Yesterday Chair of the Federal Reserve, Jerome Powell delivered his remarks and took questions via teleconferencing. To say it appeared a bit odd would be an understatement, for this reason:
The reporters (many seasoned veterans) for some of the largest media agencies in the world, with budgets that spend $Millions to keep or acquire some of the best lighting, makeup and set designers appear to look less “put together” than your average wannabe in some mom’s basement.
It’s absolutely unfathomable to me that these organizations (not the least what it says about these reporters themselves!) would allow for such visuals or presentations at that level. It’s all just flabbergasting the amount of unprofessional, lack of self-awareness I’ve been witnessing.
I mean, truly: No one can be told (or suggested?) to adjust their camera angle, given a few basic lighting tips (i.e., from the set crew), have a simple logo’d back drop or similar (less that $100 everywhere) now this many weeks into this fiasco? No one?
Yet, with that said, (and I could go on and on, trust me) the real issue I would like to point out is that all during this conference Mr. Powell spoke and gave examples as if they were just now acting in relationship to the current crisis.
The problem with this was, not one of the so-called “experts” asking questions even seemed to allude to the fact that this all started well before, and was exacerbated, via the virus. e.g., the ongoing extraordinary policy measures underway combating the collapse of the repo-markets and more, prior.
Now it’s very possible I missed one as I was wiping down my desk and screens resulting from drinking coffee as I was listening to the journey into fantasy land. But I don’t believe so. There were many times I simply wanted to just shut the thing off, because as far as I was concerned, I heard enough (and was tired of wiping down the desk). Then came the final question and it made me glad I mustered up the strength to finish it out, because it says all one needs to know and something I have been saying over, and over, and over again for years.
The Federal Reserve is not maintaining the banking system purely for pragmatic reasons. They are now actively picking winners and losers. And if you happen to be one of the segments (i.e., prudent savers et. al.) that they don’t care about? Welcome to F U-land.
Sound harsh? I fully understand. So rather than take my words for it I implore you to watch for yourself and come to your own conclusion, as you should. Here’s the link directly to the Federal Reserve’s viewing page: https://www.federalreserve.gov/live-broadcast.htm
The question I’m pointing to begins at 44:40 (although you really should watch it in its entirety)
And there you have it. Not from me, but from the head of the Fed himself.
Remember: It doesn’t matter how you or anyone else feels about it, for they are unaccountable. i.e., They are appointed, not voted into office.
© 2020 Mark St.Cyr