No, the key point here is that the economy is dependent upon a few badly educated MIT grads. The Fed is beholding to Congress for its monopoly license, and Congress deploys armed agents to enforce the system.
Our current condition, our Japan style economy, is the direct result of Congress making promises it cannot keep. Rates are low because the GSEs need protection, so Congress regulated a liquidity requirement which cannot be easily adjusted. We have reverse repurchase agreements tyo bring the regulation savings in dustry back into the dollar yield curve. This is the Fed raising rates to overcome a regulatory problem that cannot be fixed. The current slow down is almost all Obamacare, a Congressional blunder. The Q1 slowdown phenomena is not weather, it is the scheduling of tax changes and Obamacare roll out. DC cannot operate with highly volatile tax income from merchants,, hence the data uncertainty. And the Fed is caught in a maize of cross ownership between the member banks, the debt cartel, Congress and the Fed portfolio. The number of loops in that maze make the Feds job hit and miss, they are blind,,
The government in DC no longer works.
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