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A single best idea it is a podcast. What an interesting set of days. It's just been not so much exhausting, it's just for all of us. It's just been back and forth on the narratives and the themes of the moment. But to see it come to fruition with the Nvidia earnings and Jobs Day and the anticipation of further economic data out to December tenth, it was really really quite something. A great set of the guest Jeffrey Cleveland was with
us after the jobs report with Peyton and Regal. Here is Jeffrey Cleveland his optimism on the American economy.
What does history tell us about the FED? Usually they're reactive, not proactive, right, So there is a you know, an inertia factor, if you will, or a lag between when we think we see something in the data and policy makers take action. We definitely saw that twenty one and twenty two. I think the FED was behind the curve there, so it wouldn't surprise me if they were a little sluggish. They're also different opinions.
There are different opinions. That's the heart and soul of the program. I can't say enough today. How we had a given note come in that said they're going to cut, another note come in and say, we don't know yet, but maybe we need more information. And a third note come in and say, in no way, shape or form are they going to cut? Trust me, that's the income over the transom. That's the kind of opinion that's coming
in here on the FED. David Malpass was former president of the World Bank and all sorts of good work, including at bear Stearns. Years ago we talked to David Malpass about the brute force of inequality in America.
I think they call it inequality or that underperformance by the bottom is massive, whether from a data standpoint it's the worst. But what we need is job growth at the bottom and median income growth. That is the whole concept of a good economic policy. I did that around the world that the way we evaluate whether an economic program is going forward is the median income, the income
of people in the middle after inflation going up. And so what we need or what I think lots of policy changes can help with affordability right now.
Well said, whatever your political opinions are or economic opinions, the median income not the average income. There's a distinction there. I'm not going to go into it right now, but look it up. Average median and mode mode are things to sort of understand about how you aggregate in all sorts of data. Another fancy term, and actually some fancy mathematics is the Genie coefficient gi ni, the genie coefficient which shows the prosperity of a society. David Malpest there
formerly with the World Bank. It's a podcast out an Apple Out on Spotify and YouTube podcasts. Single best Idea