Carol Roth

I heard Carol and Ryan.

They're like, you know what?

Just screw it.

We're just going for it.

Oh boy, I thought we were going to make people feel better and now I'm going to make them feel worse again.

Okay, so stick with us for a second.

So let me just kind of give a little bit of perspective.

So I'm somebody who started on Wall Street out of college 30 some odd years ago.

And so I've seen a lot of shifts and changes in terms of what drives things.

And when I started out as an investment banker, as somebody who helped companies raise capital, as somebody who did mergers and acquisitions, who focused on the markets 24-7, when I tell you that we never talked about the Federal Reserve, they were not that important.

They would pop up every once in a while when there was a crisis.

like in October of, you know, 87 and whatnot.

They pop up every once in a while to kind of, you know, right the ship or a Volcker, you know, after we went off the gold standard raise rate, like just once in a while.

But it wasn't like now a spectator sport where everyone's like, what are they going to do at the next meeting?

Are they going to raise their target interest rate or lower their target interest rate a quarter of a percentage point?

Like nobody cared.

It wasn't something that we focused on.

The problem is that they really changed the game in terms of their interventionist policy during the Great Recession financial crisis.

And this is where they started doing the printing money out of nowhere.

you know, taking a digital ledger that they have and just adding money to it and using that money to go out into the market and buy things like Treasury and mortgage securities to help loosen up the economy and to get it going after the crisis.