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Pam and Russ Martens: Chairman says Fed has only 'lending powers,' so how does it own trillions in securities?
By Pam and Russ Martens
Wall Street on Parade
Thursday, April 30, 2020
Fed Chairman Jerome Powell had one focus and one focus only at yesterday's press conference. That was to come across as the epitome of prudence and law-abiding virtue. Unfortunately, the cold, hard facts on the ground keep getting in the way of that narrative.
Powell first read an opening statement that included this rather remarkable statement about the trillions of dollars in emergency funding facilities that the Fed has already rolled out, or plans to roll out, to bail out Wall Street's excesses:
... Dispatch continues below ...
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"I would stress that these are lending powers and not spending powers. The Fed cannot grant money to particular beneficiaries. We can only make loans to solvent entities, with the expectation that the loans will be repaid."
The truth of the matter is that the Fed has adopted the mindset of Wall Street: It's legal if you can get away with it.
The Fed didn't start its emergency programs as a result of the coronavirus pandemic as Powell suggests in the statement above. It started these programs on September 17, 2019 -- three months before the first case of the virus had been announced anywhere. That emergency action occurred when Wall Street banks refused to lend to each other in the repo loan market -- just as they had in the financial panic of 2008. ...
... For the remainder of the analysis:
https://wallstreetonparade.com/2020/04/feds-powell-tells-reporters-fed-h...
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