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most infuriating thing about economics is a few people control the conversation jeremy siegel is actually a pretty good economist until he gets the point in talking about interest rates in a vulcan level away in order to be an economist you really do need to think that you're better than everyone else so that is me and if you appreciate what my creativeness can do then that's what it is but quite frankly we need people that can think fast and actually go to the end of the line of the logic train and that takes rubber sponginess of your brain in order to understand where the price increases are happening throughout the economy you actually need to be able to think fast like a mathematician that's why mathematicians do not get any awards after 40.
they're like boxers you have to think fast right there's nothing that you can do in economics that isn't on the market at the time so if jeremy segal's talking about raising rates right now he's corrupting the data that's the whole problem you got to understand we bought this inflation everyone knows he was the first person to tell you we're going to have inflation i said the same thing i was taking his notes i was like guys jeremy's equal saying this we're going to have inflation but stay in tax that's going to get through 2020.
then energy trade ran in 2021. he was right about that too but now he's calling for a voker level race this is what is taken out of the textbook all of these guys jeremy siegel was a baby compared to ziggler he has had baby ideas compared to what everyone had to say after world war ii so all of these economists come in like volcker everyone else and they're pretending like in the 70s they saved the oil market guys we tried to commit suicide throughout the 70s whether we were the u.s or england collectivists we shipped out everything the oil situation if you don't realize that we destroyed our economy for the same type of oil environment that's happening now cutting pipelines just making things more expensive for no reason same thing bro and literally volcker raised rates in 1976 to 1979.
the stock market was awful awful it was terrible when he lowered rates in 1981 and then and rode those out until 1986 sure he called the herd and had a great bull market you can do that anytime you want but when we have 30 trillion debt now it's not like we have the 50s and 60s of like a decent amount of of of deleveraging before the 70s we have so much debt that we make it cost more at the margin first of all the money is going to come back in then we're going to be super indebted so what we're going to do we're going to ship out all of the deals all of the money for cheap labor elsewhere this is where jeremy segal goes wrong and you need an economist who actually is passionate enough to tell you that this is a big deal we must focus on this issue because jeremy segal is actually on the ball everyone else that goes up there is talking about something [ __ ] random for this quarter because their bankers is telling them to this guy is actually trying to be right for the long run he's a financial historian and he's long enough that he has the knowledge but here's what i'm saying guys the old people that we're all looking up to they're babies to the people that actually built this country the fed funds rate that was created during world war ii should have been taken away but in 1951 we stuck with it he was a baby when this happened we have to go back to the root of the issue remember central banking 1913 this is what the whole battle has been about we need a jacksonian democracy where we spread out the watering holes i can talk about this on a very passionate level if we have centralized exchanges there's going to be more corruption we can have centralized exchanges but they must be in check in a meta market we cannot have all these derivatives and carry trades that these bankers are getting paid on and controlling our politicians and then we have jeremy siegel run out there and said we need to raise rates but you're avoiding the root of the issue what is the pricing come from how did we get away with this much money supply growth without this much inflation how do we get away with all of the debt increase without inflation the answer is just like world war ii like he's saying you hide leverage in the system but what he's not saying is that by raising rates you're just gonna kill out companies now especially the growth companies are trying to build new business models and then all the legacy companies are gonna have no competition they're already over levered because we've already done this qe the answer is at the lowest we shouldn't have printed money at 2008 we should have printed money we shouldn't have bailed out the banks and the pensions should take the losses for giving their money through hands of hand signatures funds of funds that is not the right correct allocation of capital even a guy like jeremy siegel at max he's going to help you go to tech or energy these guys do not allocate capital a true economist should want to see people looking through investments one for one and saying this is a good investment this is not a good investment what happens when blackrock vanguard all these companies dominate all the market and they just buy every single bond that's six months until maturity you destroy the price setting environment it's michael milkenism something that we should have honestly gotten right but instead we had trump michael milken wrote his own book about how he opened up the high-yield market well guess what what an interest rate fallacy that is because i don't see any access to capital for companies that are high yield now because it's all trading below par milton friedman interest rate policy so let's go baby we really have to fight these issues if you don't understand that it's going to take somebody who could actually put it all together inside of a 12-round fight that's what this is going to take let's go baby
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