Powell's comment on Fed bank accounts didn't get one millionth of the attention it deserved, He effectively said that households could save tens of billions if we let them have accounts at the Fed, but we shouldn't allow it because it would hurt the banks (thread) https://twitter.com/TakeOnWallSt/status/1273321065196879872

Imagine that our trade economists told us that we could save billions on cars by outsourcing the production to developing countries with cheap labor, but we shouldn't do that because it would hurt U.S. autoworkers.

It shows the wonderful double-standard at play in economic policy. When we can achieve greater efficiency at the expense of ordinary workers, it is absolutely imperative that we do it. You know -- we all love free trade.

But if the question is achieving greater efficiency at the expense of the banks -- well that's off the table.

Incredibly, many on the left will then turn around and blame "the market," as opposed to the people who are rigging the market to redistribute upward right in front of our face