]

Ha ha ha you had me at. No better person to ask 😂😂😂😂

[@hankgroff7]

Steve why don't you just ask the obvious question: Increased inflation generates more revenue for the treasury. Let's face it ....we gave out so many stimulus checks that we're at, what now, 34+ trillion in debt? They've got to make the money back somehow!!

[@michaeldavid6832]

The stemi checks to people could never cause this inflation. Do you think the public got 8 trillion dollars? The money that was printed mostly went to banks and corporations that didn't need it. Do you really believe a couple thousand dollars to individuals amounted to everything they printed?

[@hankgroff7]

@@michaeldavid6832 it's one of many reasons including the one you stated. If the stimulus checks are $2,000 and there's 350 million people in the United States if even a fraction get a check it's hundreds of billions of dollars. Add to that the banks and you're looking at trillions. We're both right. A lot of bad mistakes and we're all going to pay for it with much higher interest rates

[@michaeldavid6832]

@@hankgroff7 Hundreds of billions doesn't equal the trillions in debt they added. Also, the consumer stemi checks were spent the day people got them. Inflation would never have been able to begin because it requires monetary momentum to begin and remain sustined. We gave hundreds of billions to Ukraine with a single vote. One vote. No. The stemi checks did nothing to affect the monetary system. The loans (they evrentually forgave) to corporations and the gargantuan free money to massive corporaitons on top of it is what caused this. Consumers were given a teaspoon of sugar so they wouldn't revolt when corporations were given gallons. Now the citizen is being blamed for inflation while the corpulent bank-pigs are the ones who caused this. The average house price has tripled in 5 years while wages haven't increased at all. Only a dolt could believe consumer stemi checks of $2K could be reflected in a $100K house becoming a $300K house. $2K doesn't equal $200K. Nor can it account for the near doubling of food prices for some goods.

[@unclejoe8279]

The national debt is growing faster than the economy so who volunteers give up some of their lifestyle for the benefit of others.

[@erickane7093]

Now who owns the United States aka indebted to who and who and who…

[@jacksonmichael5603]

You can tell Powell is very honest about the USA economy!

[@Skipbo000]

lol

[@deguldenmiddenweg895]

The money cranks and their Keynes money filosofie are the cause of boom-bust cycle.

[@alpheuswoodley8435]

There are more things in Heaven and Earth, Whoreightio, than are dreamt of in your philosophy

[@supersleepygrumpybear]

Wow! Chairman Powell got older after taking the head job at the Fed! I can tell he's tired of overexplaining the functions of the Fed, and the mythical "rate cuts." He even admits the economy is fine, inflation is decreasing, unemployment is low, so he's basically doing his job... Then wHy sweeten the markets. Long-term treasuries are still inverted. A rate hike will fix that (at some point, it has to be fixed, either by the Fed or the bond market). I would've appreciated if 60 Minutes asked Powell about the Taylor Rule. Is it real? does it actually mean anything? The Fed believes it does (much to the chagrin of dollar-tree-per-hour workers).

[@phil20_20]

Let's use the old submarine analogy - old because I just made it up. If you are being depth charged, you don't surface while the enemy ship is still above you... They caught the need for tightening in time, and much quicker than the last time, back in the '70s. They are improving their reaction time. I'd like to see Sen. Warren's bond portfolio. "[Integrity is all you have in the end]" - boom!

[@i2c_jason]

Are they saying inflation is decreasing, or the rate of inflation increase is decreasing? I don't understand why inflation would come down and prices would still be inflated 2x-3x in some cases from ten years ago.

[@tonysu8860]

Depends on the time frame. Prices might be a lot higher than 10 years ago but have mostly stabilized since 6 months ago when inflation was still rising much more than today.

[@BigMacProDaddy]

The semiconductor shortage started with covid based manufacturing shortages and was exacerbated by covid related demand increases

[@tonysu8860]

Not at all. the semiconductor shortage started With sanctions imposed on the "World's factory" aka China during the Trump administration but a lot of people don't realize that the actual deadlines gave China plenty of leeway to prepare and decide how to deal with the sanction effects. In many cases, China bought up enormous amounts of chips before sanctions kicked in and it was only 4-5 years later in about 2022 that companies like Huawei ran out of chips... Coinciding with Covid timing but in no way related to Covid.

[@happyjohn1656]

J pow for president!!!

[@generictester]

How is that guy still controlling trillions of our dollars printing?

[@angleazero1275]

Very informative thanks!

[@LOGGYLOGG]

Unsustainable

[@Ackermanmedia]

I love how they say closed or "MERGED" out of the problem. That is Wall Street's way of saying Print Money to keep the economy afloat.

