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US credit card debt and student loan debt

June 13 2018 The Day The Federal Reserve Hiked Rates Too Fast

June 13, 2018, is when the Federal Reserve hiked rates too fast IMO. I think history will one day look back and pick this Fed rate hike as when the Fed mistakenly hiked rates when they should not have.

The Federal Reserve will hike rates again before the end of the year which will effectively compound the problem even more.

It’s now clear, Jerome Powell is a liar just like his predecessors. Powell lied about the US consumer having paid off most debt and is now in a better position than they were in 2008. The truth is that credit card debt just passed $1 trillion and is at an all-time high. Further, in 2008, many people had home equity lines. Today, most people do not have home equity lines that they can tap into so they’ve maxed out their credit cards. That is not an improved state. In fact, the argument can be made that people are much poorer today than in 2008 because of stagnant wages and rising health care, rising energy, rising credit card debt, rising auto-loan debt, rising student loan debt, and rising rents.

Until the Federal Reserve gets rid of these old dinosaurs who think they are smarter than everyone else and that lying to the public is good economic policy, the Fed is once again on a collision course with a recession.

In the video below, I explain my reasoning and why I think the June 13, 2018 Federal Reserve announcement and press conference was a total failure.

Recession In the News
The stock screener I used to find AAXN right before it jumped 179 percent

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