I hate this out of touch fuckstick so much
this post was submitted on 02 Jul 2024
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Housing Bubble 2: Return of the Ugly
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The face of a man that had a chance to fix shit but flinched when banks and their bad decisions were starting to (understandably) fail. We're past that point now. All these central bank heads are just praying the US doesn't implode.
Yeah, historians are going to look back at this time period and realize it was a depression.
We don't need lower interest rates, we need businesses to pay their employees. We need price controls on medical care and housing. We need legislation. Laws, not free money for banks.
Yeah, any reduction in greedflation was because consumers simply cannot pay those prices. Nothing to do with the interest rates.
If we even have historians in the future.
This is a bad take. The federal funds rate is currently about 4.5%, which is a historically normal value. During Clinton's term the rate hovered around 5%. Having the rate at or near 0% is terrible, it means there's no margin left in the economic system and it really only benefits bankers and other financial interests.
4% is a good place for the ffr.
The economic beating of the plebes will continue until economic morale of the ruling class improves!