I think hacker news users tend to be cynical of the federal reserve and the mechanism of zero interest rate and the apparent money printing. For this catastrophic event however, Federal response has been pretty appropriate.
1.) in consideration of American citizens whose vast majority have student loan, credit card loan, or home loan, and was suffering from them, the zeroing of interest is appropriate here. (Also the administration’s postponement of loan repayment) And the Main Street was crying for it. That means the fed did listen to the American people. Folks have to remember that a lot of industries were decimated here.
2.) in the face of attacks from COVID - and in a sense the Chinese government, with their withholding policies on the deadliness of the virus, withholding of masks and medical supplies, and some Scientific theories say, the actual Manufacturing of the virus. And also attacks from the US internal unrests and rioting - and in some ways, attacks from democratic mayors and governors against the president, in letting the protests go unabated - the response from fed has been very appropriate.
And even if the majority of the American people didn’t notice the attacks and voiced it, the federal reserve surely did
1.) in consideration of American citizens whose vast majority have student loan, credit card loan, or home loan, and was suffering from them, the zeroing of interest is appropriate here. (Also the administration’s postponement of loan repayment) And the Main Street was crying for it. That means the fed did listen to the American people. Folks have to remember that a lot of industries were decimated here.
2.) in the face of attacks from COVID - and in a sense the Chinese government, with their withholding policies on the deadliness of the virus, withholding of masks and medical supplies, and some Scientific theories say, the actual Manufacturing of the virus. And also attacks from the US internal unrests and rioting - and in some ways, attacks from democratic mayors and governors against the president, in letting the protests go unabated - the response from fed has been very appropriate.
And even if the majority of the American people didn’t notice the attacks and voiced it, the federal reserve surely did