“You Friggin’ Mouse Jiggler!”

Wells Fargo just fired a bunch of bankers for using “mouse jigglers” to make it look like they were doing work. June 14, 2024 [WEBSITE]( | [UNSUBSCRIBE]( “You Friggin’ Mouse Jiggler!” SEAN RING Dear Reader, As I opened up Zero Hedge today, this story popped up first: Credit: [Zero Hedge]( My first thought was, “What the f*ck is a ‘mouse jiggler?’” After reading further, I discovered that a mouse jiggler is the first line of defense against productivity software companies installed on their workers’ laptops during the Government Mandated Private Sector Shutdown of 2020-2021. These little devices wiggle your mouse to make your companies think you’re working when you’re riding on your Peloton. My second thought was, “Capitalism is the greatest thing ever!” Unfortunately, the people who run large, private sector companies these days don’t know their asses from a hole in the ground. There’s practically no leadership out there, probably thanks to decades of government handholding. If you think Jack Welch was a leader, you have no hope. He played the game by managing earnings expectations and then beating the expected EPS number by a penny every quarter. That GE fell apart as soon as he left is evidence enough that he built a house of cards. The funny thing is, hand on heart, today is the first day I heard of a mouse jiggler. As a freelancer, Grand Paradigm Poobah Matt Insley doesn’t monitor my keystrokes or tell me what to write. I understand what he wants, and I do my damnedest to deliver. And maybe that’s why I don’t need a mouse jiggler. My boss told me his “big ask” and let me find my way to accomplishing that goal. Where have I heard of this before? The Commander’s Intent Most people love Jocko Willink for his Extreme Ownership book. But I’m especially grateful to Jocko for sharing “The Commander’s Intent” with the world. Jocko explains The Commander’s Intent as such: The mission must explain the overall purpose and desired result, or “end state,” of the operation. While a simple statement, the Commander’s Intent is actually the most important part of the brief. When understood by everyone involved in the execution of the plan, it guides each decision and action on the ground.” In other words, The Commander’s Intent is the result the bosses want. Implied is that they don’t tell you how to do it. How did this come to be? The story revolves around a mission where Jocko's SEAL team needed to clear a building. The plan was meticulously detailed, with every possible scenario accounted for. However, during the mission's execution, unforeseen complications arose. The environment was dynamic and unpredictable, and sticking strictly to the initial plan would have been detrimental. This is where "Commander's Intent" comes into its own. Instead of focusing solely on the plan's steps, the team understood the commander's broader purpose and desired end state. The Commander's Intent was clear: "Clear the building and ensure it's safe for follow-on forces." With this overarching objective in mind, the team could adapt and make decisions in the moment, aligned with the ultimate goal, rather than being paralyzed by unexpected changes. This is where many companies get into trouble. Most employees are bogged down in their BAU (business as usual) tasks and never think about the big picture. That’s because they don’t know what management’s end goal is, and most of the time, neither does management. [Mark Your Calendar: Monday, June 17th - 10:00 a.m. Eastern]( The same expert trader who’s delivered gains like 109% in one day, 224% in 12 days, 493% in just three weeks, AND who took profits of 1,004% on his Tesla recommendation in just a few years has a brand new urgent buy alert set to broadcast to his readers. Trade setups like this come around just a few times a year, and this new idea is set to hit the airwaves right at 10:00 a.m. Monday. [Click here now for all the details.]