Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Fed Chair Powell Tells Whoppers This Morning on the Brookings Institution Webcast

Courtesy of Pam Martens

Fed Chairman Jerome Powell (Thumbnail)

Fed Chairman Jerome Powell

The Fed’s advance men were all over the media today attempting to transform a sow’s ear into a silk purse (or, as they say on Wall Street, put lipstick on a pig). The Fed surprised the market today with the stunning announcement that it was going to start buying up junk bonds from the markets after they had been cratering for most of the month of March. That was the pig. The lipstick it applied was worded like this: “The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.”

Households and small businesses don’t issue junk bonds. Neither do most state and local governments.

Fed Chairman Powell was highly anticipated to deliver remarks and take questions on a webcast sponsored by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution this morning. (See the full webcast below.) Following Powell’s remarks, David Wessel, Director of the Hutchins Center, asked Powell the following:

David Wessel

David Wessel

Wessel: “Congress has allocated in the CARES Act $454 billion to backstop Fed emergency lending. If I did my arithmetic right, today you used $195 billion of that for the various programs you announced this morning. What are your priorities for the rest of that money. How do you think about how you’ll use it…”

Continue Here


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!