This latest outburst is just one more example of a pattern we have seen emerge over the past two years: Any and all good news about the economy is because of Trump, and any and all bad news about the economy is because of the Fed. I've touched on this theme before, but I think we all know how it goes.

When candidate Trump was on the campaign trail, he bemoaned the "big fat ugly bubble" blown by the Fed's low interest rate policies. But when candidate Trump became President Trump, he suddenly stopped pushing for higher rates and instead started touting the big fat ugly bubble. And now that the Fed is actually raising interest rates like candidate Trump said he wanted, the dissembler-in-chief has suddenly decided that this is horrible and tells us the Fed has "gone crazy."

Correction: The Fed has not "gone crazy." And although it might make a good quip, it's not even true that the Fed has always been crazy. Sadly, the wizards of Wall Street are perfectly in control of their mental faculties. They know what they are doing when they blow a bubble up, and they know what they are doing when they make one pop. And guess who's got their needle pointing ominously at the global economy right now?

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