( [Click Here To Learn More]( How Commander’s Intent Applies to Business The Commander's Intent can - and should! - be converted into a powerful business leadership principle. Companies can achieve their objectives by fostering an environment that minimizes micromanagement and empowers employees. Here’s how it works: Empowerment and Autonomy: - Trust in Employees: By clearly communicating the overarching goals and objectives, employees are given the trust and freedom to make decisions on their own. This autonomy allows them to use their skills and creativity to find the best ways to achieve the desired outcomes. - Decision-Making at All Levels: When employees understand the intent behind a task, they can make informed decisions without constantly seeking approval from higher-ups. This decentralizes decision-making, leading to faster and more efficient responses to challenges. Flexibility and Adaptability: - Dynamic Problem Solving: Commander's Intent encourages employees to adapt to changing circumstances. Instead of rigidly following a detailed plan that may become obsolete, they can adjust their actions to meet the overall objective, ensuring continuous progress. - Proactive Approach: Employees can anticipate potential issues and devise proactive solutions, knowing they have the backing to act as long as their actions align with the company’s goals. As Ray Dalio likes to say, “You can ding the car, but you can’t total it.” Clarity and Alignment: - Unified Vision: Clear communication of the company’s intent ensures all employees understand the broader vision and goals. This alignment helps everyone focus on what truly matters, reducing the likelihood of misaligned actions and wasted resources. - Purpose-Driven Work: [Employees are more motivated and engaged when they know the purpose behind their tasks.]( Understanding how their work contributes to the larger mission fosters a sense of purpose and accountability. Reduced Micromanagement: - Less Need for Oversight: With a well-defined intent, managers only need to oversee some details of their employees' work. This reduction in micromanagement allows managers to focus on strategic planning and support rather than day-to-day operations. - Increased Efficiency: Eliminating the bottleneck of constant approvals and reviews streamlines work processes, leading to faster task and project completion. Enhanced Innovation and Initiative: - Encouragement of Initiative: Employees who understand the intent are likelier to take initiative and develop innovative solutions. They feel more empowered to experiment and take calculated risks, knowing their efforts contribute to the company’s goals. - Cultivation of Leadership: This environment helps develop future leaders within the organization. Employees who are used to making decisions and thinking critically about how to achieve goals are better prepared for leadership roles. By implementing Commander's Intent, companies create a culture where employees are motivated, [autonomous]( and aligned with the company’s objectives. And, of course, they won’t need mouse jigglers. Wrap Up My banking career started at Lehman Brothers and ended at Credit Suisse. Both banks deserved the oblivion they got. But imagine how much better things would have been if both organizations’ leaders understood the Commander’s Intent. Wells Fargo CEO Charles Scharf needs to take a good look in the mirror. If employees use mouse jigglers during the day, they don’t know what Scharf wants. And that’s a failure of business leadership. Have a great weekend! All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. In Case You Missed It… I Was Wrong: The Fed Holds SEAN RING Every night, I dream that a crowd will carry me on their shoulders and think of me as a genius. And then my alarm clock goes off. Last night, at 8 pm my time (2 pm Eastern Time), Chairman Powell and his FOMC made a significant decision. They chose to maintain the current interest rates, leaving them unchanged. As you may recall, I had previously predicted a 0.25% interest rate cut from the Fed this month. My reasoning was that with the election five months away, Powell could use this as a politically deniable move. Alas, he didn’t do that. The Federal Funds Rate range remains between 5.25% and 5.50%. Why didn’t he bring the inevitable forward? Let’s get into it. Yesterday’s CPI After drinking my coffee and writing yesterday’s Rude, I settled in for lunch. Then, I watched for the highly anticipated CPI number. Everything came in soft: Indicator Time Period Actual Expected Previous CPI May 0.0% 0.1% 0.3% CPI Year Over Year 3.3% 3.4% 3.4% Core CPI May 0.2% 0.2% 0.3% Core CPI Year Over Year 3.4% 3.5% 3.6% When the CPI numbers were released, they were soft. Even the core CPI came in below what was anticipated. This was a positive outcome for me. This set the stage for that cheeky cut of 25 basis points, or 0.25%. My Wrap Up from last month’s CPI column read (bolds mine): Tomorrow is a big day for domestic asset and mortgage markets and central banks at home and abroad. I suspect inflation will be hot, but that’s not a prediction. No one knows what the BLS statisticians will concoct this month. But if I’m