Jerome Powell's Giving Up!

everyone meet kevin here it's just

quickly worth noting because a lot of us

have been expecting jerome powell to

speak today and where the headlines what

would like what happened the market's

falling jerome powell's supposed to talk

today like

what did he say

well let me tell you exactly what

happened he said in this town hall with

educators that right now we still have

5.7 million people or that are not on

payrolls right now so our current

unemployment level is still 5.7 million

jobs higher than where it usually is

that's a lot let me try to picture 5.7

million people that's a lot right we do

have the jackson hole symposium coming

up next week in wyoming that's where we

expect a lot of detailed insights from

jerome powell and sort of at this town

hall he spent a lot of time talking

about how he believes this generation of

students will be an extraordinary

generation he says that kovid is still

with us and that'll likely be the case

for a while but he says he's not clear

whether the delta strain will have major

impacts in the economy which

have have you seen the stock market or

chinese sports but okay it can it kind

of seems like you're trying to ignore

the big questions here jay pal anyway

then he mentioned that companies are

investing in tech and automation which

will slow the labor market recovery and

it'll be difficult for some service

sectors to return especially where

automation is taking over and this is

especially true for women and blacks who

are disproportionately represented in

lower wage service sector jobs and

that's not racist or sexist it just is

what it is uh and so this is potentially

going to put more pressure on them being

able to get back to work

and might demand more education

uh or or a different form of

of skill training uh because it's kind

of difficult like if you lose your job

and then you have to retrain for

something different but how do you do

that like who's gonna pay for that it's

one of the reasons in my plan for

governor i think the state should pay

for people or adults to go to school to

get educated and then they can get a

career when they're done because guess

what if you invested a little bit into

that kind of school you would end up

spending way less money on welfare or

medicaid which is called medical in

california another thing sorry i put my

little personal belief into that sorry

back to what jerome powell said he says

uh we're in the process of putting tools

away

in the economy and mentions that he

wishes we had a financial literacy

course earlier on which is kind of cool

because it's also part of my campaign

for governor getting financial education

in our schools especially future style

schools all on my website mekan.com but

beyond all that

that's it he punted he fully punted on

what the heck is going on in the market

it's like he literally went out of his

way to not talk about the market i'm

like j-pal like this is the one time i

just want to pull my hair out it's like

what so so what you're telling me

it's the market is gonna be this red

and you're just gonna punt like

everything's red

it's crazy look at this hot ain't mining

is down uh almost ten percent uh we've

got bitcoin uh going down even though we

mentioned that he does believe i did

mention that i should mention this he

does see digital currency as growing in

dominance which which is a good thing i

did mention that that's the only thing i

forgot to mention uh but i mean

otherwise you got anything chip related

falling today tech falling today but

you've also got recovery stocks falling

look at that dave and busters down 5.49

percent home depot down on those retail

sales tesla down 440 good thing i put

some covered calls in last week golly uh

which obviously i always send alerts

anytime even if it's option contracts or

crypto or stocks i always send alerts to

those of you in stocks and psychology

money link down below 40 off but anyway

the market's getting beat up and jerome

powell just punted on us we've got uh

dogecoin sitting at 31 cardano sitting

at about 205 ethereum 3161

actually didn't see uh bitcoin here but

volatility is up 15.7 percent we do have

some green over here like beachbody and

piton actually up today along with amc

so a little bit of this sort of a

stay-at-home revival kind of a mixed day

of retail sales going on uh or retail

sales sorry going down so recovery fears

worsening but then also delta fears with

a new spike in cases worsening and

supply chain constraints worsening so

it's kind of just like sell everything

and j powell had nothing for us so in

case you're wondering what jpow says

it wasn't much all right there's your

quick update i will see you later thank

you very much for being here bye

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