A Delusional Fed Governor

John Williams was on Fox News Sunday Morning Futures with Maria Bartiromo. Williams is the chief of the San Francisco Federal Reserve.

Maria asked him about job growth in the United States. She asked: “Where are the jobs in this country?” Williams started, right out of the gate, as if towing the Obama/democrat party line by saying: “Last year was an amazing year for job growth,” proudly proclaiming that there were 3 million jobs created.

I don’t know whether he actually believes this to be an “amazing” accomplishment, but his tone sure gave every indication.

Trending: Chinese Buying Land In US Communities All Over America

Breaking that yearly 3 million number down – that’s an average of 250,000 jobs created per month. He then claimed that not all were low-paying jobs, either. These were also good paying jobs.

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I have no doubt that some were high paying jobs, but we all know that percentage is minuscule. Sadly there was no question or push back of that claim by Bartiromo.

What he also neglected to mention is that number, 250,000 falls far short of what’s needed just to maintain, much less grow. That number is about 350,000 per month – 400,000 or more to catch up to pre-recession levels. Remember the recession? Possibly not, being that we are supposedly 6 years removed.

Aren’t these Fed Governors are supposed to be the smartest guys (and gals) in the room?

So the question as I see it is: Is Williams being trotted out (ala Susan Rice) as an expert, who actually knows nothing and is being fed talking point facts and figures – or does he know the truth and is lying about the reality? The reality being that after 6 years of “recovery,” the Obama economy is still crap.

I guess Maria didn’t feel it necessary to challenge him on any of his talking points, including his claim that we are approaching 5% unemployment, which he described as full employment. We all know that to be a lie.

When Bartiromo asked Williams what will trigger a Fed interest rate hike, he pointed to two indicators – jobs and inflation.

Does anyone else see a disconnect between reality and his rhetoric? Putting aside the inflation/interest rate argument, if the job market is as healthy as he is claiming, why is the Fed continuing to hold down interest rates artificially? The answer is, of course, that the great jobs numbers and low unemployment percentage is a fairytale that everyone keeps repeating until it is considered fact.

And by the way, the current inflation rate through the last 12 months is -0.1%. Last I checked that’s called deflation.

Maria then asked Williams about the San Francisco economy and why it’s outperforming the rest of the nation. She asked if it was due to the high tech sector that’s concentrated in that vicinity.

Williams said that the tech sector is booming up and down the coast – not just Silicon Valley. He happily tells Maria that “you go to cafés and everyone’s sitting there developing the next app – it’s very exciting.” I’m sure it is very exciting – for now.

She didn’t ask, but if it were me, I would have segued into net neutrality, for anyone with any common sense must realize that if net neutrality is allowed to be fully implemented, these app developers will surely be negatively affected and that excitement will be dulled quite a bit.

As 322+ pages of FCC regulation kick in, these app writers sitting in the cafés sipping their exotic hot beverages will feel the sting of the government jack boot soon enough.

Sadly, net neutrality was not mentioned at all during the interview. I understand, to a certain extent – time constraints and all, but it is something that those like Williams will eventually witness firsthand.

Those in the booming bay area like Corynne McSherry of the Electronic Frontier Foundation in San Francisco say out of one side of her mouth that “We don’t trust the FCC any more than anyone else does.” She then immediately follows up with the declaration: “The FCC is not going to regulate the Internet, as a lot of people say.”

I don’t know John Williams’s political or philosophical bent but just listening to him spout the administration talking points is chilling.

Can Williams be as clueless as is Ms. McSherry or is it worse?

Frankly, in my opinion, the worst part of the interview was that Ms. Bartiromo of Fox News never challenged a single word. She just let it stand as if it were gospel.

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