Fed chair warns of economic tragedy if America can't control the coronavirus

[brooklynite]

Source: CNN

New York (CNN Business)America is on the long road to economic recovery from the pandemic recession, but dark clouds remain on the horizon.

One major risk to the economy is that a renewed rise in infections might again "more significantly limit economic activity, not to mention the tragic effects on lives and well-being," said Federal Reserve Chairman Jerome Powell Tuesday at the National Association for Business Economics annual meeting.

"Managing this risk as the expansion continues will require following medical experts' guidance, including using masks and social-distancing measures," he said.

Powell reiterated his calls for more fiscal stimulus, aimed at supporting America's most vulnerable. He said the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Stimulus negotiations have been in gridlock for months.


Read more: https://www.cnn.com/2020/10/06/economy/fed-powell-coronavirus-stimulus/index.html

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"Don't let it dominate your life"

[Bernardo de La Paz]

1. No amount of opening up will fix economy if people dieing and virus still unconquered. . . . nt

[moreland01]

2. More like

"Fed chair warns of economic tragedy if America can't control the coronavirus"
Translation: Vote Biden!


Trump version:
"Fed chair warns of economic tragedy if America can't ignore the coronavirus"

[Newest Reality]

3. You mean...

You mean the one we are ALREADY IN?

What's really going on is not being widely reported and it's pervasive.

Warning about something that is in progress seems to be more like propaganda.

[bucolic_frolic]

4. Massive fiscal stimulus to the wealthy in the face of falling output

Huge transfer of wealth to the weathiest and their financial assets. It's not like a war economy where output is increasing and rationing is used to control the black market. They'll be into negative interest rates, confiscation of assets in banks or conversion into bank shares to try to force spending. It's all on the books already.

[Wellstone ruled]

5. And the next mention was

we are in for a long recovery.. One hour before,Bloomberg had a lengthy chat about the massive Bankruptcy filings heading down the track . Expected to top the last Bush/Cheney created recession by several fold.

BTW,this is Powells second chat about the lingering effect of Covid. Once again,he said up to 8-10 million of those jobs are gone for ever as small businesses have closed their doors to never open again.

[SWBTATTReg]

6. Better title is: Fed chair warns of economic tragedy if Trump can't control the coronavirus

Make sure that folks lay the blame squarely where it belongs. In the POS' lap over at the WH.

[AnnaLee]

7. So this morning the Fed Chair wants the stimulus.

And this afternoon, the President responds by cutting off discussions of a stimulus.

I was hard to convince but maybe some drug he took DID scramble his brain.

[riversedge]

8. Well, Trump obviously was not listening -Instead he called Off the Stimilus talks.