The former Treasury secretary thinks we’re headed for rough economic seas in the near future.
got it wrong. About a week ago, you said the Fed had to “engage in serious soul-searching.” What did you mean by that, and how much faith do you have in Powell’s ability to steer this economy?I think the Fed made a big mistake in not recognizing the inflation threat going back to 2021, and they stuck with the error for much too long.
Leaving aside the discussion of how to cure the illness, corporate profits have been near record highs for a while now. Is that partially to blame for the disease from your perspective?I don’t think so. I think the right way to understand it is that business hotels make more money during the week than they do on weekends because there’s more demand. Resorts do better on weekends than they do during weekdays because there’s more demand.
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