Bank lending will slow, expansion will slow, and the Fed will be forced to lower short term rates. Following a 400 point drop in the Dow, the markets will rally on the slightest good news. Interest rates will fall again and the economy will slow. He should be driven from office. All the signs are in place for falling rates.
Growth is slowing, import prices are falling, money supply is under control.
Short term rates are high and can fall. The Fed is scared witless by the turmoil caused by its irresponsible jawing. Get ready for another refinance boom. It is only a matter of time before the economy slows enough for the Fed to justify a cut in short term rates. The Idiot Greenspan fiddles and the economy slows.