The problem with the interest rate situation is the opposite of what I mentioned about the oil prices leading up to the Gulf War. Leading into that war, oil prices ticked up slowly. It was an openly planned war with a timeline and everything. Bush repeated the timeline thing for the same reason.
This is a few days after Rock the Casbah was playing over Baghdad:
The world of oil defied expectations on the second day of the Persian Gulf War.
Oil prices crashed Thursday in their biggest one-day fall. Oil companies froze or lowered wholesale gasoline prices. Lines failed to appear at service stations. And oil supplies remained ample.
One day after the United States and it allies launched a massive attack on Iraq, oil prices in New York plunged an unprecedented $10.56 a barrel to $21.44--a dime below its price on Aug. 1, the day before Iraq invaded Kuwait. The free fall confounded predictions that a war would cause oil prices to soar as high as $60 a barrel.
https://www.latimes.com/archives/la-xpm ... story.html
Everybody knew it was coming and just planned for it. The speculators did what capps foolishly does here: believe the media narrative and bet on the narrative being real. Then the war happened and they realized it wasn't happen, and the bottom fell out from beneath them.
If the Federal Reserve just laid out a working plan for how interest rates will ramp back up, it would just get priced into the markets over time without the sudden corrections.
This is why media junkies like Capps are so God damned wrong always. They are living in a fictional world spun by television actors.