Jerome Powell Is Putting Out the Call to Congress: More Money Now

[mcar]

Jerome Powell Is Putting Out the Call to Congress: More Money Now
The chairman of the Federal Reserve was clear to conservatives and cagey Democrats that the economy needs stimulus.

By Charles P. Pierce
Oct 6, 2020

Jerome Powell, chairman of the Federal Reserve, gave a speech on Tuesday and, as a result, likely can expect a barrage of incoming tweets shortly. Put simply, Powell says that, due to the pandemic of which the president* told us not to be afraid, an economic calamity is looming unless a lot of somebodies in Washington get scared enough to freaking do something. From CNN:

A second wave of coronavirus could "more significantly limit economic activity, not to mention the tragic effects on lives and well-being," Powell said. "Managing this risk as the expansion continues will require following medical experts' guidance, including using masks and social-distancing measures." In addition to gaining control of the pandemic, Powell reiterated his calls for more fiscal stimulus aimed at supporting America's most vulnerable.

"Mo' money," says the Fed chair. "Mo' money, mo' money, mo' money."

Powell said Tuesday that the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Although government spending is adding to an already sky-high federal budget, lawmakers should act, Powell argued. "The US federal budget is on an unsustainable path, has been for some time," Powell said. But "this is not the time to give priority to those concerns."

And the Fed chair bows to the Blog's First Law of Economics: Fck The Deficit. People got no jobs. People got no money....

This is as vivid a red flag as anyone has waved at any point during our current tangle of crises, and it's being flourished by a guy who looks like he drinks straight vinegar for breakfast. Powell is the polar opposite of wild-eyed. Not even someone as nutty as a Republican member of the House can call him a socialist. For Jerome Powell to say that "this is not the time" to worry about a balanced federal budget cuts the legs out from under Mitch McConnell, from whoever is pretending to run things at the White House these days and, truth be told, a lot of perpetually tremulous Democrats. Mr. Keynes? There's a call for you on the house phone.

https://www.esquire.com/news-politics/politics/a34289595/fed-chair-jerome-powell-congress-stimulus-spending/

[Grins]

1. Yeah, well...

“Yeah, will fook you. We first gotta’ slam through a justice for the Supreme Court. Priorities, Jerry. PRIORITIES!” - Mitch McConnell

[ihas2stinkyfeet]

2. when the fed stops pumping up the market

get ready to buy. cuz it's gonna come crashing down,

[mcar]

3. Looks like a crash is starting

IMPOTUS just announced no stimulus till after the election.

[ihas2stinkyfeet]

5. i dumped a stock yesterday.

a canadian weed co. they were doing well, but w so many states legal now, it is flagging.
not a big position but holding that money in money market until it is time to buy.

[DrToast]

4. This is bad

We need a new stimulus package. If it doesn't pass, Biden could be facing a much worse economic crisis when he enters office.

[mcar]

6. Perhaps dotard and Moscow Mitch want to burn it all down

[DrToast]

7. I certainly would't put it past them

If they figure the White House and Senate are lost, they might shift to hamstringing the Biden Presidency before he even gets into office.

[mcar]

8. Then the remaining Republicans in office can whine and cry

about the debt, deficit, relief bill, etc. and continually ask "why hasn't Biden cured COVID yet?"

[cry baby]

9. Just as trump told mnuchin to break off talks with Pelosi.

Just heard this on cnn.

[cry baby]

10. Market dropping big time right now. nt