Zero Hedge
The Fed [Federal Reserve] hiked rates by a stunning (but expected) 75bps – the biggest hike since 1994. Esther George dissented (preferring 50bps). Fed expresses that is “strongly committed” to fighting inflation.
The Fed sharply raised its rates outlook (to meet market expectations) and sharply lowered its growth and employment outlooks. More
For anyone wondering what the 70s were like, you’re about to experience it. – Dr. Tar
SOON, WE’LL MISS $6/GAL GAS AND $25/LB STEAK
Yeah… Like democRATz really care what money costs when they’re pissing it away frivolously!!
Venezuela here we come!
Wells Fargo laid off 1500 mortgage writers today.
Flood the economy with phony money.
Then, suck it back up with business-killing interest rates.
I’m old enough to remember who else did this.
Dr Tar. You’re not suggesting they’re bringing back Disco are you? Nooooooooooooooooooo.
OMG!!!!! New home loans are in the 6%s. OH NOES!!!!!
In the late 70s and early 80s home loans were over 18%. RR and Volker inherited literally decades of bullshit government deficit spending and that spending is FUCKING PEANUTS to what these scumbags have done to us in the past 20 years. They had a solid base of pent up manufacturing and manufacturers to fall back on, we don’t. We have squat. Our seed corn has been sold to the CCP. Thanks Mitch et.al. you fucks
The Chinese and Russians(and many others BTW) are fucking sick to death of the economic nightmare we can rain down on countries that don’t go along with us and they have been taking steps to stop it. When that happens, and it will with TPTB thinking they’re invincible, we are going to see cost of living rises like you won’t believe.
The facts are TPTB at the Fed fucking know this and and beennhummahumma the bullshit. Why not? Janet “thecunt” Yellin tells us the biggest threat we face is AGW? FUCK YOU YOU FUCKING CUNT
unreal-Rod Sterling wouldn’t believe it in a million years
The fed will be forced to back off this increase. I say that as a former 15 year fed guy.
^^^^ HAHAHAHA A 3/4 point basis increase?? Will be backed off because…why?
It’s fucking window dressing. So now the Fed rate is in the what, upper 3.5s? That’s fucking nothing. Historically NADA! I remember when snagging a mortgage in the 7s or 8s was considered a win win. Now with people used to 2% mortgages, it’s no wonder former Fed idiots like you are conditioned to oppose reality.
A home mortgage in the 7%s is almost optimum in a functioning economy. Everyone makes out.
Brad, I once knew an aspiring actress named Wells Fargo.
– but that wus just her stage name…
@MMinWA I remember when we bought our first house in ‘98 the interest rate was 8.6% and we thought we got a good deal.
The 0.0% rates during the Obama years was fake fake fake-just like his birth certificate.
BOHICA and I ain’t kidding
Respect the Fed.🥴🤪
FJB
Can’t believe more of you people are not concerned about Disco making a come back.
I completely missed disco the first time around. I’m not sure if I should be concerned or not. Chances are I’ll miss it again.
joe6pak
I see. You can’t possibly understand the pain and misery the Gibb brothers have inflicted on the human ear. Let’s just say, no male can reach that high of an octave unless their balls are in a pneumatic vice, and ounces away from exploding like super ripe grapes. I hate to see you miss out on this excruciating experience. Ergo I’ll email you their greatest hits. LOL
The Fed was complicit in all this. When we bought our home in the mid-nineties it was a 16% adjustable. When the rates dropped to 12% a few years later, we jumped at the chance to refinance to a fixed rate. Jump to Obama’s spending fest (after years of wartime spending and record high oil prices under Bush) and the Feds drop rates to zero. Our final refi was at 1.something. It was surreal.
What the Fed and Congress did in the Obama years was unconscionable. They knew exactly what would eventually happen and they knew it wouldn’t happen too far down the road. Now, here we are and they are telling us there is nothing they can do that will stop this train wreck.
Worse, everyone inside the Beltway and on Wall Street knew what was going to happen and they were more than content to let it. They knew what Biden and his handlers intended to do with energy policy. They knew Biden would reprise the global and domestic chaos of Obama’s first two terms. They knew Congress, and not just Pelosi, et al, was drunk on multi-trillion dollar budgets. They knew it would trigger runaway inflation and that there were no controls left to stop it. They knew we would likely enter stagflation, but at levels never experienced before.
They don’t really care. They live in a Shangri-la, payed for by our taxes and retirement funds.
I think you can kiss your retirement funds a fond good-bye, either in basic value or simply confiscated by the Administration.
Did I hear someone use the term “Hell On Earth”?
Oh, right. That would have been me.
They’ll let us keep the illusion for a bit longer, I think. Our retirement money is what created BlackRock and Vanguard. They need our funds to leverage the destruction of our world as we knew it. Then they’ll make our money disappear. Good times.
Anyone know which zoo animals are the easiest to catch and most tasty?
My first mortgage was 1981 at 15.5%.
When it dropped to 11.5%, I refinanced, got a lower monthly payment and cash in my pocket.
We payed ahead on the principal to reduce the interest.
Sold the place in 1991.