The Rich Are Having Themselves A Fine Coronavirus
Last week, Federal Reserve Chairman Jerome Powell quietly said something outrageous. Asked whether the biggest banks in the country would continue making cash payments to their shareholders amid the worst economic breakdown in recorded history, Powell said yes.
“That’s a perfectly normal thing in our capitalist system,” he told David Wessell, a former Wall Street Journal reporter turned monetary policy guru at the nonpartisan Brookings Institution.
The world stands at the brink of financial catastrophe. Congress has passed a massive corporate bailout, and Powell himself has initiated the most aggressive financial rescue operation ever contemplated by the American central bank. These things do not happen when the banking system is hunky dory.
And yet Powell continues to let the biggest banks in the country cut checks to their shareholders ― aka …continued .
[Source: Huffington Post]