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> To save money, Walsh wants to downsize. But he has been unable to sell his 7,700-square-foot house at the $3 million he is seeking. > “We got the rug-pull of
by belltaco 3y ago
> To save money, Walsh wants to downsize. But he has been unable to sell his 7,700-square-foot house at the $3 million he is seeking.
> “We got the rug-pull of our lives, everyone did,” he said. “Rates are not supposed to be here.”
Huh? Why are the rates 'not supposed to be here'?
And also how or why is it a rug pull to hike interest rates to tame high inflation which affects low income folks the most? The consequences of runaway or hyperinflation will be far worse.
- tiahura 3y agoThe higher rates are due to inflation expectations. Perhaps he was foolish enough to believe Treasury Secretary Yellen who assured that inflation would be “a transitory thing, not something that's associated with a buildup in wage—in wage pressures”?
- junofan 3y agoIn 2020 the Fed explicitly adopted a long-run avg. inflation target of 2%. Since we’ve moved so much productive capacity offshore, the old policy lets rival nations fuck with the dollar by shutting down factories and pipelines temporarily. Abandoned that policy is the rug pull.