** resources boom over **

A view I heard from ma commentator after the Fed interest rate increase last night was that the resources boom is now over.

That the Fed is going to be much more aggressive than anticipated. That it is determined to get long term interest rates up in order to cool the developing property bubble.

This will send the US into a deep recession as the property market gets hit and consumers lose their savings. As a result demand for oil and Chinese exports will plummet and with it commodity prices.