Down With The Ship: Meet Jay Powell, the New Fed Chairman

02/17/201812 Comments

Paul Volcker began his term as chairman of the Federal Reserve Board of Governors in August of 1979. In October, the S&P 500 index dropped 11% on its way to a 20% drop in 1980.

Alan Greenspan was sworn in as Fed chairman in August 1987. On October 19, 1987, the markets suffered through "Black Monday," a devastating sell-off that saw the Dow Jones lose a record 22.6% in a single day.

Ben Bernanke became chairman in February of 2006. In May of that year, the markets stumbled through a 7.8% sell-off on the rocky road to the Bear Stearns and Lehman Brothers meltdown.

Janet Yellen began her term as Fed chair in February, 2013, it was the midst of a market sell-off that ultimately saw the S&P drop 5.4%. The sell-off resumed in September, with a further 9% drop on an intraday basis from mid-September to mid-October.

For decades now, it has been an iron-clad rule: Every incoming Fed chair will face market turbulence or a major crisis shortly after taking office. But, to use the parlance of the internet meme generation, Yellen's newly-appointed successor at the helm of the Fed, Jerome "Jay" Powell, may have been heard to remark "hold my beer" before assuming the chair...

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  1. john.o says:

    Quick takes:

    Meet Jay Powell, the New Fed Chairman:
    “One of the richest men to ever become chairman?…a partner at the Carlyle Group from 1997 to 2005. Yes… during 9/11.” Ah. Got it.

    Eddie Bravo on Joe Rogan being confronted 2018:
    “It’s no secret that Joe used to be a conspiracy theorist. He used to be the moon hoax crusader and now he’s not.” Cf. Hopsicker’s Men in Trenchcoats were real: “What do you want?” & the well known changes in Geraldo Rivera and Bill O’Reilly’s relationship to the JFK assassinations.

    Styxhexenhammer Doesn’t Understand Libertarianism:
    Or much else. Understatement of the year. Thank you.

    All hail Kubrick’s Barry Lyndon: “There must be some reason that, in a film dealing with a licentious man in a licentious time, the only carnality —indeed, the only strong emotion— is in Barry’s brutally caning his stepson.” (The secret to much of “civilization” in every age.)

    Thanks, James!

  2. Leigh says:

    “Let the good times roll” followed by an image of someone snorting coke? Or was it related to the junkie reference? I don’t get it. I’m really sorry, I know a lot of time must have been spent writing the article, but I found that part the most interesting.

    • scpat says:

      Because the central bank injected money into the economy is like a drug that has people acting like junkies that need their fix. The current economic situation in America and a lot of other areas in the world is all a “high”, it isn’t reality.

      • Leigh says:

        Yep, I got that part, thanks. So why not use an image of someone with a tourniquet round their arm and a needle stuck in it, like a proper ‘junkie’. Snorting lines doesn’t convey the stupid money metaphor.
        I give up…. yawn…

    • mkey says:

      I’m not sure where’s the conundrum in this. I see this is as a “cut in” when someone says something about “good times” and someone else replays in his head “good times” he had on a party some time back; snorting of cocaine, grabbing of cheap bimbos, the whole nine yards basically.

      This many not be a proper, general definition of “good times” for just anyone, but in these times of “prosperity” people who are making top dollar probably do indulge in some white powders. Cocaine being, as long as it hasn’t been spiked and diluted with gypsum, detergent, laxatives or wherever else is at hand for cutting it, shouldn’t be really, according to some accounts, considered to be “junky worthy” as it won’t get you hooked like heroin would.

      To that effect, it really is a “party” drug and with the relatively high price to boot it’s actually a “well set people party” drug.

    • HomeRemedySupply says:

      Perhaps this clip from The Wolf Of Wall Street epitomizes
      “…Heck, the entire world is in a pocket of growth and optimism; for the first time since the financial crisis, every one of the world’s major economies is expanding at once. Let the good times roll?
      when Matthew McConaughey answers Leonardo DiCaprio’s questions…

      And to the tune of the Beatles’s favorite American artist, Harry Nilsson, “The World is about to Jump Into The Fire“…
      (catch that bass)

  3. HomeRemedySupply says:

    I really enjoy these articles and interviews (Feb 16 Corbett with Dave Allen ) where James talks about money and the markets.

  4. scpat says:

    Very interesting background of Jay Powell and the Carlyle group. I think Corbett’s analysis of the economic situation is spot-on also.

    What gave me the heebie jeebies was the Recommended Viewing video, The Alien Agenda Just Jumped the Shark. The fact that all of those intelligence community people (and not just any intelligence officials) were part of this company that is trying to sell the public a certain view of aliens, is greatly disturbing. Watching Tommy DeLonge squirm in the Joe Rogan interview was also very telling. He has an obvious role in the company as a well known face to gain the public’s trust (although it isn’t working very well). Some other things that I find interesting about DeLonge and To the Stars Inc.:

    -Blink 182’s bandmember background with Oil wealth and DOD

    -DeLonge setting up meetings to discuss Aliens with Podesta, presumably because DeLonge’s handlers and the Clinton campaign were so confident Hillary was going to become president

    -To the Stars Inc. leadership team that is packed with heavy hitters in the intelligence community, as well as a Genetics Technologies Consultant, Brain Function & Consciousness Consultant, and Biomedical Research & Attorney

    -That this is such an organized and well funded effort backed by people who have no intention of telling the truth to the public

    This all stinks. It stinks bad. These people are up to no good here.

  5. HomeRemedySupply says:

    Corbett’s recommended reading George W. Bush doesn’t deserve the media’s efforts at rehabilitation reminded me of this recent NEWS article…

    Feb 20, 2018 Reuters – Refiner goes belly-up after big payouts to Carlyle Group
    …Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP – even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets.

    The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefitted from the arrangement…

    …The Carlyle-led consortium collected at least $594 million in cash distributions from PES before it collapsed…

    …Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner. …The $175 million Carlyle paid was its only investment in PES, filings show, and the firm soon recouped its acquisition costs….
    Of note is the mention of RINs (EPA’s Renewable Fuel Standard).
    RINs are a real racket. Big players bid on them and then resale them inflating the value tremendously.
    EXAMPLE of rigged RINs market and conspiracy to destroy smaller oil companies

  6. HomeRemedySupply says:

    Corbett talks about the “Everything Bubble”.
    Here is Mike Maloney at Anarchapulco
    4 1/2 minutes –

    James Corbett was at Anarchapulco in 2015.

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