Hear Me Now and Believe Me Later

Too early in my predictions but not wrong?  I incorrectly assumed that the Federal Reserve would "do the right thing".  Not in my wildest dreams would I have thought that the "Greenspan Put" would morph into "Bernanke Fun Bucks", "Yellen Coddling of the Obama Administration", "Covid-19 Stimmy Checks" and "Powell's Incompetent Policy of Transitionary Inflation".  

But, here we are.  What is not sustainable will not be sustained.   For many over-indebted Americans, the road to recovery goes through the local Bankruptcy Court, just as it has in decades past.

Kevin Warsh was confirmed - we shall see if he follows through with his past convictions on the proper activity of the Federal Reserve.

For many over-indebted Americans, the horse has left the barn.  It is not a question of lower interest rates.  The level of debt that they have voluntarily committed to is simply too great to repay.  Poor loan underwriting and short sighted policies adopted by lenders looking for customers have consequences.

Stay tuned....