[@StupidIdea489]

Housing prices and prices for many goods are doubled or tripled because of this man

[@Skipbo000]

nope he has nothing to do with it. it is as a result of the most simplest economic concept ever: Supply and Demand.

[@JebediahWhite]

Ask him why tech layoffs are at a record high despite record profits 📈

[@monkeeee]

God bless his money printer

[@firstlast8258]

Gawd bless Murica 🤓 🖕

[@generictester]

his?

[@weaverjoshuab]

Nice propaganda piece for the democrat party

[@rgnldrse193]

14:56 Inegrity is priceless, but unfortunately most politicians have no integrity, and some even less moral scruples.

[@yuiopoli9601]

They're dressed better than US homeless.

[@MosheUngar]

Thank you for sharing this is amazing work that 60 minutes do

[@rgnldrse193]

16:30 why are so many chinese coming in at the border, and why is the border guard there if he aint doing anything, and is that reporter reporting a bad situation, or assisting in the crossing, smh. what is the real political ploy, what is the real socio-economic endgame, and who is financing it, who is spearheading it. always follow the money.

[@richarddietzen3137]

Alcohol, drugs, tobacco, and gambling are industries willing to thrive on addiction and impulse among vulnerable populations including the impoverished. Just look at your local convenience store and how common they are in impoverished neighborhoods. Dollar stores have started to chase the same action.

[@tonysu8860]

Unless Dollar stores and similar start providing vices, I see their business differently. If anything, the impoverished need businesses in the community to serve its people. News of stores leaving communities leaves blight and unsurvivable conditions... Communities with no access to food, healthcare and other goods and services the people need.

[@Life_with_Darnell]

Trust your government they say 😅.

[@whothefoxcares]

Be not a Victim of Circumcision.

[@hmm5131]

Happy birthday, JP

[@bradsun1986]

The longest supply chain

[@fredlacroix6865]

a broken world financial system needs a reboot

[@christophermaulden733]

Yes , one that favors the working and middle classes . Will it ever happen ? 🤔

[@sareeyemanusqaame8723]

When will the president Putin interview air that’s interview will be interesting and truthful than the entire 60 minute existence

[@HarryElmore-jl2pj]

Inflation falling ? My Homeowners, home taxes and Auto went up 25 % this January. Nothing has gone down - these are lies.

[@brotherbig4651]

Buy 2nd hand Tesla. Their price falls by 50% last year.😂

[@ears9506]

I would love to see an interview about each member of the Fed. At first blush only one has a degree in economics or related field. So, why these people? I wonder this every time I hear the word Fed. Love your interviews, thank you they help and are appreciated.

[@tonysu8860]

I haven't paid much attention to the entire board but I understand that each represents a different geographical part of the country and all have strong financial backgrounds and often hold positions in major financial institutions so they are intimately in touch with the economic climate of their region. They all contribute and participate in Fed board meetings and often publish their own studies and views. But when it comes to actually running national Federal Reserve functionality, only one person makes decisions and that is the Chairman.

[@criSOME1]

Spot on let’s expose the biggest scam since Jesus called out the Roman Empire

[@tdwilliam27]

Knowledgeable, motivational. Beautiful to listen to!

[@mirzaahmed6589]

LOL, yeah right!

[@Wdbut]

I absolutely love how comprehensive the investigations are in 60 minutes episodes. 60 minutes is a national treasure. Please help Robert Kennedy win!

[@LGM2000x]

They literally came to this country and the first thing they did was destroy this man's property.

[@Mark-oi6dq]

We can't spend what we don't have but the government can? It's time we fix America first

[@MrBostonian100]

“Inflation is one thing, prices is another”…Grocery, Services, Clothes etc remain expensive..House prices reduced a bit due to high interest rates, but people r now waiting for the rate cut to open the flood gates again, which will jack up the prices (house supply is still low)….So what exactly are you controlling here?????

[@Starkistッ]

If the fed was political we would know because we would have a depression every election due to mismanagement

[@whothefoxcares]

sir, your remark resembles Joe.Biden.gov/lost+found

[@firstlast8258]

Speak for yourself 🤓 🖕

[@정코-k9g]

he dont think he made this inflation

[@ChrisChuUsa]

High rate will bankrupt this country 😢

[@tyler0506]

The gambling company guy in the suit is an absolute worm. Human filth. He knows how damaging addiction can be but obviously doesn’t care bc he’s making bank.

[@d7seven]

Jay Pow is mine a Warrens hero

[@Mbahoue95200]

Inflation is tumbling and employment is near a 50 years high? On what planet are they living?

