This quote of the week is from the new book by former analyst at the Federal Reserve Bank of Dallas, Danielle DiMartino Booth, “Fed Up: An insider’s take on why the Federal Reserve is bad for America (2017). It sums reality very well. The time to devise a plan is before the next crisis swamps asset markets and reveals capital shortfalls once more.
“While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid. Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what?”
–Danielle DiMartino Booth “Fed Up: An insider’s take on why the Federal Reserve is bad for America (2017)
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