Article

2020-05-17 Economy

Fed chair Jerome Powell issues dire warnings on economy

[The Hill] Federal Reserve Chairman Jerome Powell

...he joined the Fed board in 2012, then was promoted to chairman in early 2018...

shook markets and alarmed lawmakers this week with a dire warning: The U.S. could suffer through years of sluggish growth and meager job gains well after the pandemic passes without further economic stimulus.

In a speech Tuesday, Powell urged lawmakers to set aside concerns about the mounting national debt and provide the fiscal support necessary to keep the economy from spiraling deeper into the worst downturn since the Great Recession.

"Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This trade-off is one for our elected representatives, who wield powers of taxation and spending," said Powell, a Republican who had urged Congress to cut deficits shortly before COVID-19 roiled the global economy.

Posted by Besoeker 2020-05-17 01:16|| || Front Page|| [11133 views ] Top

#1 Head banker sez "ok to borrow a historic shi*load of money." Ok, got it. NEXT please.

Posted by Besoeker 2020-05-17 01:22|| 2020-05-17 01:22|| Front Page Top

#2 ^Next, a dinner manager explaining how closing restaurants destroys the economy.

Posted by g(r)omgoru 2020-05-17 01:44|| 2020-05-17 01:44|| Front Page Top

#3 The market determines 'essential' not Soviet central planning.

Posted by Procopius2k 2020-05-17 05:40|| 2020-05-17 05:40|| Front Page Top

#4 Only on the long run, P2k. Look what China did to market forces in the last 3 decades.

Posted by g(r)omgoru 2020-05-17 05:50|| 2020-05-17 05:50|| Front Page Top

#5 I notice a very shotgun approach. While they did a lot of 'direction' they allowed winning and losing to occur. Some of that in turn was aided by exploiting success from outside (tech espionage, ignoring copyright and patents, et al). Let the others do the winning and losing and take the proven wins. Currency manipulation by central banks doesn't hurt the production machine either. Useful idiots always were welcome.

Posted by Procopius2k 2020-05-17 06:43|| 2020-05-17 06:43|| Front Page Top

#6 Well, no egesta, Powell.

Posted by Clem 2020-05-17 07:09|| 2020-05-17 07:09|| Front Page Top

#7 #5 It's still central planning. As to allowing competition, why do you think capitalists marry their kids to party officials?

Posted by g(r)omgoru 2020-05-17 07:21|| 2020-05-17 07:21|| Front Page Top

#8 ..to become 'essential' to the party.

Posted by Procopius2k 2020-05-17 07:51|| 2020-05-17 07:51|| Front Page Top

#9 ^And to have somebody who can stomp their competitors.

Posted by g(r)omgoru 2020-05-17 08:17|| 2020-05-17 08:17|| Front Page Top

#10 If people think we live in a free-market system, they are woefully misinformed.

Posted by Clem 2020-05-17 08:59|| 2020-05-17 08:59|| Front Page Top

#11 Powell urged lawmakers to set aside concerns about the mounting national debt

Wait, there are still Congress critters who are concerned about the national debt? That's good to know.

Posted by Matt 2020-05-17 09:14|| 2020-05-17 09:14|| Front Page Top

#12 Matt, don't get sucked in by fake news.

If this crisis does turn violent I expect that Powell and his cronies will be high on someone's target list.

Posted by AlanC 2020-05-17 17:12|| 2020-05-17 17:12|| Front Page Top

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