Powell’s $2.5B Fed revamp denial exposes his – Latest News
Is Jerome Powell a liar or a idiot?
The august chairman of the Federal Reserve Board Chair informed the Senate Banking Committee final week, “There’s no VIP dining room, there’s no new marble. There are no special elevators” within the $2.5 billion renovation work on the central bank’s Washington headquarters.
“There are no new water features, there’s no beehives, and there’s no roof terrace gardens.”
In short, he categorically denied The Post’s reporting on the swanky “Palace of Versailles” redo — however with none clarification of why the project’s planning paperwork embody all these options.
Those plans haven’t been revised since 2021, when the work started, with an estimated price of $1.9 billion.
How did the price soar more than 30% if that’s the case many luxurious objects bought dropped?
All the man who actually controls America’s money provide might offer up was: “The cost overruns are what they are.”
OK; the Fed chief could not have perjured himself; he could nicely not know what’s happening round him.
We’re fairly sure he is aware of how to learn a spreadsheet — if he will be bothered to look.
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Powell’s disdain for questions concerning the taxpayers having to shell out at the very least $2.5 billion for work on a single, four-story workplace building exposes him as an boastful, privileged, bureaucrat who appears to assume “civil servant” means he’s the one who will get served.
Let them eat cake!
The expensive makeover comes when the Fed is hemorrhaging money — a beautiful $233 billion in losses in three years.
That’s because of high rates of interest and the overhang from more than a decade of totally unprecedented “quantitative easing” intervention within the personal financial system, which has left the Fed with a big stability sheet of junk “assets” Powell retains saying he’s going to unload quickly.
Incidentally, The Wall Street Journal studies that the beehives (Italian beehives!) bought added to the building’s roof back in 2023.
Maybe the chief by no means will get up there?
At a time when the Fed’s exercising completely new powers, its chief can ill-afford to raise the query: If he doesn’t know what taking place on his roof, is he actually on high of what’s happening underneath it?
