Administration faces significant hurdles in getting Fed to help rescue an oil industry squeezed by plunging crude prices given CB’s aversion to helping specific industries & ITS LACK OF AUTHORITY TO HELP BUSINESSES THAT ARE INSOLVENT
…BECAUSE IT’S AGAINST THE LAW!@business
— Danielle DiMartino Booth (@DiMartinoBooth) April 24, 2020
How to ruin your banking system…
How to crash an economy by bringing lending to screeching halt..
On the other hand, consider the source whose first public speech demanded banks hold so much capital they could never fail & in doing so be treated as PUBLIC UTILITIES
Brilliant https://t.co/aT3MWHfHds
— Danielle DiMartino Booth (@DiMartinoBooth) April 24, 2020
How to ruin your banking system… The Fed should go negative next week, former President of the Fed Bank of Minneapolis Kocherlakota says. To fight a deepening recession, it should take US interest rates below zero for the first time ever. https://t.co/q4IE80AP1n pic.twitter.com/D14d6YoAcO
— Holger Zschaepitz (@Schuldensuehner) April 24, 2020
Fed balance sheet expands by another $205bn from prior week to record $6.6tn as Powell keeps printing press rumbling. Holdings of US Treasurys rose by $120.5bn to $3.9tn. Mortgage-backed securities rose $54bn to $1.6tn. Swap lines to CenBank counterparties rose $31.4bn to $409bn. pic.twitter.com/muEn1VT8X6
— Holger Zschaepitz (@Schuldensuehner) April 24, 2020
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