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Economic Times/Jeanna Smialek-New York Times
“‘Fiscal and social policy is the rightful realm of the people who are accountable to the American people, and that’s us — that’s Congress,’ [Pat]Toomey, who could be the next banking committee chair and thus one of Powell’s most important overseers, said last week from the Senate floor.”
USAGOLD note: Toomey’s comment is well-taken but the American people will see the Fed as filling a vacuum left by a Congress unable to act in the midst of one of the most profound crises in modern times. As we have said repeatedly here over the past year, though few would quarrel with the policies the Fed instituted in 2020, many are preparing their portfolios for the potential repercussions.
Repost from 12-28-2020
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