His point seemed to be that lowering rates hasn’t worked its way down to the consumer level via mortgages, credit cards, etc. So therefore the Fed should stop this destructive pattern.

I think, if anything, the Fed should lower a bit more or at least leave rates low until banks slowly start lending money again! What’s the point of the lending machine in this country to start perking up and then be hammered with rising rates?

Keep rates low. The banks will eventually loosen their tight fists, and the economy will reap the due rewards from a little extra patience.

And by all means, if there are other tricks to get the banks to start lending to consumers, I’d unleash those as well.