Is TYT right about what the Federal Reserve is doing?

[Hardkill]

A recession in the US has been looming for a while, which of course is very worrisome. The general consensus amongst economists is now that the Fed will unfortunately have no choice but to cause some economic distress throughout the entire country in order to get inflation under control. This means that the Fed will have to raise interest rates high enough and do major quantitative tightening in order to dramatically cool the entire economy back until the Fed bring the inflation rate back to normal.

However, progressives and even Biden to some extent have been blaming widespread corporate profiteering for the inflation that our country has been suffering from. They say that corporations throughout America have been raking in record breaking profits ever since the beginning of 2021 and have been using inflation as a BS excuse for jacking up their prices. They also say that the million plus people who died from COVID due to their own stupidity have been the main reason why there has been a serious labor shortage. 

TYT and other progressives in the US are saying that the Fed chair Powell and the rest of the Fed have now become so aggressive with tightening the entire economy that they are going to crash the US economy into a serious recession, which will in turn put several millions of workers out of work. They also believe that they Fed doesn't want the hourly wage inflation to happen for workers because they have been being paid off by corporations since the late 70s to make sure that the real wage of workers remain permanently stagnant.

I know that TYT has gotten too populist, too anti-mainstream, and obviously too far to the left, but do they perhaps have a legitimate point in this case?

 

Edited December 3, 2022 by Hardkill