Thursday, December 17, 2015


For reasons nobody sane understands, the Fed raised rates yesterday. I guess the best reason is something like "we need to raise rates so once we cause the next recession we'll be able to lower them again" but that doesn't actually make a lot of sense.

I don't think a tiny rate increase will destroy the economy, but it does signal that the Fed will never again allow wages to increase. That's a bit depressing. Who would have thought we'd miss the good old days of Alan Greenspan?