In “Stocks in Translation,” Lee Munson, chief investment officer at Portfolio Wealth Advisors, offers a candid critique of Wall Street's disconnect from Main Street. He humorously exposes the financial elite's myopic focus on interest rates and a potential blind spot. Munson argues that while Wall Street is obsessed with cheap borrowing, ordinary Americans are struggling with rising costs of essential goods and services.
He shares his insights with Yahoo Finance's Jared Blikre and Sydnee Fried in “Stocks in Translation.” Listen to the full episode here , or wherever you get your podcasts.
This post was written by Jimi Corpuz
Video transcript
What I think people on Wall Street don't understand is that Wall Street is a group of rich people like me. We worry about interest rates because we want to borrow money cheaply to create more capital, buy big houses in Aspen, finance our Ferraris at low interest rates.
When I talk to the average citizen, you know, I'm from New Mexico.
I only talk to my Uber drivers and to guys on the street.
They don't think about interest rates in that sense.
They think about inflation and when will prices go down?
And so when I say, oh, don't worry, I'm a Wall Street expert, you know inflation is coming down.
That's not what they're talking about.
They want nominal prices to go down.
So I think there's a big disconnect when you hear people on Wall Street say, 'Oh, the federal government cut rates, the federal government cut rates, and then we're looking at it.'
It's like, no, I think we need to curb growth a little bit so that we can really eradicate inflation.
