Ali Velshi did what many in the mainstream media fail to do. He called out Fed Chairman Jerome Powell for claiming the economy is fundamentally sound.
Velshi made it clear these guys lie
CNN reported it as follows.
Federal Reserve Chair Jerome Powell spoke to America on Thursday, and he didn’t sugarcoat what everyone agrees is a major economic crisis tied to an unprecedented public health crisis.
“We may well be in a recession,” Powell said bluntly to Today Show co-host Savannah Guthrie.
His appearance occurred on NBC, a free broadcast channel, at around 7:05 a.m. ET, a time when many Americans would under normal circumstances be preparing to head into work.
But in recent weeks, many Americans haven’t been heading into work. Unless you work in an “essential” business, you’re probably working from home, furloughed, or even unemployed.
For those listening, Powell explained how the economic woes challenging the world today could prove short-lived.
“I would point to the difference between this and a normal recession,” he added. “There’s nothing fundamentally wrong with our economy. Quite the contrary. The economy performed very well right through February.”
In other words, the economy isn’t collapsing because of excesses and imbalances that were doomed to crack.
“This is a situation where people are being asked to step back from economic activity, close their businesses, stay home from work,” he said.
That sounds about right, right? It’s one thing when your shop is empty because people are broke. It’s another thing when your customers are being asked to stay at home.
No! That does not sound about right. COVID-19 gives a plausible reason for our economic crash. The reality is our financial sector has been in trouble for some time and the Fed has been propping them up.
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