Whose economy is the Federal Reserve protecting?

Coronavirus

I think I’m not quite clear on how it is of value to try to protect the U.S. economy from a recession, slashing interest rates,[1] at the same time you’re essentially shutting it down, telling everyone to stay home, shutting businesses, and telling people to “socially distance themselves.”[2] Perhaps I should be asking whose economy is the Federal Reserve propping up? Because it sure as hell isn’t the one I’m in.[3]

Jenny Schuetz, “America’s inequitable housing system is completely unprepared for coronavirus,” Brookings, March 12, 2020, https://www.brookings.edu/blog/the-avenue/2020/03/12/americas-inequitable-housing-system-is-completely-unprepared-for-coronavirus/

Anne Applebaum, “The Coronavirus Called America’s Bluff,” Atlantic, March 15, 2020, https://www.theatlantic.com/ideas/archive/2020/03/coronavirus-showed-america-wasnt-task/608023/

Associated Press, “U.S. moves nearer to shutdown amid coronavirus fears,” Pittsburgh Tribune-Review, March 15, 2020, https://triblive.com/news/world/u-s-moves-nearer-to-shutdown-amid-coronavirus-fears/

Hanna Kozlowska, “Coronavirus is revealing ugly truths about social structure in the US,” Quartz, March 14, 2020, https://qz.com/1818548/coronavirus-is-revealing-ugly-truths-about-social-structure-in-the-us/

Rebecca Davis O’Brien and Valerie Bauerlein, “How Coronavirus Remade American Life in One Weekend,” Wall Street Journal, March 15, 2020, https://www.wsj.com/articles/coronavirus-remakes-american-life-in-a-weekend-11584293065

Kara Seymour, “Restaurants, Bars In 5 PA Counties Ordered Closed By Governor,” Patch, March 15, 2020, https://patch.com/pennsylvania/baldwin-whitehall/s/h1utv/restaurants-bars-in-5-pa-counties-ordered-closed-by-governor

Olivia Goldhill, “Coronavirus prevention is far more accessible for the rich,” Quartz, March 16, 2020, https://qz.com/1818862/coronavirus-prevention-is-far-more-accessible-for-the-rich/

Nick Miroff et al., “States begin imposing harsher measures to contain coronavirus as U.S. cases rise sharply,” Washington Post, March 16, 2020,
https://www.washingtonpost.com/health/states-begin-imposing-harsher-measures-to-contain-coronavirus-as-us-cases-rise-sharply/2020/03/15/267577a6-65b3-11ea-acca-80c22bbee96f_story.html

WTAE, “Allegheny County officials call on all nonessential businesses to close,” March 16, 2020, https://www.wtae.com/article/allegheny-county-calls-on-all-non-essential-businesses-to-close/31648999


  1. [1]Heather Long, “Federal Reserve slashes interest rates to zero as part of wide-ranging emergency intervention,” Washington Post, March 15, 2020, https://www.washingtonpost.com/business/2020/03/15/federal-reserve-slashes-interest-rates-zero-part-wide-ranging-emergency-intervention/
  2. [2]Associated Press, “U.S. moves nearer to shutdown amid coronavirus fears,” Pittsburgh Tribune-Review, March 15, 2020, https://triblive.com/news/world/u-s-moves-nearer-to-shutdown-amid-coronavirus-fears/; Bloomberg, “CDC says U.S. gatherings of over 50 people should not be held for eight weeks,” Los Angeles Times, March 15, 2020, https://www.latimes.com/world-nation/story/2020-03-15/cdc-us-gatherings-over-50-people-should-not-be-held-for-eight-weeks; Brent Kendall, Chad Day, and Alex Leary, “U.S. Officials Urge More Action to Combat Coronavirus,” Wall Street Journal, March 15, 2020, https://www.wsj.com/articles/fauci-urges-americans-to-stay-home-amid-coronavirus-11584284229Nick Miroff et al., “States begin imposing harsher measures to contain coronavirus as U.S. cases rise sharply,” Washington Post, March 16, 2020,
    https://www.washingtonpost.com/health/states-begin-imposing-harsher-measures-to-contain-coronavirus-as-us-cases-rise-sharply/2020/03/15/267577a6-65b3-11ea-acca-80c22bbee96f_story.html; Rebecca Davis O’Brien and Valerie Bauerlein, “How Coronavirus Remade American Life in One Weekend,” Wall Street Journal, March 15, 2020, https://www.wsj.com/articles/coronavirus-remakes-american-life-in-a-weekend-11584293065; Kara Seymour, “Restaurants, Bars In 5 PA Counties Ordered Closed By Governor,” Patch, March 15, 2020, https://patch.com/pennsylvania/baldwin-whitehall/s/h1utv/restaurants-bars-in-5-pa-counties-ordered-closed-by-governor; WTAE, “Allegheny County officials call on all nonessential businesses to close,” March 16, 2020, https://www.wtae.com/article/allegheny-county-calls-on-all-non-essential-businesses-to-close/31648999
  3. [3]Hanna Kozlowska, “Coronavirus is revealing ugly truths about social structure in the US,” Quartz, March 14, 2020, https://qz.com/1818548/coronavirus-is-revealing-ugly-truths-about-social-structure-in-the-us/; Jenny Schuetz, “America’s inequitable housing system is completely unprepared for coronavirus,” Brookings, March 12, 2020, https://www.brookings.edu/blog/the-avenue/2020/03/12/americas-inequitable-housing-system-is-completely-unprepared-for-coronavirus/

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.