Definitely not. Not in the absolute way that you phrased the question. Psychology is a clear factor which acts as a positive feedback loop, but raising the co

Definitely not. Not in the absolute way that you phrased the question. Psychology is a clear factor which acts as a positive feedback loop, but raising the cost of money/credit is very, very real to a lot of businesses. The immediate effect it has on the cost of loan service for cars and houses will start to affect those markets pretty quickly, which spills over into homebuilders. And companies at the margins that have been surviving by cheap debt service will get pushed over into insolvency. Then those closures and layoffs affect demand, that affects every other company in the economy. Those people couldn't afford houses and cars at any interest rate, and they're not buying computers or anything else as well, they're probably trying to sell their used cars for some cash. Since everyone's spending is someone else's demand then as spending contracts demand destruction ripples through the economy. The psychological effect is another positive feedback loop, though, and it will cause the correction to overshoot to the downside. At the same time, though, this means that assets are on a fire sale, and the rich people who have cash on the sidelines can step in and buy up even more of the country, which does put a floor under the crash.