Althouse: "The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, its biggest move since 1994..."

June 15, 2022

"The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, its biggest move since 1994..."

"... as the central bank ramps up its efforts to tackle the fastest inflation in four decades. The big rate increase... has underlined that Fed officials are serious about crushing price increases even if it comes at a cost to the economy."

The NYT reports.

91 comments:

Joe Smith said...: Ooo...they're 'serious.'

Maybe they should have figured out (what any freshman economics student knows) that printing trillions of dollars in a short period of time might cause inflation.

But hey, they're sorry they missed it.

Trust me, it's a feature, not a bug...; 6/15/22, 2:21 PM
Achilles said...: The Biden Regime is just trying to destroy the middle class. They are doing this all on purpose.

The goal is to return the United States back to the historical norm of a permanent dependent underclass governed by the elites and their small technocratic mandarins.

They need to import some proles that are more interested in procreation to keep it going.; 6/15/22, 2:28 PM
Curious George said...: It's transitory, but if it's not, then it's Putin.; 6/15/22, 2:29 PM
Oaksry said...: Really serious; 6/15/22, 2:32 PM
Big Mike said...: Too little, too late. Trump will have a lot to fix starting in 2025.; 6/15/22, 2:36 PM
Big Mike said...: Interesting thought experiment: would Putin have invaded if Trump was still in the White House?; 6/15/22, 2:44 PM
Maynard said...: Damn Trump!

He really screwed things up. It's a good thing we have Biden in office.

(Just trying out the usual Democrat line before the usual suspects post here).; 6/15/22, 2:46 PM
Achilles said...: Big Mike said...

Interesting thought experiment: would Putin have invaded if Trump was still in the White House?

Oil would have been 50-60$ a barrel and Putin couldn't have afforded to invade.

We are still buying Russian oil at over 100$ a barrel and funding Biden's War in Ukraine.; 6/15/22, 2:48 PM
Quayle said...: Too little too late. Inflation is running at 8%. I don’t know how he thinks thee quarters of a point is going to slow the runaway train.; 6/15/22, 2:51 PM
Jefferson's Revenge said...: I used to think the plan was to delay the recession till after the mid-terms, have teh recession quickly and then have the recovery start in time for the 2024 election but I think they have decided that the November election is not salvageable so get the recession out of the way for the recovery before 2024. That's basical;y what happened with Reagan in 1981-1982.

If they were competent it might be a good plan. Sadly, they are not competent. They can't even do incompetence well.; 6/15/22, 2:55 PM
Anthony said...: Recession soon, if not already.

Yeah, yeah, Q1 was negative, and the initial read on Q2 is 0.0 so technically we may already be in one.; 6/15/22, 2:55 PM
Joe Smith said...: 'Too little too late. Inflation is running at 8%'

I do almost all of the shopping in the family.

The 8% number is complete bullshit.

It is waaaaay higher...; 6/15/22, 2:59 PM
Michael said...: Anthony. We are.; 6/15/22, 2:59 PM
Narayanan said...: historical norm of a permanent dependent underclass
======>>>> so zat is waaat retrn to normzz meanzzz; 6/15/22, 3:02 PM
Mr Wibble said...: The Biden Regime is just trying to destroy the middle class. They are doing this all on purpose.

The goal is to return the United States back to the historical norm of a permanent dependent underclass governed by the elites and their small technocratic mandarins.

I disagree. The rule by technocrats isn't some historical norm, but is only a century old. And, in fact, it's what we've had over the past thirty years. The whole problem is that the western managerial class sold people on the idea that if we left them in charge they would bring prosperity. And they did for a while, but it turns out that they did so by borrowing extensively against the accumulated social, economic, cultural, and political capital of the West. They built vast global networks of politics and trade, created complex financial systems to channel money across borders at will and finance anything and everything, and built international institutions to oversee it all. And they sat in the center and got fat off it all. The problem is that in doing so they created a huge amount of risk, and it's biting us in the ass now.; 6/15/22, 3:03 PM
Narayanan said...: Interesting thought experiment: would Putin have invaded if Trump was still in the White House?
-------------
Q : was Ukraine shelling Donbas residents while Trump was President?
was Trump aware of it?
and Ok with it?; 6/15/22, 3:05 PM
AlbertAnonymous said...: The Jimmy Carter comparisons should be an every day occurrence.

