Yes, The Federal Reserve is having its own WKRP Turkey Drop, except they are dropping piles cash. Powell: “As God is my witness, I thought M2 Money could fly.”
Sorry Jerome, M2 Money velocity is hitting the pavement like a sack of wet cement.
But the true tragedy is the disparate effect The Fed’s 2008/9 “Turkey Drop.”
The result was an increasing share of total assets held by the top 1% (wealth) and a decreasing share of total assets held by the bottom 50% (wealth).