“The Dow is not the economy.”
No, but the Fed’s overreach yesterday and the AWFUL press conference piled it on, makes a recession quite possible next year, as well as a further continuation of asset deflation.
If the Fed wants to tighten then pick EITHER a rate hike OR the continued $50 billion of asset sales. Doing both in the face of a global shutdown is SCARILY STUPID and quite possibly will be the greatest government stupidity since the Clinton desire to goose home ownership to those not able to financially handle it.
Yep..... The Fed chairman acted like a tyrant declaring he is the economy and will dictate what shall be done by the markets.
Freedom is gone