plunging and credit cards are sky rocketing, the economic numbers are striking along the retail and manufacturing front. i m not so sure jay powell is listening. neil: it s interesting. you mentioned retail sales are down .6%. a big sign that there s less activity on the part of the con consumer. may they exhausted their funds. that s always been a worry. you ve been citing higher debt levels. that s putting a punch on americans. that s like a self-feeding beast, is it not? yeah, look, there s no real worst scenario as when i post charts of savings rates down to the bone and record credit card usage. it tells you that consumers are spents up. when the consumer is 70% of the economy, it speaks volumes. again, the real worry is i just don t think jay powell is listening. i still worry that there s too
depending on what the fed does and people become confident that inflation will come down and at this point they re not, the labor will demand and i think going to get given theed unemployment numbers neil: to your point, everything goes up, the more people get paid, the more the cost of the goods that they pay for themselves. it s a self-feeding beast. where do you see it going? the only way to address it is to raise rates. the federal reserve announced that they will slow down to stop their purchasing of mortgage securities and the rest. the rate hikes themselves seem to now have changed from being a few to more than a official and could be substantial. what are you looking at? yeah. think about it. you have basically inflation of 6.8%. you have interest rates near