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Pam and Russ Martens: Fed chairman admits a bigger bailout for Wall Street is coming
By Pam and Russ Martens
Wall Street on Parade
Wednesday, October 9, 2019
Yesterday, at a speaking event in Denver at the National Association of Business Economists, Federal Reserve Chairman Jerome Powell acknowledged that a larger, long-term bailout of Wall Street is coming. His two key points were buried in a subterfuge of puffery but came across loud and clear: "... My colleagues and I will soon announce measures to add to the supply of reserves over time."
And this: "As we indicated in our March statement on balance sheet normalization, at some point we will begin increasing our securities holdings to maintain an appropriate level of reserves. That time is now upon us."
... Dispatch continues below ...
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Let that final statement sink in for a moment.
Under the previous Federal Reserve Chair, Janet Yellen, balance sheet normalization at the Federal Reserve meant reducing the Fed's unprecedented $4.5 trillion balance sheet to get back to something near pre-crisis levels. Under Powell, normalization now means increasing the Fed's balance sheet to as yet undefined heights. ...
... For the remainder of the commentary:
https://wallstreetonparade.com/2019/10/feds-powell-admits-a-bigger-bailo...
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