He’s crying in his soup. His statements are a desperate plea for the Fed to lower rates, in an attempt to save his own bacon.
Capitalism without bankruptcy is like religion without hell.
>> His statements are a desperate plea for the Fed to lower rates, in an attempt to save his own bacon.
... or to restart his industry’s freewheeling boom.
There are those in this country — mostly the speculating class, not so much the productive class — who believe speculative booms should be the economic norm, so they can surf from one to the next and Get Ever Richer (doing little or nothing productive).
I hope the Fed doesn’t lower rates — the only cure for this idiocy is the speculating class going bankrupt in large numbers (and not “play” bankruptcy, but real punishing bankruptcy).
The productive class (that’s the real innovative America that doesn’t build its fortune on speculative asset bubbles and their hangers-on) is doing great — good cash flow, lots of cash in the bank. The upcoming shakeout of the overblown housing-’n-mortage-’n-debt industry won’t cause them to tank.
my 2c. I’m sure I will be assailed for these views by those in the speculating class whose oxen I’m goring. No matter. I’m going to go do something productive, flame away.