In testimony before the House of Representatives Financial Services Committee, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell were pressed by lawmakers concerned the multi-trillion-dollar effort to battle the economic fallout from the pandemic had left a broad swathe of businesses vulnerable, from the smallest corner restaurants to commercial office properties and hotels.
“There is very little demand below a million dollars,” Powell said in response to Mnuchin’s suggestion that the minimum loan size under the facility could be lowered from $250,000 to $100,000. After a historic crash during March and April, when many stores were shut down, the rebound has been surprisingly strong. About half of the 22 million jobs lost in March and April have been recovered, and Powell said there had been “marked improvement” in many other economic measures.
Since many of those programs have lapsed, “the risk is that go through those savings, and they haven’t been able to find employment ... Their spending will decline, their ability to stay in their homes will decline. The economy will begin to feel those negative effects,” Powell said. Rather he said something like the PPP, a program that in effect acts as a taxpayer-funded small business grant, “is a better way to approach that space.”
Yah, right. Tell that to the many people who have lost jobs or had to close retail shops, restaurants, and other businesses. I shop in Palm Springs and there are signs of a serious recession everywhere. Just wait till all the foreclosures start kicking in. BidenHarris2020
Mnuchin/Powell tell that to the millions of people still out of work and struggling who could use a 2nd stimulus. Just irks me the 1st thing Mnuchin did when he took office was to inspect the gold bars at Ft Knox w/ his wife. He owned a bank that was part of the housing crisis.
On February 9th, Jerome Powell also said that the economy was in a very good place.
Nudge me when it’s time to buy stock in AMC.
The McConnell gang and the trump administration may use this issue to draw the nose of House Speaker Pelosi, and let Pelosi help them make profits in the presidential election!
The McConnell gang and the trump administration may use this issue to lead the speaker of the house of Representatives, Pelosi, to help them make profits in the presidential election!
Weren’t they supposed to wear, I’m with stupid t shirts!?
🤣🤣🤣🤣
Who are they kidding the economy is recovering faster than expected. Not in my world.
Opening up businesses and as a result re-employing the jobs lost due to Corona Virus isn't recovery it's normalising.... But, yeah we all know how they like to spin the tradegy of 200 000 dead people and 10 million unemployed...
lol inflate more