“This is an effective way to tear a country apart — and the Fed is trying to cover it up with its ludicrous rhetoric. But politicians in Washington of all stripes – who could stop the Fed’s policies with legislation – are fully on board with the wealth effect because they’re among the primary beneficiaries. And to heck with the bottom 50%. Not even populists on the left or the right, whose base is getting hit over the head on a daily basis by the wealth effect, are decrying the Fed’s policies.” On the contrary. Wolf Richter at Wolf Street
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End The Fed