Wonder who the new Reagan will be?; 6/15/22, 3:10 PM
n.n said...: The goal is to return the United States back to the historical norm of a permanent dependent underclass governed by the elites and their small technocratic mandarins.

The democratic/dictatorial duality.; 6/15/22, 3:12 PM
n.n said...: was Ukraine shelling Donbas residents while Trump was President?

Yes, and nary the empathetic plea was made. Perhaps we should have invaded, but it wasn't a transnational affair a la Iraq/Kuwait that threatened the national order.; 6/15/22, 3:17 PM
n.n said...: Wonder who the new Reagan will be?

Trump was headed in the right direction: Summer after Spring, subsidy vs affordability, sequestering labor and environmental arbitrage in Green deals, emigration reform, following the science in lieu of the cargo cult, tolerance where neither normalization nor rejection were functional choices, dignity, agency, and baby before wicked solutions... but several novelty, select commissions happened along the way.; 6/15/22, 3:21 PM
Achilles said...: Mr Wibble said...

I disagree. The rule by technocrats isn't some historical norm, but is only a century old.

I need to clarify. The historical norm I was referring to was the broad swath of modern history for the last 5000 years. Almost ever major culture and society in history has been fashioned around a similar social contract of Rulers and Ruled with a small technocratic class running the bureaucracy.

The United States on it's founding was a Black Swan event. Individual Rights and Rule of Law and Equal Justice were all completely revolutionary implementations. Unalienable Rights is a direct blow to the Oligarchs and their power.

Ever since the founding the Oligarchs have been trying to get their serfs back.

The Biden Regime is just removing the mask and making it obvious to everyone what their goals are.; 6/15/22, 3:24 PM
Beasts of England said...: ’Q1 was negative, and the initial read on Q2 is 0.0 so technically we may already be in one.’

The definition is two consecutive quarters of zero or negative growth, so it’s an official recession. Excuse me, Putin’s Recession!!; 6/15/22, 3:30 PM
rhhardin said...: A smaller rise than US2Y was speculating on, looking at the yield quotes since Friday. The yield dropped after the announcement.; 6/15/22, 3:37 PM
Spiros said...: At some point, the federal government must raise taxes and cut spending to soak up all the extra dollars out there driving inflation. The federal government has to run a surplus eventually.; 6/15/22, 3:40 PM
rhhardin said...: It's not strictly speaking inflation but just prices rising to ration a shortage. The Fed must not accommodate a wage increase lest the price rationing the shortage cease to function and prices go nonfunctional. Hence probably a recession is the only way out.

The interest rate rise just means that the Fed will be withdrawing money from the economy by selling debt and burning the proceeds, until the debt has the yield that it's targeting.

The recession is more from the shortage-reduced economy than anything about the Fed - that is, the economy actually is smaller. The Fed is just keeping prices from rising more than necessary to ration stuff and feeding on themselves.; 6/15/22, 3:42 PM
rhhardin said...: The mistake was paying people to stay home and not produce. The not producing was the evil.; 6/15/22, 3:44 PM
Dear corrupt left, go F yourselves said...: free printed money - free stuff thru theft.

Biden is a crook and he leads by example.; 6/15/22, 3:46 PM
Leland said...: They can't be serious.; 6/15/22, 3:49 PM
Another old lawyer said...: This comment has been removed by the author.; 6/15/22, 3:54 PM
Another old lawyer said...: A day late, and trillions of dollars too much.; 6/15/22, 3:55 PM
walter said...: Curious George said...
It's transitory, but if it's not, then it's Putin.
--
Meant to say transformational.; 6/15/22, 3:56 PM
Mark said...: The Fed is delaying the inevitable, which only increases the pain. The inevitable being Jimmy Carter level interest rates well over ten percent.; 6/15/22, 4:00 PM
Humperdink said...: The Fed needs to raise the federal funds rates to 8+ per cent to tame inflation. Will not happen.; 6/15/22, 4:00 PM
Curious George said...: "walter said...
Curious George said...
It's transitory, but if it's not, then it's Putin.
--
Meant to say transformational."

