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I think the ex-housing thing is already used in the UK – but I could be very very wrong.
It probably is. UK housing is really volatile and it doesn’t just go up in value either!! Imagine a whole country where until recently everyone was on month to month adjustable rate mortgages with no caps.
Having said that I agree with the opening comment. It’s part of the Fed’s trick to fool everybody into thinking there’s no inflation AND that inflation is pretty stable. Both ideas are bogus, but its better for all of us if we all drink the same Kool-Aid.
Ben Bernanke stated that inflation is a concern.
I am puzzled why Bill Fleckenstein and Peter Schiff say Ben is going to pause. How can he? Inflation is rearing its head. Rents, which are 30 or 40% of CPI (?), are rising as housing cools, and will keep pushing up the CPI.
If the Fed lets inflation get out of control, our economy will be in a world of hurt. Inflation must be contained at all costs.
Does anyone else see a 6% Federal funds rate?