New York Post By Charles Gasparino 9/10/2022
The headline numbers are looking good for Joe Biden lately. He’s recently won a big legislative victory, and his approvals are ticking higher, which means maybe the manifold failures of his presidency are a thing of the past. With Biden appearing less sleepy, the Dems might not get blown out in the upcoming midterms as was predicted just a few weeks ago.
Yes, that is what the White House wants you to believe. Most of my colleagues in the mainstream media believe it as well. But the spin oozing about the Biden-renaissance narrative obscures, at least for now, some really nasty bits of economic reality that the president’s feckless policies have created.
If you don’t believe me, listen to some of the comments recently made by Larry Fink, the CEO of money manager BlackRock. No one will ever confuse Fink with a GOP talking head. He runs the world’s largest investment firm (some $8.5 trillion in assets under management). He has strong ties to the Democratic Party and is a perennial contender for Treasury secretary under a Democratic president.
We’ve had our differences with Fink in the past over BlackRock’s embrace of Environmental Social Governance investing. Fink points out he’s a moderate on the woke-investing fad, advocating a transition to a green economy while BlackRock continues to invest in energy infrastructure.
That’s one reason we could do far worse than Fink steering the US economy. Another: He’s among the best risk managers on Wall Street.
Now he’s sounding the alarm on the potential economic harm being done in DC — much of it by his own party — that will make the Fed’s job of fighting inflation while attempting to engineer a so-called “soft landing” nearly impossible. Fink calls it an “irreconcilable disconnect” between what the White House is doing and Fed Chair Jerome Powell’s inflation-fighting mandate.
More:
https://nypost.com/2022/09/10/bidens-reality-bites-uglier-downturn-seen/