correct, the Fed will probably hold in June and cut in July, depending on future inflation data. If I’m wrong and inflation is tame, the Fed will surely waste no time to cut. Remember, Jay Powell doesn’t want to work for The Donald again, but he can’t make it look political. The further he cuts from the election, the better for him. If I were Powell, I’d pray for a tame number. Or I’d pick up the phone to the BLS and put a thumb on the scale. I thought The Powers That Be cooked the books. Well, it looks like Jim Rickards was right about one crucial thing (among many): the Fed wouldn’t do anything until it saw three months of inflation coming in below expectations. This is only the second month that’s happened. But there’s another problem. [Urgent: Claim Your Copy Of This New Book From America’s #1 Retirement Expert!]( Forget everything you’ve ever been told about retirement. According to [this new book]( – written by America’s #1 retirement expert – you don’t have to wait until you’re 65+… and you don’t need millions of dollars. [The strategy you’ll find outlined inside this book]( is completely different… All you have to do is tap into the little-known income streams revealed inside this book… And you’ll learn exactly how you can generate almost effortless income every month… instantly, in some cases! [And today, for a limited only, you have the chance to claim a copy of this book for just $1. Click here now to claim your special book offer.]( [Click Here To Learn More]( Powell Doesn’t Believe Biden Wow. Just wow. Edward Snowden made a fine point about Zero Hedge’s tweet from Powell. Credit: [@Snowden]( And here I thought Powell was onside with Biden. However, Powell thinks Biden is cooking the employment books (and Biden or his peeps undoubtedly are), so Powell no longer believes that data. I mean, we know the employment numbers are horsefeathers. And Joe Biden knows the employment numbers are horsefeathers. We know that Joe Biden knows that… Oh, never mind! The point is that it’s incredible that Powell doesn’t want to base monetary policy on his president’s employment numbers. Meeting Highlights Inflation remains above the Fed's target, with recent data showing almost zero progress toward achieving the desired 2% inflation rate. Core PCE inflation is expected to be slightly higher at 2.7% for 2024. Despite some positive signs, such as solid job gains - which Powell is skeptical of - and resilient economic activity, the overall economic outlook remains uncertain. The FOMC's latest Summary of Economic Projections (SEP) adjusted the expected GDP growth for 2024 to 2.1%, up from a previous forecast of 1.4%. The unemployment rate is projected to rise slightly to 4.1% by the end of the year. While the current stance is to maintain the rate, the FOMC's projections include the possibility of one rate cut by the end of 2024. However, this cut is contingent on continued positive inflation data and economic stability. According to [Bloomberg]( Fed officials see four rate cuts in 2025. The Fed announced a slowdown in its Quantitative Tightening (QT) program, reducing the monthly cap on U.S. Treasury securities redemptions from $60 billion to $25 billion while maintaining the current caps for agency debt and mortgage-backed securities. In essence, the Fed is slowing down the shrinking of its balance sheet. This is “loosening the tightening” and, hence, inflationary. Hawkish Message My friend and colleague Dan Amoss posted this from Bloomberg: The yellow dots (The Dot Plot) show where members of the FOMC see rates at a given time. Dan wrote in our Slack channel, “The green line (median dot) over the purple line (OIS, the futures market pricing of fed funds rate) is the hawkish message from the FOMC to the market.” Like Dan, I’m looking forward to when the central bank will be a minor player in the free market. Wrap Up I’m sorry I wasn’t right on the timing of the cut, but the cut is coming. I wouldn’t be surprised if they cut in July, but now it looks more like an autumn cut than a summer cut. If the cut is inevitable, Powell should get on with it. But that’s not his way. Powell's cautious approach to monetary policy, prioritizing stable inflation and employment, is a significant factor in the current economic landscape. This careful balance is crucial for the stability of Wall Street and the overall economy. They say he who hesitates is lost. Let’s hope Powell doesn’t get lost in the weeds of his data. All the best, Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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