Thread by @JWMason1

Senator Warren: "I take it that your view is that inequality is something that holds our economy down and stunts economic growth. Is that a fair statement?"

Powell: "Yes it is."

Powell: "We can't affect wealth inequality. We can, indirectly, affect income inequality."

I understand why he's trying to draw this line but I don't think it's going to work.

Pushed by some southern troll to clarify whether he is for or against the Biden stimulus and relief bill, Powell refuses and adds, "we didn't comment on the tax cuts." Ouch!

Troll asks him about money stock. Powell: "When you and I studied economics a million years ago, monetary aggregates seemed to have an important relationship with economic growth. Now I would say that the growth of M2 doesn't have important implications for the economic outlook."

"M2 was removed some years ago from the list of leading economic indicators. That classic relationship between the money stock and the size fo the economy, it just no longer holds."

I am going to be quoting this in class for years.

"When unemployment was low over the last few years, and labor force participation moved up - despite lots of predictions that it wouldn't - we saw lots of virtuous effects in the labor market."

"... one of them was, you saw employers investing more in training. You saw employers looking for people at the margins of the labor force. Employers were going to prisons, getting to know people before they came out, and giving them jobs as they came out."

Prompted on whether there is still need for more stimulus:

"We are going to keep our policy accommodative. We think there is significant ground that needs to be covered before we get to full employment."

(Some of these senators are having serious feedback issues.)

I'm sorry to say that Powell is taking digital currencies seriously.

(What does digital currency even mean? Is your bank account recorded on an abacus? (And actually, isn't even an abacus digital, when you think about it?))