You brought on the 90-91 recession by raising rates too far, too fast. Wrong!
In the mid 90s you said the markets were irrationally exuberant. The markets then went on to skyrocket for the next few years. Wrong!
In the late 90s you said all was well as you started to raise rates in June 99. All we kept hearing was soft landing. Well, it was a hard landing. Markets were trashed as the worst bear market in 70 years ensued. Wrong!
In the past year you have stated there was very little inflation. Every month we heard that there was very little inflation. Obviously you do not pump your own gas or buy your own food. It is obvious someone else pays your electric and insurance bills. Now...you say there is inflation. Wrong!
Help me out here, Al. Maybe I am nuts. You say there is some inflation, but this week you say that there is no "long-term" inflation. Am I supposed to believe you know what is going to happen on a long-term basis...let alone tomorrow?
There is a line someone once told me that maybe you should listen to. "DON'T PLAY WITH PROSPERITY." It seems you have been playing with prosperity too often throughout the years. Our economy and our markets stand on their own two feet. We continue to be the leaders of the world. It does not need your constant interference. The economy has been doing just fine without you. Stay out of the mix. Stop trying to choke off the economic engine of the world. If you are, the job is already getting done. Have you seen the CYCLICAL stocks down 30% over the past few weeks? Have you seen the manufacturing numbers that are once again sliding. If you continue, these companies will start laying off people. How does that feel?
Al, learn from your mistakes. Slow down, big fella!
This weekend our Business Block has much more on how interest rate hikes will affect the economy and YOUR wallet. Tune in Saturday 10am — noon ET.