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As friend of the show Matt Stoller wrote in 2020: Every Federal Reserve Board Member Is A Multi-Millionaire ...

But Quarles isn’t a mere millionaire:

“Randal Quarles, 62, is worth between $24.7 million and $125 million” (Love those government ranges).

And this was in 2020, so he’s likely worth $40 billion or something today, after all the bailouts from, well, you know, the place he worked until recently. Weird how that works.

But this is what really bugged me about multi-gazillionare nepotism-beneficiary wunderkind Randal Quarles:




What a slap in the face to 90% of America. Screw you, Randal Quarles.
Quarles is so rich it doesn't matter to him if inflation is 2% or 40% or 4000%.

In his first 21 months on the job, Randal K. Quarles, the Federal Reserve’s vice chairman for supervision and regulation, met at least 22 times with partners at his former law firm, Davis Polk & Wardwell, which represents many of the nation’s largest banks.

Those meetings, disclosed in public schedules and other releases, suggest a closeness between America’s most important bank regulator and the industry he watches over. ...

Those meetings, disclosed in public schedules and other releases, suggest a closeness between America’s most important bank regulator and the industry he watches over. ...

Patrick says

Those meetings, disclosed in public schedules and other releases, suggest a closeness between America’s most important bank regulator and the industry he watches over. ...

TurboTax Timmy had Jamie Dimon's number on speed dial.

Does anybody else think that the Fed will bite at the higher "inflation rate" and hike interest rates again???

Costco is rapidly selling out of gold bars. In other news, Costco apparently sells gold bars.

Costco is rapidly selling out of gold bars. In other news, Costco apparently sells gold bars.

On Wednesday, November 1, Kentucky Senator Rand Paul urged the U.S. Senate to vote “yes” to an amendment that would require a full audit of the Federal Reserve within one year.

Here is his full statement:

The Federal Reserve effectively controls the economy but without scrutiny. No other institution has so much unchecked power. The Fed demonstrated its unlimited authority during the Pandemic. The Fed printed money, purchased government-backed securities, and doled out massive amounts of money to favored industries. The result added almost $5 trillion to the Fed's balance sheet, the largest in our history.

When Dodd-Frank ordered a limited one-time audit of Fed actions, the Government Accountability Office uncovered that during the financial crisis, the Fed doled out over $16 trillion to domestic and foreign banks. This kind of inflationary bailout should not be kept secret from the public. While the Fed's easy money policies make the rich richer, the side effect is high inflation.

As Milton Friedman famously explained, "Inflation is taxation without legislation." Congress cannot control the Fed's actions, but Fed actions can cost Americans dearly. Just ask any parent who has to feed his or her family during historically-high inflation rates. My amendment would require a full audit of the Fed within one year. It is time for the Federal Reserve to operate in a manner that is transparent and accountable to the taxpayers. I ask for a yes vote.

The Federal Reserve is constrained as far as not worsening the ability of the Federal Government to sustain debt service. It is about solvency, as far as debt being manageable.

Interest costs represented about 8 percent of total federal outlays in 2022. By 2033, that share will rise to 14 percent and will exceed programs such as defense and Medicaid.
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Doesn't matter what the Fed does if Congress doesn't cut back on spending anyway.

Can you return it if the price goes down?

The Federal Reserve is constrained as far as not worsening the ability of the Federal Government to sustain debt service. It is about solvency, as far as debt being manageable.

Interest costs represented about 8 percent of total federal outlays in 2022. By 2033, that share will rise to 14 percent and will exceed programs such as defense and Medicaid.
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