Op-Ed: Overreliance on the Fed is compromising the future for millennials investinyou (In partnership with acorns.)
Wall Street has responded gleefully as these programs will, directly or indirectly, boost financial markets. The Dow has responded favorably, even as jobless claims now total 17 million and counting.
Overreliance on the Fed has "financialized" our economy. Every time we get into trouble, we look to the Fed to make it cheaper to borrow, even when too much debt is the cause of the trouble, as it was in 2008. The Fed provides cheap funds to the financial sector , in turn, lends cheaply to consumers and businesses. But this cycle is not sustainable and with each credit boom and bust, our economy becomes less stable.
Millennials are a growing political force ... More than any other group, their futures have been compromised by our perverse reliance on financialization.Unfortunately, the transmission mechanism for doing so is woefully inadequate compared to the lightning speed efficiency of the Fed's ability to dump money into big Wall Street banks. Households are only now starting to receive funds in their bank accounts from the U.S. Treasury Department.
Millennials are a growing political force and now the largest living adult generation, surpassing the baby boomers. More than any other group, their futures have been compromised by our perverse reliance on financialization.
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