When the time comes, after the crisis has passed, we will put these emergency tools back in the tool box. I would stress that these are lending powers, not spending powers. I will also note that we design our facilities to work for broad ranges of businesses and municipalities. We do not target particular firms or industries. Elected officials make decisions about where to direct such target relief. The cares act and other legislation provide direct help to people, businesses, and communities. This direct support is making a critical difference. Not just in helping families and businesses, but also in limiting long lasting damage to our economy. Public faith in our operations depends on transparency. If the fed were committed to that, particularly in deploying our emergency powers. Thank you. I look forward to our questions. Thank you very much, chairman powell. I now recognize myself for five minutes for questions. As i mentioned in my opening, the pandemic is strengthening and so, to
A bipartisan letter urging for delay in implementation. Every entity both banks and nonbanks which were not included in the cares act on the same footing can conduct the study with real life se narp owe that we had going today. Given the actions by congress, should we delay as i and my colleagues have called for and should the treasury examine the real life scenario we have gone through when kwuki inconducted study. I think that should be considered we are working on the study. The president issued an executive order with regards to each agenc looking at the rules, regulations that were waived, declined or whatever if they dont work now, why should we continue them down the road when we get out of this mess i assume everybody is doing that this accounting principle would fall in that area of we need to be looking at this as something down the road. I would agree thank you appreciate that. Theres a time and place for rules and regulations and a time and place that are nonfunctioning whe
Be max keiser and sending d. M. s to people if max keiser d. M. Z. You its not max kaiser and said its a and posture but there are people imitating max as well in the main stream Financial Press and that is c. M. B c looking at the data out this week about the cantillon effect essentially what weve been talking about here in kaiser report for quite a long time but a lot of data is out about the wealth and income gap and the inequality that has happened since the financial this latest financial crisis the penn demick induced crisis and they actually kind of suggest something akin to Interest Rate apartheid as part of that a tale of 2 recessions some americans thrive as others suffer the recessions financial pain is concentrated among certain groups like minorities lower owners and women others especially white men high earners and those with higher levels of education have been insulated the disparity even extends to those lucky enough to still have jobs which is unique during downturns
Financial pain is concentrated among certain groups like minorities lower owners and women others especially white men high earners and those with higher levels of education have been insulated the disparity even extends to those lucky enough to still have jobs which is unique during downturns experts say oh yeah ill get into the Interest Rate apartheid later in the article oh yeah well i mean so this stuff is quite clear theres the big gap between the have yachts and the have nots you know is getting wider and. The its not hard to figure out why and. Craving social unrest and other Central Banks are at the root of it and to tell tell us more yes so were going to look at some of the data max and. You can see in this the. That every time theres a financial crisis the central bank comes to the rescue and the central bank comes to the rescue since 1071. 00 because they can print money they can print their own currency unlike prior to 1071 that their currency was backed by gold or currency
The Interest Rate apartheid later in the article oh yeah well i mean so the set up is quite clear theres the big gap between the have yachts and the have nots you know is getting wider and. The its not hard to figure out why and. Craving social unrest and other Central Banks are at the root of it and gel tell us more yeah so were going to look at some of the data max and. You can see in this that every time theres a financial crisis the central bank comes to the rescue and the central bank comes to the rescue since 1071 because they can print money they can print their own currency unlike prior to 1071. 00 that their currency was backed by gold or currency at least on an International Trade account unit so here we have a situation where theyre printing money but its going to certain people and. You can see that in the data and when you look at the unrest out in the streets you know yes its caused by this situation the murder of george floyd but theres something deeper and systemic that