Video by Alhambra Investments via YouTube
Source
What FRONTLINE got SO wrong about the Fed LIVE!
FRONTLINE, the American news magazine, is critiquing the Federal Reserve for showering big banks, big business and Wall Street with easy money. Money that has neither reached the real economy nor the vast majority of Americans. Yes to the latter, no no no no no to the former.
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski.
Topics & Time Codes
00:00:00 Frontline: the Fed is pumping billions of dollars into the financial system.
00:01:36 Frontline: the Fed is powerful and misunderstood.
00:04:38 Frontline: speculators crashed the system and the Fed rescued it.
00:12:14 Frontline: the Fed came up with the idea of quantitative easing.
00:14:28 Frontline: QE’s purpose was to lower interest rates.
00:18:04 Frontline: QE was to increase credit to the economy.
00:20:23 Frontline: QE was a new experiment because Fed officials said it was.
00:23:38 Frontline: QE flooded the economy with easy money.
00:26:30 Frontline: QE powered the stock market.
00:33:30 Frontline: QE disconnected stocks from the real economy.
00:35:32 Frontline: QE didn’t fix the economy because banks didn’t allow it.
00:40:40 Frontline: QE2 was necessary because the Tea Party hobbled Congress.
00:47:00 Frontline: QE caused inequality because money went to banks.
00:59:23 Frontline: Wall St. was so addicted to QE it had a taper tantrum in 2013.
01:03:09 Frontline: QE helped the rich. KASHKARI: We were helping the people.
01:10:07 Frontline: QE gave easy money to corporates who used it to buy back company stock.
01:17:41 Frontline: Shadow banks gorged on easy money, increasing system fragility.
01:22:21 Frontline: In 2020 the Fed saved the world from a true depression.
01:25:51 Frontline: The Fed saved risky parts of the financial system, like junk bonds.
01:30:46 Concluding thoughts on the Frontline episode, central banking and the media.
References
FRONTLINE The Power of the Fed: https://youtu.be/9RbL8lTsITY
The Power of the Fed (transcript) : https://to.pbs.org/3zC3HBn
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
Follow
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
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