Barry Sternlicht on Jay Powell: "I feel like he's the captain driving the Titanic into the ocean"

We're not arguing that the Fed has to act to bring down inflation, but we need to understand where the inflation came from.  It came from all those global stimulus packages on the back of the reopening global economy.  It was to the moon and beyond.  They missed the meme stocks, they missed the casino and now that we're building momentum and people are getting employed, and wages are rising, now they want to stomp on the whole thing and end the party.  I feel like he's the captain driving the Titanic into the ocean.  Consumers in the U.S. are still spending, but it's inevitable that they can't keep this up.  So the Fed has to stop... They're going to cause unbelievable calamities if they keep up their actions, not just here, but all over the whole globe.

~ Barry Sternlicht, CNBC interview, 2:20 mark, October 4, 2022