Nope transitory.; 6/15/22, 4:03 PM
Sebastian said...: They had one job. They failed.

But how do you hold them accountable? Fed officials have done more damage than all the Jan6 rioters combined; how much time will they spend in prison? What impeachment trials will be held for them?; 6/15/22, 4:16 PM
Drago said...: This has become such a drag on the democraticals 2022 election hopes that Sham-peachment committee has decided to add CNN+ to their livestream options....; 6/15/22, 4:22 PM
walter said...: CG,
Meaning if he was honest.; 6/15/22, 4:46 PM
Buckwheathikes said...: Is this not more evidence that the "money" in the United States wants to dump Joe Biden?; 6/15/22, 4:58 PM
Inga said...: Inflation around the world

So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world.; 6/15/22, 5:11 PM
Static Ping said...: It is amusing and also sad that the author seems to think that inflation is not a cost to the economy. I suppose if we have 10% growth with 20% inflation, the author would consider that a good thing. Journalists cannot do math or economics, among the other myriad of things they are bad at. No wonder they support Biden and his handlers; the incompetents have to hang together.; 6/15/22, 5:15 PM
Vance said...: Inga: your boy Biden promised he would ‘never pass the buck” and he would “always take the blame.”

We are taking him at his word.

Why do you have a problem with that?; 6/15/22, 5:16 PM
Jamie said...: So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world.

Come on, Inga. Try harder.; 6/15/22, 5:18 PM
Achilles said...: "Biden Announces Another $1 Billion in Cash to “Help Ukraine Families Purchase Essential Items”

Biden might have forgotten what country he is president of.

But I bet he did not forget his 10%; 6/15/22, 5:27 PM
Dear corrupt left, go F yourselves said...: Chi com get democrats elected virus helped a lot.. with wrecking the whole world. But yay - biden.; 6/15/22, 5:35 PM
Quaestor said...: Inflation is nothing but a regressive tax the government can impose without legislation, the perfect Who me? It's (Putin's/Trump's/the Arabs'/the Joos'/the banks'/the corporations'/the Illuminati's) fault! cookie jar for unscrupulous progressives to shove their filthy paws into. (WTF? Did I slip in the shower and crack my skull this morning? Progressives have no scruples.)

Inflation is always socially corrosive and always painful to control. Somehow I doubt any of Biden's operators have seen this simple fable.; 6/15/22, 5:37 PM
Drago said...: The Incredibly Dense Inga: "So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world."

The US dollar has been the premier global reserve currency for 80 years. It is often said when America gets a cold, the world gets pneumonia.

And now Biden's Earpiece is sitting in his dirty diaper in the new White House adult nursery screaming and screaming at the oil companies and Saudis because they cant magically snap their fingers and create more available resources to help Dementia Boy out of his political jam.

I could go on but there really is no point with a dolt such as yourself.

The "good news" from an Inga/democratical perspective is Putin is getting richer, faster, than he ever has in the past, the russkis are consolidating their Eastern Ukraine gains (another big payoff for Putin buying the Biden family) while simultaneously squeezing the EU with a 40% reduction in natural gas shipments, the Iranians have greatly accelerated their nuke programs,and the ChiComs are cutting even more Belt and Road Initiative deals since they are operating under Slow Joe's reduced sanctions.

Meanwhile, the democraticals have 65% of their latino base fleeing them over the dems open borders and psycho pro-grooming policies and US mothers cant find formula...while Biden and his idiot minions like Inga have Broke Back Better-ed us right into a recession.

In just 18 months.

Jimmy Carter smiles.....; 6/15/22, 5:38 PM
Achilles said...: Inga said...

Inflation around the world

So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world.

You are just a complete idiot.

I knew that the Biden Regime thought their voters were stupid and you never disappoint your masters.

