We don't have WSJ access, so Wolf Street provides the short version of Bessent's shotgunning of that decrepit and.........shall we say........... "elitist-favoring" institution............just to be charitable.
...Secretary of the Treasury Scott Bessent came out today with an essay in the WSJ that blasted the Fed for its “extraordinary” and “nonstandard” monetary policies since 2008, such as QE; its “pursuit of the Wealth Effect”; its interventions that became a “de facto backstop for asset owners,” thereby concentrating “national wealth among those who already owned assets.” He blasted the Fed as bank regulator, citing the SVB collapse. He skewered the Fed for having caused home prices to soar, while “younger and less affluent households, shut out of ownership and hit hardest by inflation, missed out on appreciation.”
“By failing to deliver on its inflation mandate, the Fed allowed class and generational disparities to widen,” he wrote. And much more....
Kinda puts it all in perspective, eh? And it is not just "interest rates." Not by a long shot. (Did the Fed slap Jamie's JPMorganChase with a fine or penalty for its money-laundering participation re: Epstein? Isn't that a criminal conspiracy--at least after the fact?)
As Wolf said: about damn time.
1 comment:
Well Trump and rich folks do ultimately benefit from Fed policies. It’s just lip service on his part.
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