If you want to know how blind our policymakers are about the long term effects of their policies, this clip really nails it. In 2021 the Fed was buying $40 bln a month of MBS pushing up housing values astronomically. Powell stumbles over his answer of why they continue to buy MBS with a supply & demand imbalance. Now home affordability is the worst it’s been in a generation and the only way to create demand for homes now is to lower rates again and do deceptive QE. Having the govt create demand for universities (thru student loans) also did the same thing for tuitions. Now there is a generational imbalance and two systems- 1) the boomer fiat ponzi 2) crypto finance The more you try to stew demand in the fiat ponzi the more $ leaks into crypto. The road to hell is paved with good intentions…..