It must be something the Fed said.
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin on Tuesday addressed the need for further fiscal stimulus in testimony before the House Financial Services Committee. Powell underscored the limitations of the Federal Reserve’s lending powers, especially in light of the meager appetite among companies to turn to the central bank’s Main Street Lending Program, which has so far extended less than 1% of its loan capacity to small businesses.
The Fed announced they cannot do their job. Without banking services, nothing will happen in the economy. The Fed is increasingly concerned with expanding its banking network, somehow, but keeps getting stuck collecting taxes for Congress. I think that about sums it up. When the Fed talks stimulus these days, I think it is code word for an intelligent devaluation. But we have a problem with intelligence.
This is about a New Fed contract.
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