One economist slammed the Fed for 'protecting wealthy venture capitalists and startup CEOs' while showing 'little concern for the millions of people who could lose their jobs.'
Rakeen Mabud, chief economist at the Groundwork Collaborative,
"While the Federal Reserve wasted no time protecting wealthy venture capitalists and startup CEOs last weekend, it has shown little concern for the millions of people who could lose their jobs as a result of its aggressive rate hikes," said Mabud, who argued another rate hike would"be the straw that breaks the camel's back, sending our economy into a painful—and completely avoidable—recession.
"It is a genuine problem that interest rate hikes of nearly 5% in a year cause this much distress in the financial sector, indicating a clear failure of bank management and supervision," wrote Bivens, who noted that banks typically benefit from higher interest rates.
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