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But so it that why the stock market crashed because the rate wasn't high enough?
I'd be okay with higher rates but we are debt free...
It's crashing with a mix of things...and all not good.
Also I'd venture the government is not being honest with us.
Yellen says there will be no recession.
Powell is saying there will be no recession.
These 2 have a track record of 0 accurate predictions and 2 wildly wrong predictions.
1. Printing money won't cause inflation
2. Inflation is temporary, won't go above 2% and will be over by Dec 2021
Do you think anyone is going to believe what they are saying today about "no recession" ?
In bizarro world (today) that means we're about to have a recession folks
The Federal Reserve has to get back $15 TRILLION dollars it printed out of thin air.
This is what the FedReserve and Treasury said last year:
Powell said inflation would not go above 2%
Yellen said it would be temporary and would be over by December 2021
3.8% March 1 30 year fixed.
5.9% today
Up 200 basis points in 3 months. That is a moonshot.
May be the fasted rise in the 30-year fixed rate all time. Nobody has said it is "done" yet. We will see how fast we get to 8%.
The democrats have nothing to do with raising rates. It's all on Powell.
The Democrats wanted even more and larger stimulus bills than the GOP would allow. This would have resulted in much more printing and eventually higher interest rates.
Jerome Powell didn't pass any stimulus bills. He just had to deal with the aftermath, which he screwed up by not raising rates and selling bonds sooner. But this is largely on the Democrats, who couldn't spend fast enough. Trump and the GOP were complicit.
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