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After JPMorgan Threatens to Sue, the Fed Cuts Its Capital Requirement on the 5-Count Felon from a Planned 25 Percent Hike to Less than 8 Percent (wallstreetonparade.com)

submitted 5 months ago by davel@lemmy.ml to c/economics@lemmy.ml

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It appears that Senator Elizabeth Warren was spot on in her assessment of the lack of a backbone for Federal Reserve Chairman Jerome Powell when it comes to raising capital requirements on the powerful megabanks on Wall Street.

Powell doesn’t lack backbone. The private banking cartel largely runs the Fed, and he’s their elected capo. The Fed is a racket.

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[–] davel@lemmy.ml 4 points 5 months ago* (last edited 5 months ago)

It’s fitting that JPMorgan should bring the suit.

A Locked Door, A Secret Meeting And The Birth Of The Fed

At the time, the U.S. government had no way to deal with the [financial] panic. There was no institution that could step in to stop the run on healthy banks. So the job of stopping the panic fell to one man: J.P. Morgan (of JPMorgan fame).