Bidenomics: Prominent Federal Reserve official warns of ‘overheating’ economy

Philadelphia Fed Bank President Patrick Harker suggested on Wednesday that the Federal Reserve should consider backing away from it’s so-called aggressive bond-buying, according to The Washington Examiner.

Translation? Government debt is getting out of control under the Biden administration. 

Harker’s prepared remarks were delivered at a virtual meeting where he also said that while the bank is planning to keep their federal funds rate low, now might be the time to “think about thinking about tapering our $120 billion in monthly Treasury bond and mortgage-backed securities purchases.”

The prominent Federal Reserve official indicated that he believes the time for the current trajectory has passed and the central banking system could be in trouble if they don’t pump the breaks now:

“I think it is appropriate for us to slowly, carefully move back on our purchases at the appropriate time,” Harker said during an event with Women in Housing and Finance. “When that is, that is something we need to start discussing.”

These comments come on the heels of an economy that is in what the Examiner described as “rapid demand-driven expansion” brought on by the pandemic’s recession.

“This is not something we are going to do suddenly, though,” his speech read. “We need to follow the playbook we had after the Great Recession; that is, start to taper the bond purchases slowly. We will remove accommodation carefully and methodically as the economy continues to strengthen.”

Harker also warned that the economy is at risk to overheat, should the Fed continue with its monetary policies. He also addressed the Fed’s so-called beige book report which takes on inflation and the rise in prices.That report indicated that while the central bank is on target for 2 percent growth, input costs have increased unilaterally in construction and manufacturing raw materials prices.”

Former Treasury Secretary Larry Summers, who served under Presidents Bill Clinton and Barack Obama, recently offered a similar opinion saying that inflation and overheating are now the biggest threat to economic stability — not slow growth and unemployment.

“This is not just conjecture,” Summers recently said. “The consumer price index rose at a 7.5 % annual rate in the first quarter, and inflation expectations jumped at the fastest rate since inflation indexed bonds were introduced a generation ago. Already, consumer prices have risen almost as much as the Fed predicted for the whole year.”

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21 Responses

  1. The election was stolen by communist democrats and republicans helping them. What makes you think anyone would listen to a pole?

  2. Biden was selected be an unconstitutional plays. He was chosen by the evil darkness behind the one world government and agents of the ANTI-CHRIST. Wake up people, wake up.

  3. Sadly people on the right are beginning to accept this illegitimate president and the consequences are going to soon be seen clearly, as our once free republic will cease to exist. Wake up people.

    1. Well Biden is doing a good job of that as we speak. The only thing he is good at is doing bad for the country.

  4. He’s not just hurting US. The world is suffering as a result of this Administration’s policies and we owe them as well as ourselves to stop what is being done and undo the harm if possible that the leadership of America has caused!

  5. It’s come down to this, Remove the Biden administration and the people who are currently working with him or We The People are removed from the Democracy and the Greatest Nation on Earth will no longer be! Our parents and children are not going to be pleased with US for letting this happen. There’s no Law in this Country that says We have to leave the leadership in charge and let them destroy Our Democracy but there’s plenty of people who have taken an oath to defend the Constitution and ourselves from enemies foreign and Domestic that are a threat and will not stop attacking US!!!

    1. WE knew this would happen with beady eye Biden so no surprise but still so frustrating and horrible for our country.

  6. Bruce – The voters for Biden not only got what they deserve, but they may as well have killed us as well. Sad, sad, sad, that someone can’t do something to get the rightful winner of the election Donald J. Trump. This is the worst I have ever been through in my 78 years. Our kids and grandchildren are destined to live in a world of hell.

  7. Why not take a poll, a real poll of real people, and ask us what we think. The conservatist side would tell you the truth even if you cannot handle it. This was not used or is too old so post it.

  8. Elections have consequences, Those morons who voted for the walking/talking idiot Joe Biden are getting exactly what they deserve. Joe is and always has been a liar and a cheat, enjoy your new president moron!

    1. The whole point is that the majority did not vote for Biden. The Dems fixed this last election. I’m hoping that the couple audits going on show us the real winner in those states and maybe then other states/districts will do the same and we finally can kick Biden out and give Trump his rightful place. I dream about it but I do not think we will ever see it happen but like to be hopeful. WE need audits, true audits everywhere.

  9. Apparently somebody at your end doesn’t understand the plan. This is all been implemented on purpose and a way out is coming. When the Federal reserve is gone we can return to sound money.

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