Sunday, April 21, 2024

Blackrock’s Larry Fink Lives Up To His Name

In 2022, Larry Fink, the CEO of Blackrock made in excess of 32,000,000 in total compensation. So, Fink could care less about inflation. Among his duties, double speak and spin must be a high priority, because he sure tried to tell a whopper this week when he was interviewed by Jim Cramer on “Mad Money.”

Fink attempted to minimize the negative impact that Bidenomics has had on the lives of average Americans. He went as far as promoting the notion that inflation is beneficial, which is a tactic that Biden himself has employed. This strategy involves disregarding the negative effects, fabricating statistics, and deceiving the public by insisting that everything is fine.

During the interview, Cramer asked Fink:

“How do we convince them, like we were convinced by our parents, that we are going to make more than they did? I knew from day one, my father said, you will make more than I do, and that’s what’s going to happen to you. And I heard, every Thanksgiving, you’re going to make more than I do. My kid, no kid I know thinks they’re going to make anywhere near what our generation did.”

Fink responded with this combination of word salad, spin, double speak, and lying:

“I’m more bullish on that, Jim. I think that there’s going to be — there’s so much room for innovation. At the same time, we were at a lucky part. We were in a lucky era, and, — but we were in a lucky era because we had the foundation of growth as an economy, and that’s why I’m calling — we need to be thinking about, not cutbacks. We need to be talking about how do we grow, how do we build? If we start really building out our infrastructure in our country, if we start working on digitization and decarbonization, we are going to create a lot of jobs. And wages are going up. This is why, as you know, I’ve been talking about higher inflation for longer, stickier inflation, and I still believe we’re going to have higher inflation than most people believe, and much of that is going to help those people who are worried. Wage inflation is continuing. Food inflation has moderated in the last six to 12 months. But we did not account for how much inflation we had in late ’22 and early ’23. If you add up food inflation, if you add up all the measures — the way you measured inflation back in the 80s, inflation was close to 12%, not what they said, for the average person, and that’s what they felt.”

Of that mishmash here is what you need to focus on. Inflation is going higher and whatever planet Fink lives on, that’s a good thing. He ignores the fact that every time we go to the store, get gas, or pay for a service the prices are much higher. He expects us to ignore the truth that we see with our own eyes and believe what we are told without question. Even when we are being told that things are going to get worse Fink thinks that we should be thankful.

His rhetoric on the infrastructure, digitization, and decarbonization creating a lot of jobs is nothing more than hot air. The Biden administration has no idea how to build anything, bring anything back besides misery, or make anything better.  

If inflation was an elevator and Biden was the operator the only thing anyone would hear is “going up.”