The Death of Trickle Down
Powell and the Fed are coming up to a learning moment, the moment when bottom-up and middle-out replace trickle-down which has been dominant for 40 years. Where will they get their signals and smiles, have to start counting buildouts rather than watching the speculative S&P?
A lot of things are changing in Washington. Biden has actually picked up the Progressive message and is starting to apply it. It is almost like Sanders and Warren won the election. Amy Klobuchar’s new book, Anti-Trust outlines what is going to add momentum to these changes.
This has been decades in the making. No question that this is the apex of trickle down, where the pandemic put google and amazon into a deathly combination for main street community. Powell is not the problem, he is just custodian for what has evolved. Bernanke was the villain.