by Pam Martens and Russ Martens
Wall Street on Parade
“Will he” or “won’t he” has become the favorite chatter among the Wall Street elites, progressives, and the business press. We’re talking about whether President Biden will, or will not, give Fed Chair Jerome Powell a second term at the helm of the Federal Reserve. Powell’s current four-year term as Chair ends in early February, 2022.
The debate heated up last week. On Wednesday, Robert Kuttner, co-founder and co-editor of The American Prospect, and professor at Brandeis University’s Heller School, wrote this about Powell:
“As a Republican, he partly bulletproofs Biden against the charge of being soft on inflation, and serves as an administration olive branch to Republicans in Congress.
“But Powell has been dismal on the Fed’s other job—financial regulation. My sources say the decision hasn’t been made yet, but Biden is likely to name a new Fed chair.”