"Real-Estate Billionaire Barry Sternlicht's Solution to U.S. Inflation: Congress Must Curb Spending"

Real-estate billionaire Barry Sternlicht suggests that the U.S. inflation problem could be addressed by urging Congress to curb excessive spending, criticizing the Federal Reserve's reliance on interest rate hikes as ineffective. Despite previously condemning the Fed's actions, Sternlicht now believes that the rate hikes have not slowed the economy and are instead harming key sectors, including real estate. He describes the current real estate situation as a once-in-a-lifetime crisis and emphasizes the need for a different approach to combat inflation.