MarketWatch Is Full Of Shit
Who runs the site MarketWatch? Because some of its writers are crackheads.
Ah. NewsCorp. Big surprise.
Investors like Jay Hatfield of Infrastructure Capital Advisors, along with Stifel Chief Economist Lindsey Piegza, say the Fed has “lost control” of inflation. Big-name firms like bond giant PIMCO are warning that the headline CPI rate is likely reaching 7% over the next several months. And average Americans are paying as much as $100 to $200 for a single concert ticket, $90 for a bottle of wine, and $5 a gallon for gas while the Federal Reserve is sticking to its view in its Nov. 3 policy statement that inflation pressures are expected to prove transitory.
It is demonstrably true that prices are going up. But you can make that point without going into fantasyland. My last concert cost me $35 a ticket to see Dead and Co., which many of you will recognize as a high-tier act. The show before that was Wilco, which cost about the same. Again, not a small act at all. To me, there’s no show worth going to for a hundred a pop, not even the damn Rolling Stones. So you’re kind of a weirdo if you are paying such exorbitant prices to see acts.
And has the author ever shopped for a bottle of wine in her life? Ninety dollars? Hon, you can get a perfectly respectable California wine for less than fifteen dollars. You can even go cheaper and still not be drinking rotgut. No wine drinker, even a well heeled one is shelling out that much for their vino.
Admittedly, gas prices are alarmingly high, but it’s still an exaggeration to say it’s five a gallon. And gas prices may not have much to do with policy-driven inflationary pressure-it could be geopolitics.
All of this makes me doubt her anecdote about the twelve dollar burrito. And the rest of her analysis.