I wonder if you even read the article you linked. Everyone with above a room temperature IQ knew the this talking point was complete idiocy the second the Biden regime started pedaling it.

Democrats will never take responsibility for their policies or ever act in good faith.

They are just awful.; 6/15/22, 5:39 PM
William50 said...: I just read an article that said there would probably be another rate hike at the end of June. Possibly as high as 1.0%.; 6/15/22, 5:45 PM
BUMBLE BEE said...: Any kid who is paying attention and suffering along through this will learn what assholes their democrat voting parents are. Lived Experience at the gas pump teaches serious lessons for the young. Distrust runs deep.; 6/15/22, 5:46 PM
Dear corrupt left, go F yourselves said...: Biden pauses oil and gas leases, cuts subsidies in "bold" climate steps

Not So “Green” Technology: The Complicated Legacy of Rare Earth Mining

What does John Kerry have to gain?

Democrat agenda:
Kill domestic energy production.
Pro-crime
Printing money and signing horrid executive orders
Open border invitation for any and all illegal entrants to come on in.
Hard to fathom why the leader of the free world is such a catastrophe.; 6/15/22, 5:48 PM
Mike (MJB Wolf) said...: Similar causes around the world Inga, but it is mostly the Fed at fault for Quantatative easing since the Obama admin. The Fed doubled the amount of money in circulation and used the devalued dollars to buy mortgage securities cheap. But the worldwide pressures of supply chain disruption and green energy nonsense that drives up the cost of everything (and it is g4tting worse fast) is hitting everybody, but hitting us twice as hard, because of the Biden policy of killing off the energy sector toward net zero carbon.

So while there is a kernel of Truth to the Ingaism of today, it elides the stupid things our "leaders" did to exaggerate and intensify the problem. The Fed literally has one job: keep the dollar stable and in place as the world's reserve currency. It has utterly failed at that by Quantitative Easing and investing in the riskiest securities during a housing boom to back up bonds. Consider what happens when there are no buyers because the bonds have negative interest. That is a realistic scenario as the boom goes bust, just as it did in 2008. We are still paying for those government bailouts.

Then there is Fucking Brandon. His obsession with the green new deal is fueling more inflation at a faster rate by making energy unstable and hard to produce. Note the official inflation rate excludes food and fuel, the two fastest increasing sectors, making the official inflation rate a joke. Real inflation is so much more that Americans loaded up credit cards more than any other month in history: two record setting months in a row.

And it is far from over. Biden just last week signed an order making the ethanol blend in gasoline 15% this summer, 50% higher than usual, which damages engines and causes mileage to drop, meaning people have to fill up more often and cars last shorter times. But there's more! The corn diverted from feed or food to fuel will hit the already struggling livestock industries hard at a time when they are already culling herds and making next years' meat prices higher. More inflation! And the fact less natural gas has been processed is limiting the amount of DEF refined which every diesel motor needs in order to run "clean" under EPA rules. DEF supplies will be 50% less than last year starting next month. If you thought transportation and logistics was a nightmare this year we ain't seen nothing yet. Almost half the goods we survive on, food included, moves by truck and trucks will come to a stop unless there is an EPA waiver or sudden influx of foreign-refined DEF.

The economic pain and uncertainty is about to make the Carter years look like the good old days. And Joe Biden is making it worse with every executive action and cabinet head. There is no substitute for fossil fuels and trying to do without when there is no Plan B is going to be very very painful.; 6/15/22, 5:51 PM
Dear corrupt left, go F yourselves said...: Mike (MJB Wolf) 5:51
Inga should read that and learn something.; 6/15/22, 6:02 PM
Yancey Ward said...: Go easy on Inga, guys- it has to be soul crushing to watch Biden fail so epically.; 6/15/22, 6:06 PM
Kevin said...: When will Obama start complaining about Biden driving the economy into the ditch?; 6/15/22, 6:16 PM
Kevin said...: Inflation around the world

The dollar is the world's reserve currency.

Therefore we also export our inflation.

