This essay popped into my news yesterday and I wanted to make sure to share it here to Oppo.
It’s a moving and clear take on things happening now and it’s worth reading as Raphael Bostic is the President of the Federal Reserve Bank of Atlanta. This means he is a very intelligent person and his experiences as an African American man make him especially qualified to speak to what is happening and the economic toll of it.
Raphael Bostic is the first African American President of a Regional Federal Reserve Bank and before you think too much one way or the other him, the 11 other Federal Reserve Presidents and the Board of Governors is essentially the only thing that has stood between the US economy and total collapse. When Congress and our President failed to act swiftly the Federal Reserve System acted quickly and decisively to avert disaster as much as possible.
There’s a lot of economic policy wonk details we can get into to discuss further - I just wanted to point out that the people running our nation’s bank are very smart and we should listen to them when they talk to us.