Read more on this subject: Federal Reserve
News Story Source: https://needtoknow.news by Wall Street on Parade
The financial crisis on Wall Street did not begin with public concern over the coronavirus. Headlines about the virus did not appear in the US until January of 2020, but the Federal Reserve began making hundreds of billions of dollars each week in low-interest, overnight loans to Wall Street's banks on September 17, 2019. The Fed was creating money to keep banks afloat a little longer, and the cost was passed to the consumer as a rise in the cost of living. Many banks reported massive losses on Monday of this week, including CitiGroup, which lost 16.17%, and JPMorgan Chase, the largest federally-insured bank in the US, fell by 13.55%. The spendthrifts who lit the fuse to this financial bomb now are blaming the coronavirus for the consequences of their folly. -GEG
President Donald Trump is bringing a pea shooter to a gunfight. If you look carefully at the charts on this page from yesterday's trading bloodbath, it's clear that there is a deep financial crisis playing out.
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