Karen Petrou

Engine of Inequality


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target="_blank" rel="nofollow" href="#ulink_5aee9cc4-1a1a-53ae-bbbd-d0bf11bdc086">36. Brainard, “Is the Middle Class within Reach for Middle-Income Families?”

      38 37. Milton Friedman, Capitalism and Freedom: Fortieth Anniversary Edition (Chicago: University of Chicago Press, 2002), 133.

      39 38. Henning Hesse, Boris Hofmann, and James Weber, “The Macroeconomic Effects of Asset Purchases Revisited,” Bank for International Settlements (BIS) Working Paper No. 680 4 (December 2017), available at https://www.bis.org/publ/work680.pdf.

      40 39. FRB, “Distribution of Household Wealth in the U.S. since 1989: Corporate equities and mutual fund shares,” FRB DFA: Distributional Financial Accounts (2018:Q4), accessed June 5, 2019, available at https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:117;series:Corporate%20equities%20and%20mutual%20fund%20shares;demographic:networth;population:all;units:shares.

      41 40. Michael Batty, Jesse Bricker, Joseph Briggs, Elizabeth Holmquist, Susan McIntosh, Kevin Moore, Eric Nielsen, Sarah Reber, Molly Shatto, Kamila Sommer, Tom Sweeney, and Alice Henriques Volz, “Introducing the Distributional Financial Accounts of the United States,” FRB Finance and Economic Discussion Series (FEDS) 2019-17 (March, 2019), available at https://www.federalreserve.gov/econres/feds/files/2019017pap.pdf.

      42 41. David Willetts, “Intergenerational warfare: Who stole the millennials' future?” Financial Times, July 3, 2019, available at https://www.ft.com/content/0c2a575a-8c4b-11e9-b8cb-26a9caa9d67b.

      43 42. Alex J. Pollock, Finance and Philosophy: Why We're Always Surprised (Philadelphia: Paul Dry Books, 2018), available at https://books.google.com/books?id=7DmqDwAAQBAJ&pg=PT88&lpg=PT88&dq=Alex+Pollock+trillion+from+savers&source=bl&ots=HmHZvstfmO&sig=ACfU3U0pFdc5g3_n6EtwPv3evRNMrw-J_A&hl=en&ppis=_e&sa=X&ved=2ahUKEwiJwdDUz_7nAhXMlnIEHbH4BTAQ6AEwAXoECAoQAQ#v=onepage&q=2.4&f=false.

      44 43. Jeanna Smialek, “Powell Says Federal Reserve Crossed Red Lines to Help Economy,” New York Times, May 29, 2020, available at https://www.nytimes.com/2020/05/29/business/economy/powell-federal-reserve-economy-coronavirus.html.

      45 44. BIS, “Annual Economic Report 2019,” 56 (June 20, 2019), available at https://www.bis.org/publ/arpdf/ar2019e.pdf.

      46 45. Libra, “Introducing Libra: A simple global currency and financial infrastructure that can empower billions of people,” Libra.org, June 23, 2019, available at https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/IntroducingLibra_en_US.pdf.

      47 46. Tom Wheeler, “Who makes the rules in the new Gilded Age? Lessons from the industrial age inform the information age,” Brookings Institution Center for Technology Innovation, December 12, 2018, available at https://www.brookings.edu/research/who-makes-the-rules-in-the-new-gilded-age/.

      48 47. Jonathan Fisher, David Johnson, Timothy Smeeding, and Jeffery Thompson, “Estimating the Marginal Propensity to Consume Using the Distributions of Income, Consumption, and Wealth,” FRB-Boston Working Papers No. 19-4 (February 2019), available at https://www.bostonfed.org/publications/research-department-working-paper/2019/estimating-the-marginal-propensity-to-consume-using-the-distributions-income-consumption-wealth.aspx.

      49 48. Cynthia L. Doniger, “Do Greasy Wheels Curb Inequality?” FRB FEDS 2019-021 (March 12, 2019), available at https://www.federalreserve.gov/econres/feds/files/2019021pap.pdf.

      50 49. Council of Inspectors General on Financial Oversight, U.S. Department of Treasury, Annual Report of the Council of Inspectors General on Financial Oversight 43 (July 2012), available at https://www.treasury.gov/about/organizational-structure/ig/Documents/CIGFO%20Document/508_CIGFO%20Annual%20Report.pdf.

      51 50. John Kenneth Galbraith, “A Journey Through Economic Time,” Interview by Brian Lamb, Booknotes C-SPAN, November 13, 1994, available at https://www.c-span.org/video/?60409-1/a-journey-economic-time.

      For the first time in decades, we are no longer simply concentrating wealth in the hands of a few. We're concentrating and creating the most inclusive economy ever to exist. We are lifting up Americans of every race, color, religion, and creed.

      – President Donald J. Trump*

      If President Trump is right, then the rest of this book is a waste of time. Why bother to show that post-crisis financial policy has made Americans even more unequal or devise ways to fix it for equality's sake if we aren't unequal?