RE:E. Warren"Very Worried" Liz Warren Slams Powell, Says Rate-Hikes Will Push "Millions Of People Out Of Work" Yup. That is the entire plan.
https://www.zerohedge.com/markets/very-worried-liz-warren-slams-powell-says-rate-hikes-will-push-millions-people-out-work marketsense wrote: Watched a bit of the clip on CNN re Elizabeth Warren, whom is a failed US presidential candidate, and has no lost love for Wall St and the banking system. Unsurprisingly she came out and condemned Powell and the Fed for threatening to
raise int rates aggressively.
I say unsurpisingly because she is a staunch Democrat and arch supporter of the Biden
agenda. The condemnation was all about the damage that higher rates wiil inflict
upon the poor and middle class which is where most of their support is. Middle class
America is going to absorb the brunt of the Feds policy, rich guys don't concern her.
What was really interesting is her point that using int rates to squash inflation is like
attacking the symptoms, not the disease. Its too blunt an instrument and might not
be that effective however the damage will be far greater than any gains. She didn't
think this was the time to be doing this as the energy crisis is a result of war and
overlaid with the supply crunch as a consequence of the pandemic.
While I see her point is politically motivated to a great degree, her basic tninking resonates with me. I think her observations are correct but I doubt her voice is going
to change anything.