Elon Musk has issued a warning to the American people that Democrat President Joe Biden’s Federal Reserve is tanking the US economy.
The warning from Musk comes amid rising concern about the Fed’s poor monetary policy.
On Monday, Wharton Business School professor Jeremy Siegel criticized the Federal Reserve and its chairman, Jerome Powell.
Siegel is warning that the U.S. central bank is moving too aggressively to fight inflation and will hurt American workers in the process.
“It’s like a pendulum,” Siegel said during an appearance on CNBC.
“They were way too easy, as I’ve told you and many others, through 2020, 2021.
“And now, ‘Oh my God, we’re going to be real tough guys until we crush the economy.’
“Poor monetary policy would be an understatement.
“Honestly, I think Chairman Powell should offer the American people an apology for such poor monetary policy that he has pursued, and the Fed has pursued, over the past few years.
“Chairman Powell talked quite a bit about JOLTS data — the job opening and labor turnover data. How tight it is.
“Interesting thing, I look back a year ago September, it was exactly as tight as it is today.
“And he never said anything about inflation.
“What’s caused him to change his mind?
“It’s the same data,” he noted.
“It seems to me wrong for Powell to say we’re going to crush wage increases, we’re going to crush the worker, when that is not the cause of the inflation.
“The cause of the inflation was excessive monetary accommodation for the last two years,” he said.
Jeremy Siegel of the Wharton School ripping apart Powell and the Fed…
“They Know Nothing” 2.0 pic.twitter.com/6F1NDHVh55
— Stephen Geiger (@Stephen_Geiger) September 23, 2022
Part 2:pic.twitter.com/1WilxExMAd
— Stephen Geiger (@Stephen_Geiger) September 23, 2022
“Siegel is obviously correct,” Musk said in response to Siegel.
Siegel is obviously correct
— Elon Musk (@elonmusk) September 24, 2022
