How the Fed protects banks and the rich, while Congress pretends it's broke.

That Persistent Racial Wealth Gap
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The Fed Is A Monetarily Sovereign Agency Of The Government Federal Government Despite oft-heard claims to the contrary, the Federal Reserve ("Fed") is not an independent organization.

The U.S. banking system is as strong as the Fed, Congress, and the President want it to be.

So why do we see the circuitous approach of suspending share buybacks in the third quarter and capping shareholder dividends in order to nudge the banks into doing what the government wants them to do?

It all has to do with Monetary Sovereignty denial. The federal government pretends it is not Monetarily Sovereign.

It’s all a Byzantine plan with a simple motive: The (wealth) Gap will grow, and the voters will believe the government is doing everything it can to help them.