[@closetcleaner]

They just needed to rise prices enough. Cheched and done till next time.

[@But2Star]

If the employment rate is that good why are those robbing, theft and shop lifting cases had gone up few folds? The Fed keep on raising the interest rate so to combat the inflation but what happen if some of the heavy weights decided to dumb the US bonds ? So ?

[@snorttroll4379]

Lower energy prices, more development. Also free choice of money

[@tonysu8860]

Jerome Powell should be recognized as a hero and probably will in history books. The 60 minutes interview doesn't even cover his accomplishments, especially his saving the US economy from economic and financial disaster in 2019 by implementing "extraordinary measures" in March 2019 and implementing first experiments in a brand new, untried method of economic management in MMT(Modern Monetary Theory) which was largely the tool used to support the massive Pandemic aid authorized by Congress that alone in the world enabled the US to not just survive but continue to prosper almost not skipping a beat while the rest of the global economies are still having major problems. Time magazine may have named Taylor Swift as the person of the year, but a lot more people's lives globally have benefitted immensely from the work of Jerome Powell who was also nominated for the award.

[@larsfridtjofnrheim1638]

President Trump will fix this.

[@brotherbig4651]

😂😂😂 You forgot what happened in 2020, right?

[@TheBraine44]

Liars gonna lie. Six months later and it's still declining rapidly.

[@Skipbo000]

The Fed likes talking to Scott because he's too ignorant to understand what he's being told and therefore won't ask difficult, probing questions. Mainly this has to with the topic of debt. Scott is not alone. Few people truly understand the propaganda behind the "debt" and whenever Powell is questioned on it he says he can't comment on "fiscal policy." Though he has tried to explain very clearly to Scott in previous interviews that the idea of the US being in debt to itself is a fallacy, that the US can never go broke as long as it is the issuer of the currency, Scott is too dim to accept what he is saying and (like every other reporter) has confirmation bias such that he can't accept that there is no debt and the gov't simply prints money for itself whenever it wants to. So Powell just gives in and plays along with the "debt" conversation with same b/s they 've been saying for decades about robbing the next generation, etc etc. If the US is on an "unsustainable path" when it comes to spending and debt, why then does the FED keep printing money (digitally, as Powell has said) out of thin air for the government? So the FED is "loaning" the government money even though it's on an "unsustainable path" with spending out of control? That doesn't seem very responsible. You don't just keep "loaning" money to an entity which is tens of trillions in debt, right? One of the many clues that the "debt myth" is nothing more than political propaganda. The US creates money for itself via the Federal Reserve. Free Money. No, we do not have to pay it back (does anyone have a plan to pay back $34 trillion? I didn't think so). As long as the dollar is the #1 currency in the world. Interest rates are not affected when the government is provided this money. Inflation happens when that money is given out publicly and put into circulation. The FED digitally printed over $6 trillion so the US could engage in a 20 year war, spending whatever it wanted to in the middle east without any kind of financial repercussion. The public needs to wake up to this and stop perpetuating this debt myth. But it starts with having a smart reporter of which Scott is not.

[@kimckawa]

"Rare interview" of Jerome Powell?? It seems he's getting featured in 60minutes every other week!

[@tonysu8860]

It sounds like the same single interview re-broadcast many times. I have no objection, it's important that people hear this interview.

[@SurgeEquityResearch]

I’ve never loved to hate someone so much

[@joelamthach5812]

Freedom is what they want

[@Ackermanmedia]

Unsustainable fiscal path. Does anybody see the ramifications of this?

[@erickane7093]

So, why isn’t the gap secured?

[@Freiheit1232]

The amount of people crying in the comments who don't understand economics is wild

[@Gsoda35]

would be interesting if the US could integrate them to society. such a waste to ignore opportunities.

[@Mr.FatsArafats]

Sport betting been around for decades and decades ago nothing new

[@Kingeducates]

This is such an informative and interesting interview. We don’t often get an inside look at the highest levels of policy making

[@VincentVega--XD]

What was that????? I think I hear sheep.

[@tomateeee33]

We are in a deflation, manufacturing going down. We are in a recession, the economy is not strong , small buisness are struggling. The consuming is less in amount of products

[@EMan-cu5zo]

The economy is not doing as well as they claim. Interest rates aren’t high either.

[@TapoutT]

He sounds so much younger than he looks.

[@snorttroll4379]

He takes aubrey de greys juice

[@bgaripov]

Powell is willing to give his opinion on US foreign policy and more, yet where his opinion actually matters the most - fiscal policy, he won’t share, because he can’t throw the congress under the bus.