Photos, copyright KMKaung
"It depends on the medical metrics. The virus has not gone away. Death rates are down due to social distancing."
Powell says the 2nd bailout may not be enough, he praises Congress even though he's a Republican and a trump hire.
Scott
Pelley asked "Will you just print the money"--Powell said Fed has the
authority to print it digitally and will also print bank notes, which
will of course increase the money supply.
He
predicted the newest hires will suffer the most and so will the lowest
paid. (They don't have a safety net nor a cushion of savings to fall
back on.)
Powell predicts unemployment of 25% (or 30%)
Pelly
said those were the numbers of the Great Depression. He said people
lose their skills and their business contacts if they stay away from the
work place too long.
60
minutes showed the Federal Reserve building as well as some of the
interior, wh was built as part of the New Deal that Roosevelt used to
jump start the economy after the Great Depression.
BTW, once things reopen, try to go to the Roosevelt Memorial, close to the Martin Luther King Memorial on the Mall.
There
are sculptures of and quotes from Roosevelt, a niche for Eleanor
Roosevelt, sculptures of a bread line and stone and water features which
to my eye look very Asian minimalistic. Also a depiction of R's
fireside chats on radio.
This is an informal summary I made from memory, if you want a precise transcript, you'll have to make it yourself.
kmk
5-17-2020