#ThanksJoeBiden!; 6/15/22, 6:18 PM
Greg The Class Traitor said...: Narayanan said...
Interesting thought experiment: would Putin have invaded if Trump was still in the White House?
-------------
Q : was Ukraine shelling Donbas residents while Trump was President?
was Trump aware of it?
and Ok with it?

You mean Ukraine was shelling Russians in territory they stole from Ukraine during the Trump Admin?

That''s great!

That Putin had to let them get away with it shows what happens when you have a real American President; 6/15/22, 6:26 PM
Mike (MJB Wolf) said...: Oops. Over 70% of our grocery food moves by truck, according to Google. But that means that light duty vehicles (still using fuel) deliver the balance, like liquor, chips, soda and vegetables. So count on 35% empty shelves soon.

Other industries/companies run their own tractor-trailer fleets: WalMart, McDonalds, Target, etc. Looks like babies won't be the only ones with less food soon.; 6/15/22, 6:27 PM
Greg The Class Traitor said...: Beasts of England said...
’Q1 was negative, and the initial read on Q2 is 0.0 so technically we may already be in one.’

The definition is two consecutive quarters of zero or negative growth, so it’s an official recession.

It's currently June.
We're still in the 2nd Quarter.

So it's not, yet, a recession

Come July 1, it's a recession; 6/15/22, 6:28 PM
Greg The Class Traitor said...: Inga said...
Inflation around the world

So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world

Wow, so the new Lefty line is that the world is NOT interconnected?

When Trump was President, he had a "drill baby drill" policy program. This drove down oil prices all over the world.

When Biden came in, he did what the the global warmingists wanted, and attacked, hampered, a nd slowed down US oil and gas production.

This caused oil and gas prices to rise all over the world, and since energy cost is part of the price of pretty much everything, caused prices to rise all over the world.

So, congratulations, Inga, you got what you wanted!; 6/15/22, 6:33 PM
Leland said...: I want to know why Democrats refuse to give credit to Biden for the condition of the US economy, the cost of gasoline, and US foreign policy decisions on Afghanistan. I see conservatives giving credit to Biden at nearly every gas station pump in the country. You hear it in chants at sporting events. Lots of Americans credit Biden for the state of the union today. Why won’t Democrats?; 6/15/22, 6:34 PM
Beasts of England said...: ’Come July 1, it's a recession’

Please excuse my irrational exuberance! It’s such a lock now I got ahead of myself…. :); 6/15/22, 6:39 PM
DINKY DAU 45 said...: Hey looks like my COLA going up 8% plus. 8% of 34k a year or $220 more per month(depends on part B going up some? Pension plus for almost 7 decades of labor. Been working since paper route at 10(assistant) I'm just gonna cruise out of this existence. My wife the same. Made it whether $60.00 a week or
$1000's a week just need to know how to go with the flow. Lived thru it all. Mad $$ on the side for trinkets.. :) Ya get lemons make lemonade just don't whine!; 6/15/22, 6:48 PM
cfs said...: Everytime I hear the phrase "green energy", I think Soylent Green. We ask how they plan to power this new world without petroleum? I think WE are the fuel! That's how they plan to reduce the population AND power their electric cars.; 6/15/22, 6:51 PM
realestateacct said...: They just released revised GDP figures for the 4th qtr 2021. The revised figures is a small negative instead of a small positive so we are in a recession and have been so since March - it just wasn't admitted. Pretty sure all the big investors knew this already - government numbers are not very reliable if you're investing real money.; 6/15/22, 6:53 PM
Michael K said...: So, how did Biden get to be president of the world? Damn him for causing all that inflation around the world.

The resident dullard speaks out. What was world inflation when Trump had oil prices at $30 a barrel and we were exporting oil and gas?

Biden, or his handlers since I don't think he is compos mentis, were determined to end fossil fuels" which run the world economy. They gave no thought to the transition if thy wanted the world to go electric. No nuclear plants, just windmills and solar. They, and you, live in a world of fantasy that believes that wanting something will make it true.

