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Message: <blockquote data-quote="Up In Smoke" data-source="post: 5384268" data-attributes="member: 79702"><p>The government, businesses and individuals for the last 14 years were spoiled with cheap financing.  Why pay down debt when you can refinance it and pretend the cycle will continue forever.  Why buy housing in your price range when regulation standards allow you to buy 20% more than you should.  Powell has the task of unwinding a decade of bad fiscal policies and government refinancing.  We are a consumer driven economy and the consumer will dictate the Fed's path.  The second quarter earnings were better than expected and companies are trading at or near historic P/E ratios.  Wall Street will be just fine, it's Main Street that will feel the pain.</p></blockquote><p></p>