OK; the Fed chief may not have perjured himself; he may well not know what’s going on around him.
We’re pretty sure he knows how to read a spreadsheet — if he can be bothered to look.
Powell’s disdain for questions about the taxpayers having to shell out at least $2.5 billion for work on a single, four-story office building exposes him as an arrogant, privileged, bureaucrat who seems to think “civil servant” means he’s the one who gets served.
Let them eat cake!
The pricey makeover comes when the Fed is hemorrhaging money — a stunning $233 billion in losses in three years.
That’s thanks to high interest rates and the overhang from more than a decade of utterly unprecedented “quantitative easing” intervention in the private economy, which has left the Fed with a huge balance sheet of junk “assets” Powell keeps saying he’s going to unload soon.
Incidentally, The Wall Street Journal reports that the beehives (Italian beehives!) got added to the building’s roof back in 2023.
Maybe the chief never gets up there?
At a time when the Fed’s exercising entirely new powers, its chief can ill-afford to raise the question: If he doesn’t know what is happening on his roof, is he really on top of what’s going on under it?
