Feb 19, 2021
GameStop saga spills over onto Capitol Hill
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The House Financial Services Committee hearing on Thursday spent a lot of time looking at the separate roles played by Robinhood and hedge funds. Plus, the federal relief needed to bring back laid-off state and local government workers. And, the federal government's balancing act between pandemic relief spending now and more spending later.
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More than a million have lost jobs during the pandemic.
If Congress passes another $2 trillion for COVID relief, it could make things difficult for infrastructure and other spending later
That's according to Christopher Low, chief economist at FHN Financial. "There will also be so much cash in the economy, it's going to be really difficult to convince Congress to make that infrastructure investment down the road," he said. "And I would just point out that the last two administrations, Presidents Obama and Trump, did a big stimulus when they came into office and later were unable to get infrastructure done. And one of those infrastructure elements, hardening the power grid, is something that we really could have benefited from this week, and that's something we've been talking about doing since 2009."
Key takeaways from the congressional hearing on the GameStop stock trading frenzy
Marketplace's Nova Safo has more.
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