kjlevy | 100 seconds to midnight

"At his press conference Wednesday, Powell said that 'having a soft landing is what we’re aiming for' but added: 'At the beginning we said it was not going to be easy. It was going to be quite challenging to do that. It’s unusual. It’s an unusual event. It’s not a typical event, given where we are.' But the Fed has not explained why a 'soft landing' — avoiding a recession — would be so difficult. We do not have a giant real-estate bubble as in 2006, or a stock-market bubble as in the late ’90s. Both of these were so large that it could be shown in advance (and it was shown ) that they were unsustainable and capable of causing a recession when they burst." Opinion: It will be the Fed's fault if the economy crashes into recession By Mark Weisbrot Updated: July 30, 2022 published at MarketWatch and CEPR

Inherent to right-wing economic doctrine is the subordination of everything, including the fundamental well-being of society, to quarterly earnings. We are faced with imminent catastrophic climate collapse which is reasonably expected to lead to growing chaos and conflict around the the globe due to the disruption of agricultural production and of economic activity in general, and the widespread displacement and dispossession of human populations. The public favors immediate, large-scale transition to non-destructive energy systems. Those obstructing the implementation of this historically critical transition must be removed from power and replaced by rational policymakers. Even some of the bosses at CBS see the urgency and allow the broadcast of a very strong statement by Adam McKay on imminent catastrophic climate change. (kjl)