| | | | | Fiat's Swan SongThe last time the FOMC hiked 75 basis points, they put me out of a job.
Fresh out of college, I was an entry-level loan processor for a mortgage company. But Alan Greenspan got a little nervous about rapid economic growth driving inflation, so he put the kibosh on the refi pipeline.
When I started, we processed 50 loans a day. Within 6 months, that fount of loan processing fees dried up and, just like that, me and 80 of my newest friends were walking across the parking lot, cardboard boxes in hand.
It worked out though. Within a couple of months, I sold my Honda Accord, packed up my belongings (it fit in the trunk of my friend’s car), and headed to Chicago to sleep on a Fraternity brother’s couch. The plan was to work my way onto the floor of the Chicago Board of Trade.
Ah, those were the days…
This time around, it’s not about anticipating inflation. The Fed is playing catch up.
And growth has nothing to do with it…
The Birth of My Hate/Hate Relationship With The Fed
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