Gina Smiley

Right. This is the morning that the Fed rolls out a bunch of details on several market rescue programs that it is setting up that it has never set up before. And then Jerome Powell goes on a webcast with the Brookings Institution and the host of it says, you know, what are the limitations here? You know, what are you capable of? And Chair Powell replies.

Right. This is the morning that the Fed rolls out a bunch of details on several market rescue programs that it is setting up that it has never set up before. And then Jerome Powell goes on a webcast with the Brookings Institution and the host of it says, you know, what are the limitations here? You know, what are you capable of? And Chair Powell replies.

Right. This is the morning that the Fed rolls out a bunch of details on several market rescue programs that it is setting up that it has never set up before. And then Jerome Powell goes on a webcast with the Brookings Institution and the host of it says, you know, what are the limitations here? You know, what are you capable of? And Chair Powell replies.

There's no limit. And I think that's kind of a mic drop when it comes to the world of central banking, because he's basically saying that here at the Fed, we have this ability to sort of at least temporarily print money out of thin air. And we can use that to really safeguard every important market.

There's no limit. And I think that's kind of a mic drop when it comes to the world of central banking, because he's basically saying that here at the Fed, we have this ability to sort of at least temporarily print money out of thin air. And we can use that to really safeguard every important market.

There's no limit. And I think that's kind of a mic drop when it comes to the world of central banking, because he's basically saying that here at the Fed, we have this ability to sort of at least temporarily print money out of thin air. And we can use that to really safeguard every important market.

So if you had a Federal Reserve that was super linked up with politicians who are worried about re-election, they might really not focus on the inflation side of their mandate.

So if you had a Federal Reserve that was super linked up with politicians who are worried about re-election, they might really not focus on the inflation side of their mandate.

So if you had a Federal Reserve that was super linked up with politicians who are worried about re-election, they might really not focus on the inflation side of their mandate.

Yeah. So Chair Powell will often say things like this is a matter for Congress to decide. This is a matter for politicians to decide. The great example of how Chair Powell was really trying to keep the Fed limited and within its lane. You know, there had been some appetite on the Hill to see the Fed get into municipal lending leading up to the pandemic.

Yeah. So Chair Powell will often say things like this is a matter for Congress to decide. This is a matter for politicians to decide. The great example of how Chair Powell was really trying to keep the Fed limited and within its lane. You know, there had been some appetite on the Hill to see the Fed get into municipal lending leading up to the pandemic.

Yeah. So Chair Powell will often say things like this is a matter for Congress to decide. This is a matter for politicians to decide. The great example of how Chair Powell was really trying to keep the Fed limited and within its lane. You know, there had been some appetite on the Hill to see the Fed get into municipal lending leading up to the pandemic.

You know, we saw some Democrats saying back when the financial crisis hit, banks got bailed out. But, you know, Detroit didn't get bailed out.

You know, we saw some Democrats saying back when the financial crisis hit, banks got bailed out. But, you know, Detroit didn't get bailed out.

You know, we saw some Democrats saying back when the financial crisis hit, banks got bailed out. But, you know, Detroit didn't get bailed out.

I think it's easy to forget now, but at the same time that we were all trying to figure out how to do work from home and how to adjust to maybe some job losses in our families and those kinds of challenges, the markets were trying to adjust to a world where we didn't know if people would ever come back to offices. And we didn't know which government debt was going to be safe.

I think it's easy to forget now, but at the same time that we were all trying to figure out how to do work from home and how to adjust to maybe some job losses in our families and those kinds of challenges, the markets were trying to adjust to a world where we didn't know if people would ever come back to offices. And we didn't know which government debt was going to be safe.

I think it's easy to forget now, but at the same time that we were all trying to figure out how to do work from home and how to adjust to maybe some job losses in our families and those kinds of challenges, the markets were trying to adjust to a world where we didn't know if people would ever come back to offices. And we didn't know which government debt was going to be safe.

And what this resulted in was just a run for the exits. People wanted cash. They thought cash was the only thing that was safe. And they were selling everything else. And so we saw huge breakdowns across a whole range of markets that usually are very safe. And this is the kind of thing that's going to hit not just Wall Street, but almost certainly Main Street if it continues.

And what this resulted in was just a run for the exits. People wanted cash. They thought cash was the only thing that was safe. And they were selling everything else. And so we saw huge breakdowns across a whole range of markets that usually are very safe. And this is the kind of thing that's going to hit not just Wall Street, but almost certainly Main Street if it continues.