Episode 2172: The Pit Of Hell Of Spending; Live From FAIR Day 2: We Need Border Security; The FBI Whistleblower And The Persecution Of Conservatives
Episode Stats
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Summary
The Fed is raising interest rates for the fifth time in a row, and the impact on the economy is already starting to show up in everyday consumer spending, consumer spending and consumer debt. The impact is already being felt across the economy, and it's only going to get worse.
Transcript
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so that it comes into better alignment with supply.
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to bring inflation back down to our 2 percent goal
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and to keep longer-term inflation expectations well anchored.
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Reducing inflation is likely to require a sustained period
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of below-trend growth, and there will very likely
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Restoring price stability is essential to set the stage
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for achieving maximum employment and stable prices
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We will keep at it until we're confident the job is done.
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Small business owner Anika Hobbs is already feeling it.
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Yeah, I mean, some of the cutbacks that I've been thinking about
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Payroll is always one of those things that you can manage,
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When you ring these in and you type in that final...
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The Fed's move is an effort to curb consumer demand
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of bringing prices down without triggering a recession.
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The Fed's anticipating that unemployment will rise
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These are these big rate hikes we've been talking about.
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The first quarter, a typical home price, $440,300 in the U.S.
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Last year, that mortgage rate on a 30-year fixed,
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That makes that same mortgage $2,500 grand total,
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Let's talk a little bit here about credit card debt.
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Typical credit card debt, according to Experian, John,
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Now at 24%, $2,200 in interest, 38 months grand total,
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$1,000 extra, and five extra months to pay it off.
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But a new car, grand total, $3,100 extra interest in monthly payments.
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It is Thursday, 22 September in the year of earlier 2022.
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The rate heights are just, I shouldn't say just beginning,
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And that's CNN walking through what they call the math.
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Remember, right now, people in the U.S. have the longest,
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have the biggest long-term credit card debt ever.
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All that debt is going to start eating them alive.
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we're going to have a special tonight at 6 o'clock
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to talk about the, go through it for an entire hour,
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and of course the New York Times put out a 30-minute video
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This is what happened in 16 when it starts breaking your way.
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we're going to be here nonstop in the war room.
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And, you know, Cortez has been out in Bend, Oregon.
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I want to give a shout-out to the folks in Bend, Oregon.
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We've got Russ's vote coming up about 11 o'clock
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They're forecasting interest rates going higher.