The Federal Reserve has the knobs and levers to create asset bubbles, but not to stoke consumer demand.
Only Congress can do that with legislation increasing the minimum wage, changing corporate taxes so it behooves companies to pay employees more, or legislation increasing entitlements such as social security. Those in lower and middle classes are the ones who govern the velocity of money through the economy, not the most wealthy.
The Federal Reserve has the knobs and levers to create asset bubbles, but not to stoke consumer demand.
Only Congress can do that with legislation increasing the minimum wage, changing corporate taxes so it behooves companies to pay employees more, or legislation increasing entitlements such as social security. Those in lower and middle classes are the ones who govern the velocity of money through the economy, not the most wealthy.
https://youtu.be/iJCcoF5K0SM?t=19m