Reality is what is disturbing you now. Reality can be a very harsh teacher. Sri Lanka is learning that now. The idiotic Samantha Power think we can do without fertilizer and use "manure and compost." She did enough with Rwanda and Burundi but I guess was not finished in genocide.; 6/15/22, 6:58 PM
Beasts of England said...: 'The revised figures is a small negative instead of a small positive so we are in a recession and have been so since March’

The only question now is how severe. And we have the most incompetent administration in our history at the helm. What’s the saying about drunks and the United States of America? We’re gonna need it.; 6/15/22, 7:04 PM
Kai Akker said...: The Fed has been living in a dream world for years. Five, 10?

Now they woke up and what they woke up to is a nightmare.

Good luck Jay Powell, the only chairman who was actually worried about causing a dangerous bubble. Your turn!; 6/15/22, 7:13 PM
Mike (MJB Wolf) said...: The only question now is how severe.

In case my prior posts were too wordy: VERY FUCKING SEVERE RECESSION

Perhaps even worse than the great depression of almost 100 years ago, since all the things we *could* do to avoid it are the opposite of what FJB & co are doing now. Currency devaluation, housing collapse, famine, civil unrest, interest rates above 15%, bank runs (already started in China), and very likely a world war given China's need for a way to dispose of millions of excess men with no prospects.

Warning: Brace for impact!; 6/15/22, 7:15 PM
n.n said...: There is no mystery in spending and coordination. The House emits it. The executive spends it. The Federal Reserve tends it. Thanks, Pelosi and company.; 6/15/22, 7:20 PM
Josephbleau said...: "The goal is to return the United States back to the historical norm of a permanent dependent underclass governed by the elites and their small technocratic mandarins."

No, the goal is to reduce the US to the status of West Bumfuk under the hegemony of China. They paid for the US Pols, they screwed the Pols (US CA Rep Fang Fang Swallowell.) The UK kept India under control by giving the Rahjas power locally.; 6/15/22, 7:25 PM
Beasts of England said...: ’In case my prior posts were too wordy’

Our present circumstances are entirely driven by a fraudulent pandemic and a malicious administration. One has abated, and the other can be neutered in the near term. The chance of a depression is remote, but we have a tough three to five years ahead of us.; 6/15/22, 7:31 PM
Narayanan said...: blast from the past ?

can we blame Trump for sowing the seed; 6/15/22, 7:39 PM
Josephbleau said...: "No, the goal is to reduce the US to the status of West Bumfuk under the hegemony of China. They paid for the US Pols, they screwed the Pols (US CA Rep Fang Fang Swallowell.) The UK kept India under control by giving the Rahjas power locally."

Why would China want to have PLA on the ground in the US? Everybody has guns. Too expensive. Pay off Joe Sheriff to be the oppressor. Watch the miniseries about V, John the Lizard. This is being trialed in Michigan where the Gov is a Lizard person.

But none of this is real, and we are all OK! Pass me the hot buttered grumph clusters and lead me to the light that blinds.

The above is truish.; 6/15/22, 7:56 PM
Josephbleau said...: "blast from the past ?

can we blame Trump for sowing the seed"

like, man, did you really like, ask that question about seed? gross man.; 6/15/22, 7:58 PM
Jersey Fled said...: Economists used to think it was impossible to have inflation and falling GDP at the same time, but Jimmy Carter proved them wrong. Joe is about to do it again. It's not just that Joe spent trillions of borrowed dollars in Covid Relief, but he used that money to pay people to produce nothing. What we are seeing now was inevitable, and it ain't going to end well.

The problem is that the tools Economists use to fight inflation (higher interest rates and lower government deficits) make the economy worse. And those you use to fight a recession (lower interest rates and bigger government deficits) make inflation worse. There are no good answers here.

Paul Volker made the decision (probably the correct one) to get inflation under control and live with the consequences in terms of a deep recession and high unemployment. Jerome Powell is no Paul Volker, and God knows what he will do. My guess is he will try to split the baby with some kind of hybrid approach which will make both the recession and inflation worse.

Get used to the idea of truly bad times ahead. Worse if the Democrats are in control because they seem to be committed to pulling off an "amazing transformation" away from fossil fuels in the midst of all this. In fact, they will push the fairy tale that this amazing transformation is in fact the solution.

