LETTER: The Fed fiddles while we burn
As inflation for groceries gets close to 10 percent, gasoline is $5 a gallon and rents and housing are at unaffordable rates for the middle-class and poor, the Fed has done nothing, simply waiting for its ridiculous meetings to discuss new interest policies.
The wealthy’s puppet, Federal Reserve Chairman Jerome Powell, is talking a quarter-point interest increase to start. Huh? Any businessperson knows that waiting is a disaster when there is a problem and that slow, multiple increases don’t address the problem and just exacerbate it.
Wake up. Address inflation head-on, raise rates to 2 percent, put some interest money into the pockets of the middle class and stop worrying how much money the wealthy will pay for their extravagances. And do not give Mr. Powell a second term.