K-Shaped Economy: Wealth Fuels Spending Amidst Pessimism
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Resources & Recommendations
People Mentioned
- Deren Patki (Economist at the Boston Fed) - His research on credit card data and consumer spending patterns is central to the episode's discussion.
- Peter Atwater (Economics Professor at William and Mary) - He contributed the metaphors of the "top-heavy Jenga tower" and the "K-shaped economy" to describe the current economic situation.
- Thomas Jorgenson (Economist) - Received a special thanks at the end of the episode, indicating his contribution to the episode's content or research.
Organizations & Institutions
- Boston Fed (Federal Reserve Bank of Boston) - The institution where economist Deren Patki works, providing access to specific financial data.
- Federal Reserve - The institution that gained access to credit card data from large banks after the 2008 financial crisis, which is used in the research discussed.
- William and Mary - The university where Peter Atwater is an economics professor.
- Delta Airlines - Mentioned as an example of a company seeing a significant shift in revenue demographics, with more coming from first-class travel.
Other Resources
- Dodd-Frank Act - Legislation passed after the 2008 financial crisis that required large banks to provide data to the Federal Reserve.
- "Magnificent Seven" - A term used to describe a few dominant tech companies (Amazon, Apple, Tesla, Meta, and others with ties to AI) that are currently driving stock market growth.