The economy as we knew it might be over, Fed Chairman says

[marmar]

New York (CNN Business)The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday.

"We're recovering, but to a different economy," Powell said during a virtual panel discussion at the European Central Bank's Forum on Central Banking.

The pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work. ...........(more)

https://www.cnn.com/2020/11/12/economy/economy-after-covid-powell/index.html

[soothsayer]

1. Really? It was like a rocket a minute ago

[Xipe Totec]

2. Rockets do blow up from time to time nt

[Chainfire]

4. It will be like the first days of the Obama administration

The Republicans burned down the economic house right before O became President, and then bitched for eight years that he didn't fix it in the first three days of his administration and then ignored the fact that Obama handed Trump a tuned up, and well oiled financial system that Trump proceeded to wreck.

I suspect that on the afternoon of Jan. 20, Republicans will discover Covid too.....

[JDC]

6. Just in time for Democrats to take over. Shocker.

[WheelWalker]

7. Maybe still a rocket... but headed to Beta Orionis rather than Alpha Centauri

[Grokenstein]

8. Thank Jee-Ho the Obama Nightmare is finally OVER!! /s

Reduced to eating out of garbage cans to pwn teh libz!!

[Warpy]

9. Well, DUH, Powell.

I said that back in April, Captain Obvious. Like all other Dumdum appointments, Powell is way behind the reality curve.

Wait until he sees what happens to the stock market when people have to start selling off their nest eggs to catch up on rent, mortgages, and to buy food.

Biden wasn't my cup of tea, too beholden to the big banks in the past, but it will be so refreshing to get some competence back into the executive branch.