By Tyler Durden | 14 October 2020
ZERO HEDGE — In the most dramatic admission yet that the Fed is aware that it is directly responsible for the record wealth gap tearing apart US society even as it virtue signals each and every day about reducing income and race inequality and blames racism for its own catastrophic flaws, San Francisco Fed President Mary Daly, the first openly gay Fed president, acknowledged that the uneven distribution of assets in the U.S. means that when monetary policy action to support economic growth also boosts financial markets, and impacts wealth inequality. Even so, she said the Fed should still act.
“I am not willing to trade millions of jobs for people who need a ladder rung up in order to keep the stock market from going up for a few who have those holdings,” Daly said while answering questions following a speech on – what else – racial inequality at a virtual event Tuesday hosted by the University of California, Irvine.
“We can’t wait another decade to reduce the gaps that Covid has caused”, which of course is bullshit, because long before the US economy entered the covid crisis inequality was already at record highs. Don’t believe us? Here is a chart from… the Federal Reserve. […]