You heard it here first,

Fled; 6/15/22, 8:17 PM
Bilwick said...: Remember, Yancey, Inga is to economics what Hunter Biden is to sobriety.; 6/15/22, 8:31 PM
Josephbleau said...: One thing that is clear is that the Democrats' attempt to spend massive amounts to help the poor is going to make the poor suffer more. The Democrats work in the short term.

They bribe the public with get "rich" quick handouts which multiplied by 330,000,000 cause disaster, which makes people poorer, while sending their own kids to Ukraine to get fat paydays because they are so smart they need corrupt influence to be among the rich.; 6/15/22, 8:37 PM
JAORE said...: Dang that Manchin.

If he'd just gone along we'd have spent a few more TRILLION bucks thus strangling inflation in the cradle.; 6/15/22, 8:55 PM
effinayright said...: Doncha just LUV Biden's claim that Big Oil and Gas are throttling back production in order to make huge profits?

Why didn't the Big Auto Makers think of that no-brainer when they went through depressions and recessions in times past?

SNORT; 6/15/22, 9:05 PM
traditionalguy said...: Food prices are going up 12% a month. And food processing plants are burning down every week now. Starvation is now the issue for most city people to worry about. Not interest rates or Biden’s war with Russia over the massive slush fund the Dems run our aide through the Ukraine for their cut.; 6/15/22, 9:16 PM
Mike (MJB Wolf) said...: Boy I sincerely hope the Beasts o' England are right and I am wrong, but the Fed using mortgage-backed securities + the severe interest rates needed to break stagflation + all the people holding adjustable rate mortgages at a time when rates are going up simultaneous to inflation makes the next six months extremely dicey, regardless of the other factors I listed before. That this all fits into Klaus Schwab and the WEF's plans for a Great Reset is not cool.

Taken as a whole, we're kinda fucked short- to medium-term no matter what the DC doofuses do. Long term, we'll have a lot to rebuild and can look forward to that post-war boom cycle again. Cheers!; 6/15/22, 9:31 PM
Brylinski said...: Inga, did you know that Milton Friedman was only 5 feet tall?; 6/15/22, 9:35 PM
Curious George said...: Inga is such a dullard. But she represents a large portion of the Democrat party. Dumb cunts all. We are in big trouble.; 6/15/22, 9:38 PM
Big Mike said...: The federal government has to run a surplus eventually.

@Spiros, here's when that will happen.; 6/15/22, 9:59 PM
Rt41Rebel said...: This comment has been removed by the author.; 6/16/22, 12:27 AM
Rt41Rebel said...: Bedpan Inga is back!

Wanna guess what China's inflation has been doing? It's been doing very well. It's actually decreased by about 4%, from 6% to 2% since they released the plandemic on the rest of us. I guess that 10% for the Big Guy was a great investment.

https://tradingeconomics.com/china/inflation-cpi; 6/16/22, 12:32 AM
PB said...: It's informative to look at the history of the fed fund rate.

This .75% increase brings the overnight lending rate to a range between 1.5 and 1.75. Back in the early 80s, the fed funds rate peaked at over 22% and was over 16% for almost 2 years.

If they want to cool inflation by interest rates alone, the rate is going over 10%, and the damaging democrat policies have to be stopped NOW.; 6/16/22, 5:54 AM
Dear corrupt left, go F yourselves said...: The Swetnick left have one concern and one obsession: Their Collective hatred of ___________.
Still Donald Trump.; 6/16/22, 8:26 AM
Rusty said...: Had Biden not been selected we wouldn't be having these problems.; 6/16/22, 8:35 AM
Gusty Winds said...: Hey. This is the first time I clicked on the Althouse blog since comments were shut off because of "conservative" commenters. I see the band is back together. Even Inga! Has Shouting Thomas returned??? Anyway. Enjoy the decline. Happening as predicted.; 6/16/22, 9:29 AM
Greg The Class Traitor said...: realestateacct said...
They just released revised GDP figures for the 4th qtr 2021.

Got a link for that?; 6/16/22, 3:55 PM