letter I was reading. Excerpt below.

I agree the Fed is exacerbating income inequality and that much of what they're doing to backstop risky assets can be viewed as socialism for the rich. What I didn't realize is how much Powell and others personally benefit.

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Last month, the Fed began buying large quantities of corporate bonds when the price of the investment grade index was near all-time highs. It’s no wonder Fed policies are decried as socialism for the rich, with market losses backstopped by the public, while gains belong to private investors. Is there any other institution on the planet that has done more to facilitate debt growth and wealth disparity? History indicates there are limits to the Fed’s ability to print money. Since the economy isn’t signaling that we’ve reached those boundaries yet, why upset the apple cart? It’s been over 30 years since a Fed Chair showed real courage instead of kowtowing to the stock market. ThisFed certainly won’t be taking away the punch bowl.

The bottom half of the U.S. population has about 1.5% of the country’s total net worth, while the top 1% owns over 30%. Chairman Powell stated in June that the Fed would never withhold economic support because asset prices were too high, since it has a legal mandate to support maximum employment. We doubt he’s that oblivious to the impact that the Fed’s asset bubbles have on employment volatility and everything else. Moreover, according to their required financial disclosure forms, Powell and every other Federal Reserve board member is a multimillionaire with significant equity holdings. The Fed Chair has between $10,000,000 and $33,000,000 invested in stocks and over $1,000,000 held in Russell 2000 ETFs alone! We’d love to see Fed policy if board members were required to keep all of their savings in a bank account earning standard CD rates.