Joanie is not happy with Mr. G:
Take this all in: The US is at war which is costing us huge. Our deficits are black holes and getting blacker. We have suffered two major natural disasters within the space of a month. Federal spending for same has disgracefully run amok.
The timing of the storms has added the second whammy to the energy problem, shifting the focus from demand-driven screaming prices to the dire side of that equation, supply disruption.
Is it necessary to point out here that a demand-driven scenario does respond to a path of higher rates? No, it’s not necessary? Great. Then I guess it’s also not necessary to point out that higher rates mean jack as far as fixing a disrupted-supply situation.
As a matter of fact, given that we’re still not even close to 100% reconnaissance as to how damaged we are in the Gulf — and that word “damaged” is not reserved for the oil industry; the loss of the largest port in the United States has far more reaching ramifications than that (as we are quickly finding out) — raising rates against this blindfolded background falls into the category of depraved indifference to economic growth.
Maybe she’ll like his successor better . . .