The Fed Is Powerful, Except in Fighting Wealth Inequality
The Covid-19 crisis showed the stark difference between how monetary and fiscal policy can lift the U.S. economy.
Can’t do everything.
Photographer: Susan Walsh/AP Photo/Bloomberg
When Jamie Dimon, the head of America’s largest bank, says the U.S. economy is in jeopardy, Federal Reserve policy makers and elected officials ought to take notice.
This detail was tucked away in a Wall Street Journal profile of JPMorgan Chase & Co.’s chief executive officer published near Christmas. The article began with his near-death experience in early March just as the Covid-19 crisis was escalating worldwide, but sprinkled throughout were multiple warnings from Dimon: Without addressing the underlying economic inequality in the U.S., capitalism could soon meet its demise.