Federal Reserve Official Wants ‘4 to 6 Week Lockdown’
A high ranking Federal Reserve official suggests that the country lockdown for 4 to 6 weeks. He claims that our government can afford to continue supplying, or printing (depending on your perspective), cash for Americans. Neel Kashkari, president of the Minneapolis Federal Reserve Bank, told CBS’ “Face the Nation,” that he feels we need to focus on bringing Coronavirus under control.
“If we don’t do that and we just have this raging virus spreading throughout the country with flare-ups and local lockdowns for the next year or two, which is entirely possible, we’re going to see many, many more business bankruptcies,” Kashkari said.
“That’s going to be a much slower recovery for all of us.”
Kashkari’s big plan includes leveraging the idea that Americans don’t go to restaurants, therefore, we are saving money.
“Those of us who are fortunate enough to still have our jobs, we’re saving a lot more money because we’re not going to restaurants or movie theaters or vacations,” Kashkari said.
This would seem to be a contradictory position given that we aren’t going to restaurants because they are out of business. Therefore, we are experiencing unprecedented unemployment. That point aside, Kashkarie doubled-down on the sentiment.
“That actually means that we have a lot more resources as a country to support those who have been laid off,” he said.
He also expressed glee over lower interest rates. But what good to lower interest rates and less spending do for people who are out of work for the long-term? It isn’t as if restaurants will reopen, they won’t have financing nor customers.
The good news is, there is still bulk toilet paper on Amazon. So get it while it’s hot.
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.
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