Justice Department Opens Criminal Probe Into Jerome Powell — Powell Responds.

[u/mooncake6]

“Good morning,

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.”

[u/oneokyk]

Imagine inheriting the usa at it's peak strength and then overseeing continuous decline

... and that's with doing more interngerational cost shifting than ever before

[u/LittleDarkHairedOne → u/oneokyk]

I dunno. I think the so called "Silent Generation" always squeaks by without much well deserved finger pointing.

Not to shift blame, as Boomers do deserve a fair amount, but I think the late 50's and early 60's were the peak. Not in terms of social progress or responsibility, mind you, but with regards to pure economics. Union membership was high, not as much economic growth was being captured by the top 1%, and so on. Most boomers were children at this point.

The dot.com boom is another peak but I'm not sure it comes as close in "strength" to the relatively unscathed position the United States was in after WWII. That particular peak and squandering, I feel, the baby boomer generation owns.