The Hard Landing of the Fed

David Frum: The recession, if we're going to do a medical diagnosis just means the economy is sick. He says 85% of the time the economy is in an expansion and 15% of the times it's in a bear market. We've never had a Fed tightening cycle that didn't create a financial crisis, he says. After the Fed raises rates, you have to wait where is the financial crunch going to come, Frum asks.

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