Powell in WSJ Op-ed: I Truly Believe that We [the Rich] Will Emerge from this Crisis Stronger and Better, as We [the Rich] Have Done so Often Before | Wolf Street

In an op-ed today in the Wall Street Journal, Fed Chair Jerome Powell rationalized and defended the Fed s ultra-radical, previously unthinkably monstrous, and super-fast bailout of asset holders starting a year ago, when within three months the Fed created $3 trillion and purchased assets with them, and created the biggest media hoopla about those purchases and many more trillions in future purchases, in order to inflate asset prices further, and make asset holders immensely rich.

It was a huge success. Asset prices nearly across the board surged way past the levels before the crisis, and those holding them got a lot richer, very fast.

And Powell therefore concluded his op-ed with this line: I truly believe that we will emerge from this crisis stronger and better, as we have done so often before.

The we being the asset holders, the richest asset holders at the very top. The we excludes the bottom 50% of Americans, according to the Fed s own data, which we ll get to in a moment.

via wolfstreet.com

I feel a conflict here. This is grotesquely unfair yet I am one of the people who will benefit from it, though far less than those uphill from me on the power distribution of wealth.