It's unsurprising mortgage volume is down given economic uncertainty and the spiking interest rates. As such, layoffs at mortgage originators seem inevitable.

But here's the lesson I want people to take from this: both Demorats and Republicans are cut from the same neoliberal cloth in that they both serve corporate interests. What do I mean by this? Neither pushes back on the idea that interest rates are the only way to tackle inflation.

This is false.

As we say in the GFC and the pandemic, wha tdo companies do with this money? They pay bonuses, do layoffs anyway (to cut costs) and give money to shareholders, primarily in the form of buybacks.

But what you see is corporate profits are skyrocketing. Inflation is being as an argument to raise prices, which in turns puts pressure on inflation, and all that money goes to the shareholders.

Higher interest rates increase housing costs and put upward pressure on rents (as landlords seek to recoup costs).

The other method by which this can be tackled is with taxation. Some countries have enacted windfall taxes. Taxation incentivizes investment in the business.

Yet there is no serious political will anywhere to be found for this in the US.