In Sight of the Tetons the Giants of Wall Street are Deciding Our Future

They believe they run the world, or at least the parts not named China.  The titans of Wall Street, banking, and industry are gathered in Jackson, Wyoming.  To hear the new Chairman of the Federal Reserve deliver an address on the direction of the economy.  Kevin Warsh hasn’t been on the job long.  He was President Trump’s choice to lead the Fed, as it’s known.  To make it clear, the Federal Reserve isn’t a government agency.  It’s a collection of big banks working in tandem with the government.  You need to mention that because every 19-year-old college sophomore who has just learned that believes Mom, Dad, and the neighbors don’t know.

You Didn't Get an Invitation Because You Don't Register

Have you ever noticed these gatherings take place where regular people can’t afford to live?  I know King Hill doesn’t have the hotel space, but it’s always Davos, Jackson, or Sun Valley.  The people who pour the drinks and clean the banquet rooms don’t get a say in policy, and they know that, which would explain some of the low confidence in elites.

The Meeting is an Exercise in CYA

The people who attend these meetings are concerned about their own portfolio losses, but I’m not sure many realize what a deep recession and 40 trillion dollars of national debt means to you.  The participants in the conference lobbied successfully to have the government bail them out for their hubris in 2008, and they also broke the public trust at the same time.  I didn’t get an invitation, but that’s okay; I probably can’t afford the hotel stay.