Thread by @matthewstoller

So @BharatRamamurti is correct insofar as he goes but he's leaving out that the tools Toomey's proposal would kill were used to boost big business and toxic private equity shops, and that virtually nothing ended up going to state and local gov'ts and small business.

https://twitter.com/BharatRamamurti/status/1340369442568626179

We all agree the Fed has helped Wall Street and stiffed ordinary people. But @BharatRamamurti thinks the Fed will eventually get around to helping ordinary people under a Biden administration, whereas I don't. That's the disagreement.

https://twitter.com/BharatRamamurti/status/1340370555086770184

There's just no evidence for this perspective. I watched the Federal Reserve cover up foreclosure fraud during the Obama administration and refuse to lift a finger to aid Puerto Rico while the New York Fed encouraged PR to cut its minimum wage.

https://twitter.com/M_C_Klein/status/1340444268935012352

If Dems wanted to constrain Wall Street they would take away the Fed's authority to bail out Wall Street, instead of demanding that Biden's Fed get the same right to bail out banks as Trump's. But they just want access to tools which have never been used to help working people.

Yesterday the Fed literally said that big banks could pay out dividends and buy back shares again, and JP Morgan announced a $30B share buyback plan. This is not an institution dedicated to helping working people. It needs to be placed under direct political control. Period.

This is actually a good question. The answer is 'nothing' and the answer under Biden's Treasury will also be 'nothing.' There was a Fed Chair who refused to help Puerto Rico. What was her name again? Oh yeah. Janet Yellen.

I wonder what happened to her.

https://twitter.com/TonyFratto/status/1340405187698188293

Also to be clear the Republicans are being incredibly obnoxious and power-grabby to ask for this, but what else is new?