Posted on 05/03/2023 11:09:02 AM PDT by ChicagoConservative27
The Federal Reserve voted to raise interest rates Wednesday by another 0.25 percentage points, brushing aside concerns about the financial sector and an expected recession later this year.
The Fed’s rate-setting committee voted Wednesday to boost its baseline interest rate to a range of 5 to 5.25 percent, the point where Fed officials expected in March to stop hiking rates, according projections from the Fed’s last meeting.
The latest rate hike is the tenth in a row since the Fed began its program of quantitative tightening in March of last year.
Over the past 14 months, the Fed has boosted borrowing costs and shrunk its balance sheet in a historically swift battle with inflation.
(Excerpt) Read more at thehill.com ...
“This is all for nought until something is done about federal spending.”
Absolutely. Congress’ response? “I know! Let’s raise the debt limit! That will fix things. More borrowing!!!”
“federal spending” is the tip of the iceberg. The only SURE cure is to shrink the GD federal government by 75%, shutter entire departments, and get the GD federal government back into its Constitutional duties and constraints. But Hell will freeze over first.
What stops us from putting government back in its box? Too many in Congress and the Executive are getting rich, half of us are leeches are living off the government teat, racism has turned into a huge money-making industry, the open border has turned into a huge money-making industry, and the drug cartels own way too many politician and the Executive and Congress keep inventing ways to give away money. Reparations trillions coming up real soon now.
Can the problem be contained and then slowly solved. Nope, we are way past that. All we can do now is manage our inevitable decline. Sad to say. History has many instructive examples of once-invincible empires crumbling to dust along the very same trajectory we are on. Lots of empires lasted hundreds and even a thousand years. Ours lasted only a couple hundred.
They will derail the train and a lot of us will get crushed.
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Many of us won’t get crushed.
Unfortunately, people & companies riding the “cheap money train” are going to derail & get crushed.
“There will be pain.”
Losing you job in a recession/depression is worse than inflation. They need to stop this madness. We can control inflation without killing the economy.
Losing you job in a recession/depression is worse than inflation. They need to stop this madness. We can control inflation without killing the economy.
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This isn’t about inflation, it’s about getting the nonessential fat out of this retarded woke economy.
If cheap money continues, people and businesses will continue to piss capital & labor away on activities that aren’t essential to maintaining are current level of civilization.
The leftist progs poured trillions into the economy which caused inflation. It is lie a wild fire. It wil take years for all that money to burn out. No sense punishing the working class.
Powell was too late raising rates....PERIOD
World War 3, complete economic collapse, or AI takes us out...place your bets, ladies and gentlemen. You too, Mulvaney.
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